LUNC Crypto Trading Inside Triangle Pattern, What To Expect?

• Terra Classic has a Stablecoin market cap of $138.46M.
• LUNC crypto has seen only 12 green days in the last 30 days.

LUNC, the original token of Terra blockchain, rebranded as Terra Classic after a governance proposal post-UST depegging incident. It’s the native staking asset and governance token that maintains utility despite market swaps being disabled. Co-founded by Do Kwon and Daniel Shin, Terra aims for stablecoins pegged to fiat currencies, emphasizing financial infrastructure.

The total value locked for the Terra Classic crypto is $2.28M, and the total raised value is $57M. The market cap for the crypto further has witnessed an advance of 2.2% in the last 24 hours.

The market cap value of the Terra Classic crypto is $582.434M, and the market cap ranking of the crypto is #119, as per CoinMarketCap. The trading volume for the crypto has further witnessed an advance of 76%, resulting in a traded value of $124.731M. 

The crypto further has excellent liquidity as the volume/market cap ratio of the crypto is 22.01%, and the circulating supply of the crypto is 5.825B LUNC. This further results in a total supply of 6.796B LUNC.

Terra Classic crypto has an infinite maximum supply, and the fully diluted market cap of the crypto is $678.129M. Also, the all-time high price ever achieved by the crypto is $119.18 and the cost of the crypto since then has declined by 100%.

The Terra Calssic’s volatility is high, resulting in 9.51% and the market cap dominance is 0.03%. The supply inflation of the crypto is meager, resulting in 1.27%, and the sentiment of the crypto is also bearish.

Terra Classic Crypto Derivatives Analysis

The derivatives volume for the Terra Classic has advanced by 69% in the last 24 hours. This further results in a traded value of $82.87M, and the open interest in the crypto has also advanced by 18%. 

With a long/short ratio of 1.0362, the crypto results in a long liquidation of $383.30K, and the short liquidation for the crypto is $60.89K. The following data shows that the sellers are taking over the crypto price.

LUNC Crypto Technical Analysis

The price of the LUNC crypto trades inside a dynamic descending triangle pattern and bearish patterns are formed on the chart, followed by a decline in the crypto price.

Based on the current momentum, the price might continue to decline to lower levels and lead to a breakdown in the crypto cost. 

LUNC/USDC Chart by TradingView

The 20-day and the 50-day EMAs are trading below the 200-day EMA, and the price of the LUNC crypto has also declined below the EMAs. The 20-day and the 50-day EMA further have formed a fresh bearish cross.

The MACD and the signal line are trading in a bearish crossover and have declined below the zero level. The histograms are also bearish on the daily crypto chart, which might lead the price to further lower levels.

The RSI is trading at 36, followed by the decline below to the oversold zones. It also has declined below the 14-day SMA. This further shows a weak momentum in the price of the crypto.

Summary

LUNC crypto, representing Terra Classic, faces bearish signals as it trades within a descending triangle pattern. Despite dynamic market activity, it has a stablecoin market cap of $138.46M. Technical indicators like EMAs, MACD, and RSI suggest continued downward pressure, with sellers dominating. Expectations lean towards further price decline.

Technical Levels: 

• Support levels: $0.000050 and $0.0000540
• Resistance levels: $0.0001730 and $0.0002540

Disclaimer

This article is for informational purposes only and provides no 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.