- LUNC’s price action suggests that there is an increase in interest in the project.
- LUNC’s price increased by more than 20% in just a few hours.
- The CEO of Binance believes that a burn is necessary for LUNC.
After LUNA’s crash earlier in the year, Terra Classic (LUNC) is working hard to make things right and it seems to be working. LUNC’s price action suggests that there is an increase in interest in the project and that whales are keeping a keen eye on the crypto.
Over the last week in June, LUNC saw a price jump, causing it to rally by about 180%. Since then, LUNC has lost more than half of these gains, but it seems like bulls are making a comeback. As a result, LUNC’s price increased by more than 20% in just a few hours.
This rally over the last day came as the RSI pushed above the 50% level which indicated some bullish momentum for the crypto.
The upside for LUNC came after it was revealed that a single address bought about 8.5 billion LUNC. It was then sent to an address that contains almost 2.6 trillion LUNC.
The CEO of Binance believes that a burn is necessary for LUNC. This could also signal better times for the project as the supply will be reduced significantly.
Things for LUNC are looking up on multiple fronts. For example, outflows of the LUNC supply that was held by whales dropped to 43.57% on June 12 before it recently increased to 43.78%.
This is proof that whales have been stocking up on LUNC over the last few days, which led to the bullish build-up.
LUNC’s development metric has also been increasing. This is once again a good sign as it could encourage investors to buy more of the crypto.
Terra Classic / Tether 1D (Source: CoinMarketCap)
According to CoinMarketCap, LUNC is currently worth $0.0001029 after a 6.25% drop in price over the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.