LUNC gains 18% in a week amid burn rate surge
Terra Classic (CRYPTO:LUNC) experienced an 18% price increase over the past week, driven by bullish market sentiment and an increase in its burn rate.
According to CoinMarketCap, LUNC's price saw additional growth of over 6% in the past 24 hours, with the token trading at $0.00009981 and a market cap exceeding $544 million, positioning it as the 130th-largest cryptocurrency.
Santiment data indicated that LUNC’s social volume increased, reflecting a rise in popularity.
However, following this spike, its weighted sentiment dropped, signaling potential bearish sentiment that could lead to a price correction.
One notable development was the significant increase in LUNC’s burn rate, which surged on November 6.
A higher burn rate typically suggests a deflationary trend as market supply is reduced, potentially supporting price growth.
Despite positive trends, LUNC's open interest saw a sharp decrease after a spike on November 10, implying a possible shift in the ongoing price trend.
Nevertheless, Coinglass data showed an increase in the long/short ratio, suggesting more long positions in the market, a bullish indicator.
Further analysis of LUNC’s daily chart showed the Relative Strength Index (RSI) trending upward, indicating an inflow of money and a potential continuation of the price rise.
However, with the token trading above the upper limit of the Bollinger Bands, there is a possibility of a price correction.
At the time of reporting, the Terra Luna Classic (LUNC) price was $0.0001020.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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