Gus – Cryptocurrency Expert
The Terra community's most recent 1.2% tax burn movement for Terra Luna Classic (LUNC) has significantly increased conversations about the asset on different social media sites.
The phrases "lunc," "burn," and "terra" are among the top 10 trending words on social media, according to data released on September 22 by the blockchain analytics company Santiment. This increase in social activity might cause price volatility for the token over the next several weeks.
According to CoinMarketCap, the price of LUNC had decreased by about 2.4% as of the time of writing. Consequently, LUNC is currently trading at $0.0002733. In addition to the U.S. dollar's decline, LUNC's value has decreased by 5.90% and 8.67%, respectively, in comparison to the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
After falling 26.68% during the previous days, the 24-hour trading volume of LUNC has started to follow a different trajectory than the level of social engagement. As a consequence, LUNC now has a daily volume of $406,685,006 transactions.
On the daily chart for LUNC/USDT, a head and shoulders chart pattern has developed. This pattern is a warning sign of a probable trend reversal from bullish to negative, therefore traders and investors need to be aware of it. Additionally, the 9 Exponential Moving Average (EMA) line looking chart is consistent with the notion of a probable trend reversal.
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