Market Update: Terra Luna Classic (LUNC) Price Stabilizes Near $0.00011 Amid Ongoing Token Burn Strategy

LUNC burns 20M daily as price stabilizes near $0.00011 amid market volatility

As the cryptocurrency market continues to exhibit high levels of volatility, Terra Luna Classic [LUNC] has announced a significant development in its token burn strategy. The blockchain-based platform has burned over 394 billion tokens, a move aimed at supporting recovery and reducing the massive 5.5 trillion token supply.

According to data from LUNC Burn Tracker, the project has recorded a daily burn of 19.67 million tokens, demonstrating an unwavering commitment to this aggressive approach. It’s essential to note that this 394 billion burned amount surpasses any other cryptocurrency in the market, highlighting LUNC’s unique stance on token reduction.

The data revealed that these daily burns consist of 7.26 million tokens burned by wallets and an additional 12.41 million tokens burned through on-chain mechanisms. The total supply of LUNC has decreased significantly due to this strategic decision.

In terms of market activity, the LUNC price increased by 1.82% over the past 24 hours, trading at $0.0001123 with a 24-hour volume of $37.21 million. Despite this gain, the token’s value faced pressure, declining by 12.31% in the past seven days.

LUNC’s market capitalization is currently valued at approximately $618.43 million.

In addition to this current price activity, LUNC has also experienced fluctuations within its trading range over the past 24 hours. It has hovered between $0.0001054 and $0.0001135.

Furthermore, a few key technical indicators on the daily chart have displayed mixed momentum. The Moving Average Convergence Divergence (MACD) has demonstrated a bearish crossover, but fading red histogram bars indicate weakening bearish pressure. Similarly, the Awesome Oscillator (AO) reflected diminishing selling pressure, hinting at the possibility of a reversal if these indicators move above their neutral zones.

The Relative Strength Index (RSI) is currently standing at 43.41, recovering from oversold territory. A sustained move above the 50-level could potentially indicate further bullish momentum, while resistance areas lie around $0.00011-$0.00012 and $0.00013-$0.00014.

In related news, LUNC derivatives data has revealed a significant reduction in trading activity, with a decline of 15.35% in volume and open interest falling by 4.57%. Nevertheless, the 24-hour long/short ratio has slightly favored long positions at 1.0255. A notable observation is that OKX traders exhibited stronger bullish sentiment, with a long/short ratio of 1.26.

Liquidation data shows that $12.63K in long positions were liquidated compared to only $1.27K in short positions. This suggests higher bullish leverage in the market.

The overall volatility witnessed across cryptocurrency markets has led to cautious sentiment among traders, as evidenced by increased liquidation activity coinciding with price fluctuations.

As a result, investors are advised to remain vigilant and stay updated on any future announcements regarding LUNC’s ongoing efforts to revamp its token supply.

Source: ambcrypto.com