Investors have not recently benefited from the cryptocurrency market, since the majority of cryptos have had difficulty turning a profit. While several cryptocurrencies with significant market capitalizations saw double-digit price decreases, Terra Classic [LUNC] reacted differently and experienced price growth.
According to statistics from CoinMarketCap, the price of LUNC increased by 4% over the previous day. It had a market capitalization of $1.25 billion and was trading at $0.0001909 at the time of publication. Its daily volume also increased significantly, rising by more than 40% in just one day.
Given that the rise was unexpected, the price response was pretty fascinating. However, LUNC has a number of upcoming initiatives that could have contributed to this pump.
Plans Exist for the Future
A number of upgrades have already been planned for LUNC for the last quarter of this year, according to Terra Rebels' roadmap, and they seem rather promising.
The developers have three network updates for the fourth quarter, including Vanilla Cosmos v0.45.8, CosmWasm v1.0.0, and Tendermint v0.34x, starting with the market swap's disablement.
In fact, the burning process appears to be proceeding as planned because a significant amount of LUNC was being destroyed every day. As of November 10th, 2022, nearly 16 billion tokens had already been burnt.
🔥Total burned $Lunc: 26.7b🔥
— LUNC Burn (@LunaBurn_13) November 10, 2022
Burned 24hrs 0.2% burn tax: 236.47m
T/S: 6,880,936,856,851
C/S: 5,976,360,812,066
M/C: $1,142,381,369
Vol24h: $590,203,366$Lunc Staking
bonded: 847,952,495,858
unbonded: 36,800,745,493
% t/s: 12.32% 🔐#Lunc #LUNCcommunity #luncburn #lunaclassic
The information from LunarCrush revealed yet another strong bullish indicator for LUNC. The fact that LUNC ranked first among all cryptocurrencies according to Altrank gave investors even more reason to believe that the price increase will continue in the days to come.
JUST IN #WhalesClubs $LUNC is #1 Crypto in AltRank #LUNC #LunaClassicHQ #LUNACLASSIC pic.twitter.com/d3J8SIbRK1
— WhalesClubs 🌓™ 𖣴 (@WhalesClubs) November 9, 2022
The Gamechanger that LUNC Needs
Looking at the surge in LUNC's social dominance on November 9 showed that the cryptocurrency has been quite well-liked in the crypto community as a result of its recent price action.
The remaining measurements and market indicators, however, suggested that a trend reversal might occur. For instance, LUNC's development activity decreased despite the aforementioned planned enhancements, which is bad news for a network.
Looking at the daily chart for LUNC suggested a negative view as the market indicators were in favor of a seller's edge.
The 20-day exponential moving average (EMA) was far lower than the 55-day EMA, which is a bearish indication, as seen by the Exponential Moving Average (EMA) Ribbon. Additionally, the MACD showed a bearish crossover.
The likelihood of a trend reversal was further increased by the fact that both the On Balance Volume (OBV) and Relative Strength Index (RSI) were resting at very low levels.
