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One of the popular altcoins, Terra Classic (LUNC), rose by 4.4% in the last 24 hours, reaching $0.000080 early today. This rise marks a significant milestone. According to the latest data, the total amount of LUNC exceeded 1.033 trillion, reaching an all-time high and constituting more than 15% of the total LUNC supply. Additionally, the trading volume for Terra Classic increased by 118% during the same period, indicating a significant rise in market activity.
46% Gain Potential
LUNC’s recent price movement indicates further gain potential. After dropping to $0.00005697 on July 5 due to a market crash triggered by Bitcoin, it rebounded, providing a 38% profit to those who bought at the dip. The altcoin‘s price entered a descending channel on July 7 but soon exited with a 13% move, although it remains within a larger descending channel established 233 days ago.
Currently, LUNC faces minor resistance around $0.00008052. Successfully breaking this level could lead to a 46% rise to $0.0001. Conversely, failing to break this resistance could cause LUNC to pull back to find support around $0.000066. Despite recently crossing above the 21-day Simple Moving Average (SMA), LUNC remains below the 50-day and 200-day SMAs, which could provide additional resistance.
Various indicators point to a bullish outlook for Terra Classic. The Relative Strength Index (RSI) is at 51.22, indicating increasing bullish momentum. The Chaikin Money Flow (CMF) is at 0.03, suggesting increased buying pressure. Moreover, the Moving Average Convergence Divergence (MACD) indicator crossed above the signal line on July 10, showing that the downtrend is starting to turn into an uptrend.
A significant development contributing to the price rise was the court’s extension of the deadline to August 9 for filing claims in Terra Classic’s ongoing bankruptcy case. Resolving these legal issues could accelerate the rebuilding of the LUNC ecosystem. Additionally, Binance’s burning of 50% of LUNC trading fees in June, amounting to approximately 797 million LUNC, positively impacted the altcoin’s market. The community eagerly awaits Binance’s next token burn update in August, which is expected to burn over 1.7 billion LUNC.
Over 1 Trillion LUNC Staked
Currently, over 1 trillion LUNC, representing more than 15% of the total circulating supply, is staked, directly indicating strong community support. This significant achievement underscores the community’s commitment to the project and the potential to positively impact the price by reducing the circulating supply. For now, the LUNC community eagerly anticipates the burning of tokens in the Terraform Labs (TFL) wallets, which is expected to further reduce the altcoin’s supply.
