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Home»Altcoins»Estimating the chances of LUNC starting a bull run
Altcoins

Estimating the chances of LUNC starting a bull run

2023-11-27No Comments3 Mins Read
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Journalist

Posted: November 27, 2023

  • Terra Classic’s burn rate remained high while its price rose.
  • LUNA also followed LUNC’s price as its price soared over the past 24 hours.

Terra Classic [LUNC] has delivered commendable performance in the recent past as its price rose by double digits. This happened at a time when the token’s burn rate was increasing, reducing its circulating supply.

But is LUNC’s high burn rate the only reason behind the surge, or are there other things to consider?

Terra Classic is lit

A look at CoinMarketCap facts revealed that LUNC’s price has risen by more than 25% in the past 24 hours. At the time of writing, Terra Classic was trading at $0.00009977 with a market cap of over $578 million, making it the 79th largest crypto.

A possible reason for this increase could be LUNC’s high burn rate.

BREAKING NEWS 🔥🔥🔥

78.5 billion $LUNC Burnt 🔥🔥🔥🔥🔥 pic.twitter.com/iVNZJKZ8xw

— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) November 26, 2023

For the uninitiated, when tokens are burned, their circulating supply decreases, making that asset more valuable. To that extent, AMBCrypto’s analysis is like Luncmetrics’ analysis showed that more than 700 million LUNC tokens have been burned in the last seven days alone.

In total, more than 78.24 billion LUNC tokens have been burned to date, reducing the circulating supply to 5.8 trillion.

Source: Luncmetrics

Apart from the high burn rate, some numbers also supported LUNC’s recent price increase. It is striking that trading volume has increased by more than 1000% in the last 24 hours. As a result, LUNC1w price volatility also rose, as did open interest, increasing the chances of a sustained uptrend.

See also  What to expect from Bitcoin and Ethereum when the bull rally ends?

However, while its price rose, development activity around the blockchain fell.

Source: Santiment

AMBCrypto’s analysis of LunarCrush data also found that LUNC’s social dominance and market dominance increased by 196% and 28% respectively over the past 24 hours. Another bullish metric was LUNC’s AltRank, which improved over the same period.

Source: LunarCrush

Will the bull rally last?

AMBCrypto then checked Terra Classic’s daily chart to better understand whether the bull run would continue. According to our analysis, LUNC‘s MACD showed a bullish crossover. The Chaikin Money Flow (CMF) also followed a northerly direction, increasing the likelihood of a sustained uptrend.

However, the Relative Strength Index (RSI) was near the overbought zone, a sign of increasing selling pressure, which could trigger a price correction.

Source: TradingView


Realistic or not, here it is The market capitalization of LUNC in terms of BTC


It was interesting to note that as LUNC rallied, its sister token, Terra [LUNA], has also followed a similar route. From CoinMarketCapLUNA is up over 14% in the last 24 hours, moving back into the club’s top 100 in terms of market capitalization.

At the time of writing, LUNA was trading at $0.7925 with a market cap of over $460 million.



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Bull chances Estimating LUNC run Starting
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