Terra Classic

Terra

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<ul> 
 <li>LUNC was up by 6% in the last 24 hours, while its Open Interest increased.&nbsp;</li> 
 <li style="font-weight: 400;">USTC’s daily chart was also in the green, but its social metrics dropped.&nbsp;</li> 
</ul> 
<a href="https://ambcrypto.com/search/lunc" target="_blank" rel="noopener" data-wpel-link="internal">Terra Classic [LUNC]</a> has stepped up its game at the start of 2024, showing its deflationary characteristics. Not only did it prove the token’s commitment to re-establish the network, but it also had a positive impact on LUNC’s price action. 
<h4>Terra Classic is burning fast!</h4> 
LunaClassic HQ, a popular X (formerly Twitter) handle that posts updates related to the Terra Classic ecosystem, mentioned that the blockchain burned 100 million LUNC tokens on the 1st of January 2024. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Over 100M <a href="https://twitter.com/search?q=%24LUNC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$LUNC</a> Burned Today. <a href="https://t.co/NKq1HpkO1q" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/NKq1HpkO1q</a> 
 — LunaClassic HQ <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f315.png" alt="🌕" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@LunaClassicHQ) <a href="https://twitter.com/LunaClassicHQ/status/1741590994641150461?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">December 31, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
AMBCrypto’s look at LUNCMETRICS data revealed a similar story. Notably, <a href="https://ambcrypto.com/lunc-slides-as-sec-triumphs-over-terraform-labs-in-latest-update/" target="_blank" rel="noopener" data-wpel-link="internal">LUNC</a>’s burn rate on witnessed a massive spike during this period. Thanks to the high burn rate, LUNC’s circulating supply dropped to 5.85 trillion at press time. 
<div id="attachment_361654" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCMETRICS.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-361654" decoding="async" class="wp-image-361654 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCMETRICS.png" alt="" width="1471" height="553" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCMETRICS.png 1471w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCMETRICS-300x113.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCMETRICS-1024x385.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCMETRICS-768x289.png 768w" sizes="(max-width: 1471px) 100vw, 1471px"></a>
 Source: LUNCMETRICS
</div> 
A similar trend of spiking was noted in terms of LUNC’s price action as we entered 2024. According to <a href="https://coinmarketcap.com/currencies/terra-luna/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">CoinMarketCap</a>, the token was up by nearly 6% in the last 24 hours. 
At the time of writing, LUNC was trading at $0.0001447 with a market capitalization of over $845 million, making it the 84th largest crypto. 
While its price surged, its Open Interest also shot up. For the uninitiated, a hike in this metric increases the chances of a continuation of the current price trend. 
Nonetheless, Development Activity around the blockchain dropped substantially at press time — a negative signal. 
<div id="attachment_361655" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-361655" decoding="async" class="wp-image-361655 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Terra-Classic-LUNC-11.27.33-02-Jan-2024-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div> 
Though the above metrics looked bullish, AMBCrypto’s look at its daily chart pointed out a few bearish indicators. For example, the Bollinger Bands revealed that <a href="https://ambcrypto.com/lunc-reacts-as-court-reverses-do-kwons-extradition/" target="_blank" rel="noopener" data-wpel-link="internal">LUNC</a>’s price entered a less volatile zone. 
Additionally, Terra Classic’s Relative Strength Index (RSI) was resting below the neutral mark, increasing the chances of a price decline. 
<div id="attachment_361656" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCUSDT_2024-01-02_11-29-41.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-361656" decoding="async" class="wp-image-361656 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCUSDT_2024-01-02_11-29-41.png" alt="" width="1544" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCUSDT_2024-01-02_11-29-41.png 1544w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCUSDT_2024-01-02_11-29-41-300x154.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCUSDT_2024-01-02_11-29-41-1024x525.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCUSDT_2024-01-02_11-29-41-768x394.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/LUNCUSDT_2024-01-02_11-29-41-1536x788.png 1536w" sizes="(max-width: 1544px) 100vw, 1544px"></a>
 Source: TradingView
</div> 
<h4>USTC is also pumping</h4> 
USTC, the Terra ecosystem’s stablecoin, also registered price gains. CoinMarketCap’s <a href="https://coinmarketcap.com/currencies/terrausd/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">data</a> revealed that USTC was up by more than 4% in the last 24 hours. At press time, it had a value of $0.03372 with a market cap of over $302 million. 
Read <a href="https://ambcrypto.com/predictions/terra-luna-price-prediction" target="_blank" rel="noopener" data-wpel-link="internal">Terra Classic’s [LUNC] Price Prediction</a> 2023-24 
Since the coin registered a price uptick, AMBCrypto planned to take a look at market sentiment around <a href="https://ambcrypto.com/search/ustc" target="_blank" rel="noopener" data-wpel-link="internal">USTC</a>. We found that its Social Dominance remained quite low last week. 
Bearish sentiment was also dominant in the market, as evident from its low Weighted Sentiment. 
<div id="attachment_361657" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-361657" decoding="async" class="wp-image-361657 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/TerraUSD-USTC-11.33.11-02-Jan-2024-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>

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