- Terra Classic is down more than 22% over the past seven days.
- Sentiment towards LUNC has turned positive and some indicators are bullish.
Terra Classic (LUNC) Investors have suffered losses over the past few weeks as token prices plummet. While the price decline can largely be attributed to bearish market conditions, it has also had a negative impact on the blockchain’s staking ecosystem.
Terra Classic staking is recovering
Terra Classic prices fell by double digits last week. According to CoinMarketCap, LUNC is down more than 22% over the past seven days.
The price drop may have created fear among stakers, which led them to start unstaking their LUNC tokens.
This caused LUNC’s staking ratio to drop to 14%. However, with the staking ratio increasing and remaining just below 15%, the situation has once again turned in favor of the token.
At press time, there were over 1 trillion, according to data from LUNC Metrics. away I walked.
Source: LUNC metrics
A possible reason for the renewed interest in LUNC staking could be the slight recovery LUNC registered on the price chart. The token’s bearish momentum has slowed as its price has declined slightly over the past 24 hours.
At the time of this writing, Terra Classic transaction It is worth $0.0000952 and has a market capitalization of over $551 million, making it the 101st largest cryptocurrency.
Can LUNC recover?
Although the bearish momentum has diminished somewhat, AMBCrypto looked at another data set to see if LUNC can actually recover from the latest price correction in the near term.
According to our analysis away‘s social volume surged on January 24, 2024, with a slight increase in price. This has increased the bullish sentiment surrounding the token, as evidenced by the rise in weighted sentiment on the same day.
Source: Santiment
To get a better understanding of where LUNC is headed, AMBCrypto checked its daily chart. According to MACD, bulls and bears battled each other for dominance.
Terra Classic’s Relative Strength Index (RSI) and Money Flow Index (MFI) were both heading towards oversold territory. This could increase buying pressure on the token and eventually push its price higher.
Nonetheless, Chaikin Money Flow (CMF) remained weak, recording a downward trend.
Source: TradingView
Realistic or not, the following is LUNC’s BTC market cap hatchet
While LUNC is starting to recover its losses, its sister token Earth (MOON), We were already able to color the chart green.
According to CoinMarketCap, LUNA is up more than 1% in the last 24 hours. At press time, it had a market capitalization of over $379 million and was trading at $0.5935.