- As of August 28, more than 5 billion LUNC coins remained unused.
- With the bears prevailing over the past month, the price of the altcoin has continued to fall.
Terra Classic [LUNC] saw significant tokens go undeployed during the intraday trading session on August 28, raising concerns about a further price drop. More than 5 billion previously blocked LUNC tokens were not deployed.
Over 5 billion $LUNC removed from turning off
Who did this 👇 pic.twitter.com/jBCgfSn5xR
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) August 28, 2023
Read Luna Classic [LUNC] Price Forecast 2023-24
This represented about 0.08% of the circulating supply of the 6.8 trillion LUNC coin.
The month to date has been marked by a decline in the LUNC strike. At 14.95% at the time of writing, the total percentage of deployed LUNC from the circulating supply is down 1%.
Source: LUNC statistics
This relentless activity could be a result of LUNC’s steady price decline. The token has lost more than 20% of its value in the past month. With very small gains this year so far, the value of the alt is down 38% since Jan. 1, according to data from CurrencyMarketCap.
Source: CoinMarketCap
Uncomfortable lies the head of LUNC holders
At the time of writing, the coin was trading at $0.00006181. The recent drop in price is due to a drop in LUNC accumulation. As the daily chart shows, fresh demand for LUNC among daily traders began to wane on July 23.
As demand fell, a new bear cycle emerged, as evidenced by the Moving Average Convergence/Divergence (MACD) indicator. On July 23, the MACD line crossed below, and the indicator has been showing downward red histogram bars ever since.
LUNC’s positive directional index (green) at 8.02 confirms the strength of the bears at the time of writing and was positioned below the negative directional index (red) at 35.45. With the average directional index (yellow) at 51.31, the bulls could struggle to regain market control.
An ADX reading above 25 indicates that the market trend was strong and that the price of LUNC was moving in a clear direction and unlikely to reverse anytime soon.
How much are 1,10,100 LUNCs worth today?
As for the coin’s momentum indicators, they were far from their respective centerlines at the time of writing. LUNC’s Relative Strength Index (RSI) stood at 29.31, while its Money Flow Index (MFI) stood at 38.68.
Interestingly, while the price of LUNC pursued lower lows, the Chaikin Money Flow (CMF) diverged and trended upwards. While above the 0 centerline at press time, the indicator returned a positive reading of 0.10.
This is typically interpreted as a buy signal, as it shows the inflow of liquidity, which could help push the price of the coin up.
Source: LUNC/USDT on TradingView
