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Terra Classic Ecosystem Tokens Break Above Support, OI Rises 20%
Terra Luna Classic ecosystem tokens LUNC and USTC have both seen breakouts of support levels in the past 24 hours. As a result, it saw massive buying by spot and derivatives traders. If the bulls sustain well above this level in the coming days, analysts expect the LUNC price to rally above $0.00025.
LUNC and USTC see massive buying
Terra Classic (LUNC)
Price MON it rose more than 2% in the past 24 hours, extending the monthly rally to 15%. The surge is supported by a massive 130% increase in trading volume over the past 24 hours. The 24-hour low and high are $0.0001167 and $0.0001234, respectively.
Open interest of LUNC futures on cryptocurrency exchanges rose 2% and 1000LUNC futures on Binance and Bybit rose 3% over the past 24 hours. Open interest is gradually increasing as sentiment improves in the cryptocurrency market.
Source: CoinGlass
“In the Futures Liquidation Heatmap, you can see that almost all long positions have been liquidated. The direction now will likely be towards liquidation of the above short positions,” said analyst Derek.
TerraClassicUSD (USTC)
USTC price has risen 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 more than 375% in the last 24 hours.
Derivatives data revealed huge buying by traders as total open interest in USTC futures increased more than 16% in the past 24 hours. USTC open interest on Binance jumped more than 22%, indicating massive accumulation activity on the largest exchange.
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Development activity for Terra Luna Classic increases
The success v3.0.1 update by Genuine Labs caused staking to plummet, a sign of an imminent pumping of Terra Luna Classic ecosystem tokens as seen in early March and the rally triggered by Binance in early December last year.
Meanwhile, developer group Genuine Labs also proposed to proceed with the project Tax2Gas implementation, eliminating the need for separate management and calculation of taxes. Genuine Labs believes Tax2gas can address the current burn tax issues.
Also, Authentic laboratories submitted a proposal to become the main Terra Classic repository maintenance team. The main repository is currently maintained by the community and several developer groups.
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Varinder has 10 years of experience in the Fintech industry, with over 5 years dedicated to blockchain, cryptocurrency and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the cryptocurrency industry.