- Terra Classic has fallen by more than 22% over the past seven days.
- Sentiment around LUNC turned positive and a number of indicators were bullish.
Terra Classic [LUNC] investors suffered losses in recent weeks as the token’s price plummeted. While the price drop can mainly be attributed to the prevailing bearish market conditions, it did have a negative impact on the blockchain betting ecosystem.
Terra Classic spawning will recover
The price of Terra Classic fell by double digits last week. According to CoinMarketCap, LUNC is down more than 22% over the past seven days.
The price drop could have sparked fear among the stakers, causing them to stake their LUNC tokens.
This resulted in a drop in LUNC’s betting ratio, which reached 14%. However, things turned in the token’s favor again when the betting ratio increased and remained just below 15%.
According to LUNC Metrics data, there were more than 1 trillion at the time of writing LUNC deployed.
Source: LUNC METRICS
A possible reason for the renewed interest in LUNC strike could be the slight recovery that LUNC registered on its price chart. The token’s bearish momentum slowed as its price fell only marginally over the past 24 hours.
At the time of writing, Terra Classic was trade at $0.0000952 with a market cap of over $551 million, making it the 101st largest crypto.
Will LUNC manage to recover?
Although the bearish momentum waned somewhat, AMBCrypto took a look at other data sets to check whether LUNC could actually recover from the latest price correction in the short term.
Our analysis showed that LUNCThe company’s social volume spiked sharply on January 24, 2024, when the price rose slightly. Thanks to that, bullish sentiment around the token increased, as evidenced by the increase in weighted sentiment on the same day.
Source: Santiment
To better understand where LUNC was headed, AMBCrypto next checked the daily chart. According to the MACD, the bulls and bears were in a battle to gain an advantage over each other.
Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) of Terra Classic moved towards the oversold zone. This could increase buying pressure on the token and in turn increase its price.
Nevertheless, the Chaikin Money Flow (CMF) remained bearish and registered a decline.
Source: TradingView
Realistic or not, here it is The market cap of LUNC in BTC conditions
As LUNC started to recover from its losses, its sister token, Terra [LUNA], had already managed to paint his map green.
According to CoinMarketCapLUNA is up more than 1% in the last 24 hours. At the time of writing, it was trading at $0.5935 with a market cap of over $379 million.