Terra Classic Price To Flip $0.0001 Resistance As Total Staked LUNC Surpass 1 Trillion

Terra Classic price shows a 4.4% increase in the last 24 hours, hovering around $0.00007982 at 5:45 a.m. UTC on Tuesday. The increase comes as the total LUNC staked surpasses 1.033 trillion, setting a new all-time high. This figure also constitutes more than 15% of the total LUNC supply. Terra Classic trading volume also shot up 118% in the last 24 hours, signaling a recent uptick in market activity.

Terra Classic Price Analysis: 46% Gains Possible After Breakout

LUNC price recently hit a low of $0.00005697 on July 5, following the general market crash instigated by Bitcoin. Nevertheless, those who bought this bottom are up 38% in profit as the market recovered in the following days. The LUNC price action entered a falling channel on July 7 and recently broke out in a 13% move. Zooming out, the Terra Classic price entered a larger falling channel 233 days ago and is still trending inside it.

The price of LUNC is facing minor overhead resistance, around $0.00008052. If this level is broken, it could propel the price to $0.0001, marking a 46% increase. However, if Terra Classic fails to break this resistance, it may find support lower around $0.000066. LUNC has recently moved above the 21-day simple moving average (SMA) but remains below the 50-day and 200-day SMAs, which may pose further resistance.

Meanwhile, leading Terra Classic price indicators show signs of bullishness. The relative strength index (RSI) is at 51.22, above the mid-point, signaling increasing bullish momentum. The Chaikin Money Flow (CMF) is at 0.03, indicating growing buy pressure.

Additionally, the Moving Average Convergence Divergence (MACD) indicator crossed above the signal line on July 10, indicating the start of a bullish reversal.

Why is the Terra Classic Price Rising?

In a recent development, the court has set August 9 as the deadline for filing claims regarding its ongoing bankruptcy case. This is good news because the sooner the court cases end, the sooner the LUNC community can rebuild the ecosystem.

Additionally, in the latest Binance LUNC burns, the crypto exchange burned 50% of its June LUNC trading commissions—approximately 797 million LUNC. The community awaits the next Binance update in August, with over 1.7 billion LUNC already waiting to be burned next month.

The LUNC staked balance hit a new all-time high of 1,033,148,109,450 tokens, representing more than 15% of all LUNC circulation. This is an impressive feat for a community-driven blockchain.

$LUNC approaches a new milestone as the staking ratio nears an all-time high of 15%, with over 1 trillion #LUNC staked.

The staking ratio has jumped to 15%, close to the ATH of 15.16%, driven by large delegations to validators. The community aims to reach a 20% staking ratio. pic.twitter.com/XYtThhZpYe

— Crypto.Anu (@CryptoAnu_) July 15, 2024

The LUNC community now anticipates burning Terraform Labs (TFL) wallets, which may reduce the overall supply of cryptocurrency.

Bottom Line

The Terra Classic price analysis shows that it is approaching a critical point as bulls push for a 46% breakthrough above the $0.0001 mark. This bullish sentiment is bolstered by the significant milestone of over 1 trillion LUNC tokens now being staked, indicating strong community support and potentially reduced circulating supply. 

The post Terra Classic Price To Flip $0.0001 Resistance As Total Staked LUNC Surpass 1 Trillion appeared first on CoinGape.