LUNC gains 18% in a week amid burn rate surge
Terra Classic (CRYPTO:LUNC) experienced an 18% price increase over the past week, driven by bullish market sentiment and an increase in its burn rate.
According to CoinMarketCap, LUNC's price saw additional growth of over 6% in the past 24 hours, with the token trading at $0.00009981 and a market cap exceeding $544 million, positioning it as the 130th-largest cryptocurrency.
Santiment data indicated that LUNC’s social volume increased, reflecting a rise in popularity.
However, following this spike, its weighted sentiment dropped, signaling potential bearish sentiment that could lead to a price correction.
One notable development was the significant increase in LUNC’s burn rate, which surged on November 6.
A higher burn rate typically suggests a deflationary trend as market supply is reduced, potentially supporting price growth.
Despite positive trends, LUNC's open interest saw a sharp decrease after a spike on November 10, implying a possible shift in the ongoing price trend.
Nevertheless, Coinglass data showed an increase in the long/short ratio, suggesting more long positions in the market, a bullish indicator.
Further analysis of LUNC’s daily chart showed the Relative Strength Index (RSI) trending upward, indicating an inflow of money and a potential continuation of the price rise.
However, with the token trading above the upper limit of the Bollinger Bands, there is a possibility of a price correction.
At the time of reporting, the Terra Luna Classic (LUNC) price was $0.0001020.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
El Salvador's president Nayib Bukele meets with Michael Saylor to discuss Bitcoin
![](https://img.bgstatic.com/multiLang/image/social/c9eae5bc0ac67f1727d533bb0bb350121739562906340.jpg)
Wall Street rebel GameStop explores Bitcoin investment after CEO meets with Michael Saylor
![](https://img.bgstatic.com/multiLang/image/social/808cb2fd50bc24df98edf148a21e544f1739562906411.jpg)
OpenSea Rebrands with Multi-Blockchain Push and ICO Airdrop
![](https://img.bgstatic.com/multiLang/image/social/484b54026e2b0b02db9c6017eca577551739562241709.jpeg)
OpenSea and Doodle token teasers are a potential vibes booster for crypto
The Drop’s Kate Irwin explains why OpenSea’s OS2 and SEA token are “exciting”
Trending news
MoreCrypto prices
More![Bitcoin](https://img.bgstatic.com/multiLang/coinPriceLogo/bitcoin.png)
![Ethereum](https://img.bgstatic.com/multiLang/coinPriceLogo/ethereum.png)
![XRP](https://img.bgstatic.com/multiLang/coinPriceLogo/ripple.png)
![Tether USDt](https://img.bgstatic.com/multiLang/coinPriceLogo/0208496be4e524857e33ae425e12d4751710262904978.png)
![Solana](https://img.bgstatic.com/multiLang/coinPriceLogo/solana.png)
![BNB](https://img.bgstatic.com/multiLang/coinPriceLogo/binance.png)
![USDC](https://img.bgstatic.com/multiLang/coinPriceLogo/usdc.png)
![Dogecoin](https://img.bgstatic.com/multiLang/coinPriceLogo/dogecoin.png)
![Cardano](https://img.bgstatic.com/multiLang/coinPriceLogo/cardano.png)
![TRON](https://img.bgstatic.com/multiLang/coinPriceLogo/tron.png)