- LUNC burns 19.67 million tokens per day, reaching 394 billion burned to support recovery and reduce supply by 5.5 tons.
- LUNC price stabilizes near $0.00011 amid declining market activity, cautious trading, and mixed momentum.
Terra Luna Classic (LUNC) The ecosystem continues its aggressive token burning strategy, recording a total daily burning of 19,674,564 tokens on December 22, 2024.
According to data from LUNC burn monitoringthis includes 7,265,976 tokens burned by wallets and an additional 12,408,588 tokens burned via on-chain mechanisms.
LUNC has burned over 394 billion tokens, reducing its supply from the 5.5 trillion tokens in circulation.
This burn initiative is crucial to the Terra Luna Classic recovery plan. It aims to support price stability and future growth.
Prices stabilize amid market volatility
LUNC price increased by 1.82% in the last 24 hours, trading at $0.0001123 with a 24-hour volume of $37.21 million.
However, the token has come under pressure, recording a decline of 12.31% over the past seven days. Its market capitalization is valued at approximately $618.43 million.
Over the last 24 hours, the price of LUNC fluctuated between $0.0001054 and $0.0001135. The broader 7-day range extends from $0.00009174 to $0.0001344.
LUNC is attempting to stabilize near the $0.0001100 support level, with immediate resistance seen around $0.0001200.
Technical indicators show mixed dynamics
Technical indicators on the LUNC/USDT daily chart suggest mixed momentum. The Moving Average Convergence Divergence (MACD) displayed a bearish crossover, although the fading red bars in the histogram indicate weakening bearish pressure.
Likewise, the Awesome Oscillator (AO) reflected a decrease in selling pressure, hinting at the possibility of a reversal if the indicators moved above their neutral zones.
Source: TradingView
The relative strength index (RSI) stands at 43.41, recovering from oversold territory.
A sustained move above the 50 level could indicate further bullish momentum, while key levels to watch remain at $0.0001,000 for the downside and between $0.0001,200 and $0.0001,250 for confirmation at the rise.
Data on derivatives and liquidations indicates cautious sentiment
LUNC derivatives data reveals reduced activity, with trading volume down 15.35% and open interest down 4.57%. Despite the decline, the 24-hour long/short ratio is 1.0255, slightly favoring long positions.
Notably, OKX traders demonstrated stronger bullish sentiment, with a long/short ratio of 1.26.
Liquidation data shows that $12.63k of long positions were liquidated, compared to just $1.27k of short positions. This indicates higher bullish leverage in the market.
Source: Coinglass
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Spikes in liquidation activity coincided with price volatility, further underscoring traders’ sense of caution.
