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All about LUNC’s 394B token burn and how THIS level could be key
As the Terra Luna Classic [LUNC] ecosystem continues its aggressive token burn strategy, it has reached a milestone of burning over 394 billion tokens. This burn initiative is crucial for LUNC’s recovery plan, aiming to support price stability and future growth.
The recent data reveals that LUNC burns approximately 19.67 million tokens daily, resulting in an enormous reduction of its supply from circulation’s massive 5.5 trillion tokens. As the token continues to stabilize near $0.00011, investors are left questioning what this milestone means for the cryptocurrency’s price action.
Price stabilizes amid market volatility
LUNC has witnessed a 1.82% increase over the past 24 hours, trading at $0.0001123 with a 24-hour volume of $37.21 million. Despite this surge, it is essential to note that LUNC has recorded a 12.31% decline in its price over the past seven days. Its market cap is valued at approximately $618.43 million.
In the past 24 hours, LUNC’s price has fluctuated between $0.0001054 and $0.0001135. The broader seven-day range stretches from $0.00009174 to $0.0001344. LUNC is attempting to stabilize near the $0.0001100 support level, with immediate resistance observed around $0.0001200.
Technical indicators offer mixed signals
Technical indicators on the LUNC/USDT daily chart display mixed momentum. The Moving Average Convergence Divergence (MACD) has shown a bearish crossover; however, fading red histogram bars suggest diminishing bearish pressure. Similarly, the Awesome Oscillator (AO) has reflected diminishing selling pressure, hinting at the possibility of reversal if indicators move above their neutral zones.
The Relative Strength Index (RSI) stands at 43.41, recovering from oversold territory. A sustained movement above the 50-level could signal further bullish momentum, while key levels to watch remain at $0.0001000 for a potential decline and $0.0001250 for upside confirmation.
Derivatives data reveals cautious sentiment
LUNC derivatives data highlights reduced activity, with trading volume down 15.35% and open interest falling by 4.57%. Despite this decline, the 24-hour long/short ratio remains at 1.0255, slightly favoring long positions. Interestingly, OKX traders exhibited stronger bullish sentiment, with a long/short ratio of 1.26.
Furthermore, liquidation data reveals that $12.63K in long positions were liquidated compared to just $1.27K in short positions, indicating higher bullish leverage within the market.
As LUNC’s token burn reaches this impressive milestone, traders must carefully monitor these mixed signals and cautious sentiment within the derivatives space.
Source: ambcrypto.com
