- A total of 15 million LUNC tokens have been burned, yet the price has decreased by 4.19% amidst waning market interest.
- Futures open interest has fallen to $9.27 million, a significant drop coinciding with a 66.35% plunge in trading volume.
The Terra Luna Classic [LUNC] ecosystem is experiencing a variety of changes as price fluctuations, token burn events, and futures trading activity unfold.
Nevertheless, recent token burns alongside price behaviors imply a potential market shift, although the newest price and open interest figures reveal a complicated scenario.
Current LUNC price and market movements
As of the latest update, Terra Classic (LUNC) is priced at $0.00009008, marking a 4.19% decrease in the last 24 hours. The reported trading volume for LUNC during this period stands at $27,294,595.
In the past week, LUNC has shown a slight rise of 0.37%, indicating some relative stability in an otherwise volatile market. Its circulating supply is estimated at about 5.7 trillion, positioning its market capitalization at roughly $513.1 million.
Source: TradingView
This price change follows a burn of 15 million LUNC tokens on October 22nd, part of ongoing strategies aimed at curbing supply and potentially enhancing price appreciation.
Although the deflationary measures intend to bolster value over time, the immediate effects have been muted, as indicated by the recent price decline.
Technical analysis: Support and resistance trends
Analyzing the LUNC price chart reveals an ascending trendline, suggesting persistent efforts by bulls to elevate the price. This trendline has consistently provided support in recent weeks, leading to higher lows.
Should the price continue to follow this upward path, it could indicate stronger bullish momentum.
A key resistance point is identified at the $0.00012740 mark, which serves as the next milestone for a possible breakout. A successful surpassing of this level could result in significant price gains, assuming sustained buying pressure.
Source: TradingView
On the downside, significant support levels are noted at $0.00008850 and $0.00006390. In case of a price dip, these levels could serve as protective barriers if the ascending trendline does not hold.
A dip below these support levels may signal a trend reversal toward bearish conditions.
Futures market: Decrease in open interest and trading volume
The LUNC futures market has experienced a considerable drop in open interest, now at $9.27 million, reflecting a 4.68% decline from previous figures, according to Coinglass data.
This reduction in open interest is consistent with a longer-term trend observed throughout the past year, where open interest peaked at nearly $100 million in September 2022 and has been on a downward trajectory since then.
A decrease in open interest typically signals a reduction in market participation, which may lead to lower volatility in the short term.
Source: Coinglass
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Furthermore, trading volume in the LUNC futures market has experienced a steep decline of 66.35%, now settling at $10.45 million.
This drop reflects a decreased interest in speculative trading, likely attributed to a combination of current price stability and prevailing market sentiments.
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