The 394B Token Burn by LUNC: Could This Threshold Be Crucial?
The ecosystem of Terra Luna Classic [LUNC] continues to pursue an aggressive strategy of burning tokens, achieving a significant daily burn of 19,674,564 tokens on December 22, 2024.
Data from the LUNC Burn Tracker indicates that this includes 7,265,976 tokens burnt through wallets and an additional 12,408,588 tokens burnt via on-chain mechanisms.
LUNC has successfully burned more than 394 billion tokens, effectively reducing its total supply from a substantial 5.5 trillion tokens previously in circulation.
This burning strategy forms a vital component of Terra Luna Classic’s roadmap towards recovery, aimed at bolstering price stability and facilitating future expansion.
Amidst Market Fluctuations, Price Consolidates
In the past 24 hours, LUNC’s price has risen by 1.82%, currently trading at $0.0001123, with a 24-hour trading volume amounting to $37.21 million.
However, the token has experienced downward pressure, witnessing a 12.31% decline over the previous seven days, while maintaining a market capitalization of approximately $618.43 million.
Within the last 24 hours, LUNC’s price has oscillated between $0.0001054 and $0.0001135, with a broader 7-day range extending from $0.00009174 to $0.0001344.
LUNC is making efforts to stabilize around the $0.0001100 support level, encountering initial resistance at approximately $0.0001200.
Indicators Signal Varied Momentum
Technical indicators from the LUNC/USDT daily chart suggest a mix of momentum signals. The Moving Average Convergence Divergence (MACD) has shown a bearish crossover, yet diminishing red histogram bars indicate a weakening bearish trend.
Similarly, the Awesome Oscillator (AO) has depicted a reduction in selling pressure, implying a potential reversal if indicators surpass their neutral zones.
The Relative Strength Index (RSI) currently stands at 43.41, bouncing back from oversold conditions.
An enduring rise above the 50-level could signal further bullish momentum, with critical levels to monitor at $0.0001000 as a downside marker and $0.0001200–$0.0001250 for confirmation of an upside trend.
Sentiment Analysis from Derivatives and Liquidation Data
Examination of LUNC derivatives data reveals a decrease in activity, evidenced by a 15.35% drop in trading volume and a 4.57% decline in open interest. Despite this decrease, the 24-hour long/short ratio stands at 1.0255, slightly favoring long positions.
Specifically, traders on OKX have shown a stronger bullish sentiment, with a long/short ratio of 1.26.
Liquidation data discloses that while $12.63K in long positions were liquidated, only $1.27K in short positions were affected – accentuating a prevalence of bullish leverage in the market.
Instances of heightened liquidation activity align with periods of price volatility, underscoring a sense of caution prevailing among traders.