Can LUNC’s burn rate save it from the bears?
- The bullish sentiment around LUNC surged by over 60% in the last 24 hours.
- Market indicators suggested a possible price uptick in the coming days.
Terra Classic’s [LUNC] burn rate has surged considerably over the last few days, with $45 million LUNC burned in the last 24 hours until press time. Over the past seven days, over 1 billion tokens have been burned, and in total, the blockchain has burned more than 74 billion LUNC.
— LunaClassic HQ ? ™ (@LunaClassicHQ) September 4, 2023
Read Terra Classic’s [LUNC] Price Prediction 2023-24
As circulating supply decreases, the possibility of increasing demand rises – this is something that could help lift LUNC’s price in the coming months. However, as of press time, LUNC’s price chart remained in the red.
Terra Classic is burning fast
Not only did LUNC’s burn rate increase in the last week, but stakers’ confidence also saw an improvement. Notably, at press time, over 1.034 trillion LUNC was staked, and its staking ratio reached 15.33%.
These developments looked bullish, as they indicated that the token’s price might witness an uptick. In fact, as per LunarCrush, LUNC’s Altrank managed to reach nine on 5 September, which was yet another positive signal.
Additionally, bullish sentiment around the token also surged by over 64% in the last 24 hours.
Is LUNC awaiting a bull run?
Though the aforementioned datasets looked bullish on LUNC, things were yet to be reflected on the token’s price chart. As per CoinMarketCap, LUNC’s value only moved marginally in the last 24 hours.
At the time of writing, it was trading at $0.00006017 with a market capitalization of over $349 million.
Upon checking Terra Classic’s metrics, it was revealed that its trading volume had surged substantially of late. Its one-week price volatility was also up, which could be attributed to the price upticks and corrections.
It was interesting to note that LUNC’s development activity dropped last week, by and large a negative signal for a blockchain.
How much are 1,10,100 LUNCs worth today?
Though the last week was not in investors’ best interest, the coming days might look different. Notably, the MACD displayed a bullish crossover. Terra Classic’s Relative Strength Index (RSI) was near the oversold zone, which could increase buying pressure.
Another bullish indicator was the Chaikin Money Flow (CMF), which registered an uptick.