- With a 90% token burn projection, LUNC faces bearish pressure as the price dips.
- Rising trading volume indicates investor interest in LUNC despite the market drop.
- LUNC prices might be reversing despite bearish pressure at lower levels and a rising RSI.
Bears have dominated the Terra Classic (LUNC) market in the past 24 hours, lowering the price from an intra-day high of $0.00005797 to a 30-day low of $0.00005525. This negative trend shows that market bears are exerting significant selling pressure. At press time, LUNC was valued at $0.00005616, representing a 3.23% drop from its 24-hour high.
$LUNC will burn 90% Of token we will go straight to $100 #LUNC #TerraClassic #Binance pic.twitter.com/7MgS7HyqSE— Terraport Finance (@TerraValidators) October 10, 2023
However, the project’s team’s 90% token burn projection may generate optimistic sentiment in the market, leading to a probable price rebound. This burn lowers the overall amount of LUNC tokens, creating scarcity and driving up market demand.
During the recession, LUNC’s market capitalization fell by 2.98% to $326.04 million, but its 24-hour trading volume increased by 99.07% to $12.1 milli…
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