- Terra Luna Classic tokens LUNC and USTC have seen dramatic increases in trading volumes and open interests.
- Both tokens surpassed key support levels, indicating potential bullish trends ahead.
- Development activities within the Terra Classic ecosystem are on the rise, further boosting investor confidence.
Discover the latest developments in the Terra Luna Classic ecosystem as LUNC and USTC experience significant trading activity and increased open interests, suggesting potential price rallies ahead.
LUNC and USTC Record Significant Market Movements
In the past 24 hours, Terra Luna Classic tokens LUNC and USTC have broken through key support levels, resulting in notable buying activity among both spot and derivatives traders. Market analysts suggest that if bullish sentiment persists, LUNC could see its price rise above $0.00025 in the coming days.
Terra Classic (LUNC)
LUNC has seen a price increase of over 2% in the last day, pushing its monthly gain to 15%. This price hike is accompanied by a substantial 130% surge in trading volume over the same period. The 24-hour price range for LUNC has been between $0.0001167 and $0.0001234.
Additionally, the open interest for LUNC futures across multiple cryptocurrency exchanges has increased by 2%, with significant activity observed on Binance and Bybit. According to Derek, an esteemed analyst, long positions have largely been liquidated, pointing towards a potential move to liquidate short positions next.
TerraClassicUSD (USTC)
USTC has experienced an impressive 5% price jump over the last 24 hours, with trading volumes increasing by more than 375%. The token’s price has fluctuated between a low of $0.02387 and a high of $0.02682 during this period.
The derivatives market data indicates a significant uptick in trader activity, with USTC futures open interest rising by over 16%. The notable 22% increase in open interest on Binance highlights substantial accumulation on the platform, suggesting investor confidence is on the rise.
Growing Development Activity in Terra Luna Classic
The Terra Luna Classic ecosystem has recently seen a surge in development activity, attributed to the successful v3.0.1 upgrade by Genuine Labs. This upgrade has impacted staking activities, potentially signaling an upcoming pump in token prices similar to previous market movements triggered by Binance and other catalysts.
Genuine Labs is also proposing the implementation of Tax2Gas, a measure intended to streamline the tax calculation and handling processes. This initiative aims to address current inefficiencies in the burn tax mechanisms.
Additionally, Genuine Labs has put forth a proposal to become the official maintainer of the Terra Classic core repository. This repository is presently managed by the community along with various developer groups, and the proposed change could centralize and enhance development efforts.
Conclusion
The recent developments in the Terra Luna Classic ecosystem have led to substantial increases in trading activity and open interests for both LUNC and USTC. With ongoing advancements in the underlying infrastructure and growing investor interest, these tokens are poised for potential upward movements in their prices. Investors should closely monitor these developments as they unfold.
