Terra Classic (LUNC) Price Spikes by 19% in a Week, Analysts Point to Potential Long-Term Bullish Trend

Terra Classic (LUNC) has recently experienced a price surge, spiking by over 19% within a week. Data reveals that the token's value rose by an additional 6% in the last 24 hours, bringing its current trading price to $0.0001007 with a market cap of more than $549 million, ranking it as the 130th-largest cryptocurrency.

Terra Classic (LUNC) has seen a recent surge in its price, spiking by over 19% within a week. According to data, the token’s value rose by an additional 6% in the last 24 hours, bringing its current trading price to $0.0001007 with a market capitalization of over $549 million, ranking it as the 130th-largest cryptocurrency.

The price surge has also impacted Terra Classic’s social metrics in a positive way. According to Santiment data, the social volume appears to have risen significantly, suggesting an increase in community engagement. However, Terra Classic’s Weighted Sentiment metric has declined from its peak in the early stages, which could indicate a bearish trend that may lead to price reversals in the short term.

Highlighting the potential bullish trend, the burn rate of Terra Classic has been active in the past few days, particularly on November 6. Usually, an increase in the burn rate is considered to be good as it means that the number of tokens in circulation is decreasing, which is often linked to the price increase.

In the last 24 hours alone, more than 16 million LUNC tokens were burned. This continuous decrease in the circulating supply of LUNC has attracted the attention of the market. In a tweet on X (formerly Twitter), crypto analyst Javon Marks noted that the recent price action of LUNC could indicate the asset entering a bullish trend. According to Marks, the current momentum is the "major strength," which may indicate that the token is preparing for a long-term rally.

  

Another analyst shared a similar view, stating that the community-driven efforts could propel LUNC to achieve further milestones with the ultimate target of $1.

The recent crypto market rally has seen major assets like Bitcoin and Ethereum recording significant gains. At the time of writing, Bitcoin was trading at over $81,000, while Ethereum was trading above $3,000. This has led to the general market rise, which has benefited several other altcoins, including Terra Classic, ultimately boosting the current price surge of LUNC.

Moreover, the recent 14% appreciation of Terra Classic in the past month is another indication of steady growth supported by the community's initiatives to burn tokens and increase demand. Recently, OrbitLabs proposed a detailed analysis of the recently adopted “Reverse-Charge” tax mechanism in the Terra Classic (LUNC) network.

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