- The LUNC crypto price is down by 100% from its all-time high price.
- The annual inflation rate of the Terra Classic is negative.
Source: CoinMarketCap
LUNC formerly Luna, is the original token of Terra Classic, re-branded after governance proposal 1623 following the UST depegging incident. It serves as the native staking asset and governance token for Terra Classic, maintaining utility despite market swaps being disabled. Terra aims to build stablecoins pegged to fiat currencies.
In the last 24 hours, the value of the traded volume for the crypto has declined by 48.9% resulting in $67.301 Million. The volume/market cap ratio of the crypto is 8.7% followed by a market cap of $771.654 Million.
Terra Classic is the 113th largest cryptocurrency in the global cryptocurrency market. The market cap dominance of the crypto is 0.03% and the volatility of the crypto is extremely high resulting in 18.32%.
The sentiment of the crypto is also bearish and was released on May 5, 2019. The recorded all-time high price for the crypto is $119.18 which was witnessed on April 05, 2022.
The circulating supply for the Terra Classic token is 5.831 Trillion LUNC and the total supply of the crypto is 6.802 Trillion. Moreover, the maximum supply of the crypto is infinite while the fully diluted market cap of the crypto is $902.18M. Also, the supply of the crypto is negative resulting in -1.04%.
The total value locked for the Terra Classic is $3.43 Million as per DefiLlama and the stablecoins market cap of the crypto is $216.99 Million. Also, the total raised amount for the crypto is $57 Million.
Terra Classic Crypto Derivatives Analysis
Source: Coinglass
The derivatives trading volume of the crypto has witnessed a decline of 60.4% in the last 24 hours. This further has resulted in a traded value of $28.47 Million.
The open interest of the crypto has advanced by 3.1% in the last 24 hours and the long/short ratio for the crypto is 0.932.
Moreover, the long liquidation for the LUNC crypto is $46.38K and the short liquidations for the crypto is worth $33.57K. Despite this, the volume for the LUNC is also declining, followed by the last few days as per Coinglass.
Positive Sentiment Vs Weighted Sentiment Vs Negative Sentiment
Either the positive or the sentiment of the crypto has been declining over the last few days. Following this, the weighted sentiment of the crypto has also declined over the last few days.
LUNC Crypto Technical Analysis
Source: LUNC/USD Chart By Tradingview
LUNC crypto price gained momentum followed by buying pressure but failed to break above the last swing high and the price again has started to decline.
The price of the crypto has formed a double-top pattern followed by the most recent swing high. The current price behavior of the crypto indicates a weakness in price which might lead to a further decline in the crypto price.
LUNC/USD Chart by TradingView.com
The crucial EMAs on the daily chart of the LUNC crypto are trading in a golden cross while the price of the crypto has declined below the 20 and the 50-Day EMA. Further, the price of the crypto is taking support at the 200-Day EMA.
The MACD and the signal lines are also consistently declining leading towards the zero level indicating weakness in the trading price of the crypto.
The RSI also is presenting a loss in bullish momentum as it has declined to 38.3 followed by a decline below the 14-Day SMA.
Summary
LUNC crypto, the original token of Terra Classic, faces challenges as it struggles to break above crucial highs, down by 100% from its all-time high. Despite negative annual inflation, it serves as Terra Classic’s staking asset and governance token. With declining trading volume and bearish sentiment, a sell-off might be imminent.
Technical Levels:
- Support Levels: $0.0000458 and $0.0001156
- Resistance Levels: $0.000285 and $0.000434
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.