Strong Sell-Off of LUNC Crypto; Will It Break To New Highs?

• The trading volume of the Terra Classic crypto has declined.
• The LUNC crypto is trading 12,040% above its all-time low price.

LUNC is the token of Terra Classic, a PoS blockchain that survived the UST depegging. LUNC is used for staking, governance, and collateral. It was created by the Terra community, led by Do Kwon and Daniel Shin. LUNC’s current and future status are uncertain.

The circulating supply of the Terra Classic token is 5.796T LUNC and the total supply of is 6.813T LUNC. Additionally, the market cap of the Terra Classic token is $704.856 Million, which has witnessed a decline of 0.29% in the last 24 hours.

The volume/market cap ratio of the LUNC token is 5.97% and it has an infinite max supply along with a fully diluted market cap of $828.741M. The trading volume of the Terra Classic token has declined by 36.6%, resulting in a traded volume of $42.551 Million.

As per Coingecko, the Terra Classic token is the 99th largest crypto in the global cryptocurrency market in terms of market cap with a market cap dominance of 0.04%. Moreover, the LUNC crypto hit its all-time high price of $119.18 almost two years ago.

Terra Classic Derivatives Analysis

Terra Classic has witnessed a huge long liquidation of $113.23K and short liquidation of only $6.82K. The derivatives trading volume further declined by 38.08% in the last 24 hours. 

The open interest has declined by 3.33%, resulting in a value of $6.92 Million, and the long/short ratio of the crypto is 0.9124.

LUNC Crypto Technical Analysis

From the most recent swing high, the Terra Classic crypto price has witnessed a huge decline. The LUNC crypto has lost its value by more than 50% from its most recent swing high.

The LUNC crypto price has formed a bearish candlestick pattern on the chart along with an evening star pattern. Unless the price of the LUNC crypto bounces back and breaks above the level of $0.0002845, the price might face a decline and continue the downtrend.

LUNC/USD Chart by TradingView

The LUNC crypto price is trading between the band of the 50-day and the 200-day EMAs, which are forming a golden cross pattern on the charts. On the daily charts, the LUNC crypto is forming uncertain candlesticks, indicating uncertainty in the price.

The MACD indicator is indicating strong bearishness on the charts as the signal line and the MACD line are below the zero level, forming a bearish cross. 

Summary

LUNC is the token of Terra Classic, a PoS blockchain that suffered from UST depegging. LUNC has a low market cap and volume, and faces strong sell-off pressure. The price of LUNC currently showcases a bearish trend and it is unable to surpass the resistance level. In short, the LUNC price prediction is pessimistic and uncertain at the moment.

Technical Levels

Support Levels: $0.0000045850 and $0.00011560

Resistance levels: $0.00043420 and $0.00059940

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.