Terra Classic Ecosystem Tokens Breakout Above Support, OI Jumps 20%

7 months ago 4

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Terra Luna Classic ecosystem tokens LUNC and USTC both saw breakouts above support levels in the last 24 hours. As a result, it recorded massive buying by spot and derivatives traders. If bulls held strongly above this level in the next few days, analysts predict a LUNC price rally above $0.00025.

LUNC and USTC Record Massive Buying

Terra Classic (LUNC)

LUNC price climbed more than 2% in the last 24 hours, extending the monthly rally to 15%. The upsurge is supported by a massive 130% increase in trading volume in the last 24 hours. The 24-hour low and high are $0.0001167 and $0.0001234, respectively.

LUNC futures open interest across crypto exchanges jumped 2% and 1000LUNC futures on Binance and Bybit climbed 3% in the last 24 hours. The open interests are rising gradually as sentiment improve in the crypto market.

“In the Futures Liquidation Heatmap, you can see that almost all long positions have been liquidated. The direction now is likely to be towards liquidation of the short positions above,” said analyst Derek.

TerraClassicUSD (USTC)

USTC price soared more than 5% in the past 24 hours, with the price changing hands at $0.02513. The 24-hour low and high are $0.02387 and $0.02682, respectively. Furthermore, trading volume has increased by over 375% in the last 24 hours.

The derivatives data revealed huge buying by traders as total USTC futures open interest rose more than 16% in the last 24 hours. USTC open interest on Binance jumped over 22%, indicating massive accumulation activity on the largest exchange.

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Terra Luna Classic’s Development Activity Rises

The successful v3.0.1 upgrade by Genuine Labs caused staking to plummet, sign of impending pump in Terra Luna Classic ecosystem tokens as seen earlier in March and Binance-triggered rally in early December last year.

LUNC staking

Meanwhile, developer group Genuine Labs also proposed to go ahead with the Tax2Gas implementation, removing the need for separate handling and calculation of tax. Genuine Labs believes Tax2gas can tackle the current problems related to burn tax.

Also, Genuine Labs submitted a proposal to become the maintaining team of Terra Classic core repository. The core repository is currently managed by the community and different groups of developers.

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