Terra Classic Price Plunges 10%; What’s Next For LUNC?

Terra Classic [LUNC] price has sparked fresh optimism within the crypto community following a bullish breakout from an ascending triangle pattern. This technical move suggests a potential rally, even as broader market corrections persist. Despite recent declines, LUNC has shown resilience, experiencing a temporary dip following recent token burns and single transaction activity. 

Terra Classic Price Dips After a Massive Token Burn

The Terra Classic price has seen significant activity recently, with 49,472.28 LUNC tokens burned in just the last hour through a single transaction. Today’s total burn count is substantial, amounting to 7,062,267.40 LUNC tokens. Of this total, 49,573.28 tokens were burned through direct transactions, while a larger portion, 7,012,694.12 tokens, was burned via tax mechanisms.

In the past 24 hours, the burn rate reached an impressive 2,494%, reflecting intensified efforts in token reduction. This heightened burn activity indicates a proactive approach by the community to manage supply levels, aiming for a positive impact on the LUNC token’s market dynamics.

In the past hour, there have been a total of 49,472.28 $LUNC tokens burned and 1 transactions.

TODAY BURNED
By TX: 49,573.28
By TAX: 7,012,694.12
Total: 7,062,267.40

Website: https://t.co/q4WijVKbSr#luncarmy #lunc

— LUNC.TECH (@lunc_tech) November 1, 2024

LUNC Price Dips with Bullish Hints Ahead

The latest LUNC price has seen a notable shift, currently trading at $0.00008931, reflecting a 9.22% drop in the last 24 hours. 

Today, crypto markets are witnessing mixed reactions from investors, reflecting the continued ups and downs in prices

The Moving Average Convergence Divergence (MACD) hints at mild bullish activity as the MACD line crosses slightly above the signal line. However, downward pressure persists, with the MACD histogram showing recent red bars, indicating selling momentum.

Key support remains at $0.00008, with resistance levels projected near $0.0001 and $0.00013. If LUNC sustains this level of volatility, traders might see attempts to breach these key levels soon.

The social volume for Terra Classic shows a steady rise, closely tracking its price fluctuations over recent months. As interest remains high, spikes in engagement suggest strong investor sentiment despite a largely stabilized price trend. This alignment between social activity and price hints at potential volatility, keeping LUNC in focus within the crypto community.

While Terra Classic faces volatility, its robust burn strategy and bullish indicators hint at potential upside. With strong community support and active trading, LUNC may remain a dynamic player in the crypto landscape.