- Despite tumbling open interest, Terra Luna Classic (LUNC) has gained 16% in a week, fueled by community-driven proposals and network developments.
- The next price level for LUNC hinges on whether buyers can push it above $0.000115 or if bears succeed in driving it below $0.0001.
Data used in this article is as of Saturday 10th Feb 2024
The altcoin market is gaining momentum as Bitcoin’s recent inactivity has ended with significant surges in the past 48 hours, with the BTC price rising above $47.5K. Daily liquidations have exceeded $154 million. This has revived the LUNC price and it is facing a surge in buying demand despite shaky open interest. Additionally, recent network developments have triggered a wave of short-liquidations for Terra Luna Classic price.
LUNC Records 16% Gain In A Week
According to Coinglass data, the price of LUNC experienced a total liquidation of nearly $35,000 in the past 24 hours, with sellers accounting for approximately $23,000 worth of positions liquidated. Terra Luna Classic has regained momentum following the market’s recovery, posting a gain of over 16% in the last seven days.
This surge was sparked by the passing of a crucial proposal by the community. The community voted in favor of implementing mandatory know-your-customer (KYC) procedures for all L1 developers, as an additional security measure amidst efforts to enhance blockchain development by welcoming third-party developers. This announcement was reported on February 8.
Following the approval of the proposal, each developer will be required to undergo the KYC process before commencing work on the chain. Additionally, any new member added to the team after the proposal’s passage must also complete the KYC process. These safety and security measures are implemented when new developer groups propose to work on the chain. Specific details will remain undisclosed and will only be disclosed in the event of legal action.
Nevertheless, despite the rising bullish market sentiment, the open interest in LUNC price is declining, having fallen from its peak of $10.7 million to a recent low of $8 million. Moreover, the long/short ratio is experiencing a significant decline, touching 0.4489, indicating that 69% of total positions are inclined towards anticipating a price decline.
What’s Next For LUNC Price?
The price of LUNC continued its surge, marking a 16% gain for the week. However, this upward momentum is struggling near $0.000114 as sellers increase their dominance. Presently, LUNC trades at $0.00011, reflecting an increase of over 0.8% from yesterday’s rate.
Currently, bulls are aggressively defending against a decline below $0.0001, recognizing that a drop below this level would boost sellers’ positions. Amid this, bears are exerting pressure by pushing the price below the EMA20 on the 4-hour price chart. The 20-day EMA is stabilizing around $0.000108, and the Relative Strength Index (RSI) consolidates around the midline. This suggests the trading range may hover around the bearish zone of moving averages.
If buyers succeed in sending the price above $0.000115, a surge towards $0.00013 becomes plausible. Conversely, a drop below the moving averages could trigger a decline to $0.00009.