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Terra Classic (LUNC), demonstrated its deflationary characteristics at the beginning of 2024, accelerating its rise. This not only proved the token’s determination to rebuild its network but also had a positive impact on LUNC’s price movement.
The Burning Process in LUNC
LunaClassic HQ, a popular user who publishes updates related to the Terra Classic ecosystem, stated that the blockchain burned 100 million LUNC tokens on January 1, 2024. A look at LUNCMETRICS data revealed a similar story. In particular, LUNC’s burn rate witnessed a significant increase during this period. Thanks to the high burn rate, the token’s circulating supply dropped to 5.85 trillion at the time of writing.
Entering 2024, LUNC’s price movement also recorded a similar upward trend. According to CoinMarketCap, the token showed an increase of about 6% in the last 24 hours. At the time of writing, LUNC was trading at $0.0001447 with a market value of over $845 million, making it the 84th largest cryptocurrency. As the altcoin’s price rose, open positions also increased. An increase in the mentioned metric could increase the chances of the current price trend continuing.
LUNC Price Analysis
However, development activity around the blockchain significantly decreased at the time of writing. This situation is a negative signal for the cryptocurrency. Although the mentioned metrics show an upward trend, a look at the daily chart could indicate several bearish indicators. For example, Bollinger Bands revealed that the LUNC price entered a less volatile region.
Additionally, Terra Classic’s Relative Strength Index (RSI) is below the neutral level, increasing the possibility of a price decrease. The Terra ecosystem’s stablecoin USTC also recorded price increases. CoinMarketCap’s data showed that USTC increased by more than 4% in the last 24 hours. At the time of writing, its value was at $0.03372 with a market value of over $302 million.
