Crypto News – The price of Terra Classic (LUNC) has fallen from an intraday high of $0.00005797 to a 30-day low of $0.00005525 during the past 24 hours due to the dominance of bears in the market. This downward trend is indicative of strong selling pressure being applied by market bears. LUNC’s value, however, increased by 2.18 percent as of the time of publication to $0.00005721.
LUNC Token Price Hits 30-Day Low in the Early Hours of October 10
The project team’s prediction of a 90% token burn, however, might inspire positive market sentiment and result in a likely price recovery. Because fewer LUNC tokens are available overall due to this burn, demand on the market will increase due to scarcity.
Although LUNC’s 24-hour trading volume surged by 99.07% to $12.1 million during the recession, its market capitalization decreased by 2.98% to $326.04 million. This increase shows that there was an increase in trade and interest in LUNC during the decline.
What Do the Charts Say About the LUNC Price?
On the LUNCUSD price chart, Keltner Channel bands are in a downward trend, reaching, respectively, $0.00005914, $0.00005749, and $0.00005584. This trend suggests that the price of LUNC is currently dropping. Green candlesticks, on the other hand, imply that there may be some buying pressure at these lower levels, which may soon cause a rise or reversal in the price of LUNC.
Additionally, a rising Relative Strength Index (RSI) reading of 31 suggests that LUNC may experience increased purchasing activity and upward momentum. A shift toward positive sentiment and a possible rebound in the price of LUNC might be indicated by the RSI rising further and crossing the 50 level.
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