Terra Luna Classic is up 16% in one week despite a plunge in open interest! The next LUNC price levels are:
The altcoin market is gaining momentum as Bitcoin’s recent period of inactivity ended with a significant surge over the past 48 hours and the price of BTC rose above $47.5K. Daily liquidations exceeded $154 million. As a result, the price of LUNC has revived and demand for purchases is rapidly increasing even though open interest is unstable. Additionally, recent network developments have triggered a short-term liquidation on the price of Terra Luna Classic.
LUNC rises 16% in one week
According to Coinglass data, the price of LUNC experienced a total liquidation of approximately $35,000 in the last 24 hours, with sellers liquidating positions worth approximately $23,000. Terra Luna Classic has regained momentum following the market recovery, gaining more than 16% over the past seven days.
This surge was sparked by the passage of an important community proposal. The community voted in favor of implementing mandatory Know Your Customer (KYC) procedures for all L1 developers as an additional security measure amid efforts to enhance blockchain development by welcoming third-party developers. The announcement was reported on February 8.
After the proposal is approved, each developer must go through a KYC process before starting to work on the chain. Additionally, any new members added to the team after the proposal has been passed will also need to complete the KYC process. These safety and security measures will be implemented when new groups of developers propose to work on the chain. Specific details will not be made public and will only be disclosed in case of legal action.
Nonetheless, despite the rising market sentiment, open interest for the LUNC price is trending downward from a high of $10.7 million to a recent low of $8 million. Moreover, the long/short ratio is showing a large decline, reaching 0.4489, indicating that 69% of all positions tend to expect a price decline.
What’s next for LUNC price?
LUNC price continues to surge, rising 16% for the week. However, this upward momentum is struggling near $0.000114 as sellers gain more control. LUNC is currently trading at $0.00011, up more than 0.8% from yesterday’s rate.
Currently, the bulls are aggressively defending a decline below $0.0001, recognizing that a decline below this level will increase the sellers’ positions. Meanwhile, the downtrend is putting pressure on the price by pushing it below EMA20 on the 4-hour chart. The 20-day EMA is stabilizing around $0.000108 and the Relative Strength Index (RSI) is consolidating around the midline. This means that the trading range could hover around the bearish area of the moving average.
If buyers succeed in sending prices above $0.000115, a surge towards $0.00013 becomes warranted. Conversely, if it falls below the moving average, it could fall to $0.00009.