Terra Classic Price Soars 25% Amid High Burn Rate, Bull Rally Expected
The Chances of a Bull Rally for LUNC
LUNC, also known as Terra Classic, has recorded an impressive price increase of more than 25% in the last 24 hours. Several metrics, including trading volume, supported this rise.
The Role of the Burn Rate
During this rally, the burn rate of Terra Classic remained high. For those unfamiliar: when tokens are burned, their circulating supply decreases, increasing the value of this asset. In the last seven days alone, more than 700 million LUNC tokens were burned. So far, over 78.24 billion LUNC tokens have been burned, reducing the circulating supply to 5.8 trillion.
Supporting Metrics
In addition to the high burn rate, several other metrics also supported LUNC’s recent price increase. Notably, its trading volume has increased by more than 1000% in the last 24 hours. As a result, LUNC’s one-week price volatility also increased, as did the open interest, increasing the chances of a sustained upward trend. However, it should be noted that development activity around the blockchain has decreased.
Social and Market Dominance
Analysis of data from LunarCrush revealed that LUNC’s social dominance and market dominance have increased by 196% and 28% respectively in the last 24 hours. Another bullish indicator was LUNC’s AltRank, which improved within the same period.
Will the Bull Rally Continue?
To better understand whether the bull rally will continue, Terra Classic’s daily chart was reviewed. Our analysis shows that LUNC’s MACD indicates a bullish crossover. The Chaikin Money Flow (CMF) also took a northward path, increasing the chances of a sustained upward trend. However, the Relative Strength Index (RSI) was near the overbought zone, a sign of increasing selling pressure, which could cause a price correction.
LUNC and LUNA
Interestingly, LUNC’s sister token, Terra [LUNA], took a similar course. According to CoinMarketCap, LUNA rose by over 14% in the last 24 hours, allowing it to re-enter the top 100 club in terms of market capitalization.
Sources: CoinMarketCap, Luncmetrics, Santiment, LunarCrush, TradingView
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