LUNC Market Trends
From a technical standpoint, LUNC’s price against the US dollar is at a critical juncture, possibly indicating further losses. This small-cap altcoin has a fully diluted valuation of about $591 million and sees a daily traded volume averaging around $38 million. Despite recent network improvements, #LUNC✅ has struggled to recover from setbacks in 2022.
The #altcoins continues to consolidate within a large triangular pattern and has lost support from the weekly 50 Moving Average (MA). The Relative Strength Index (RSI) has also failed to surpass the crucial 50-point mark, reflecting prevailing bearish sentiment.
Can Burns Save the Day?
To boost optimism, the Terra LUNC community has intensified efforts for on-chain burns. Recently, Binance burned 1.35 billion $LUNC tokens, contributing to a total burn of approximately 60 billion tokens.
Additionally, the community approved a $30,000 expenditure (equivalent to 256 million LUNC #tokens ) earlier this week for development purposes, highlighting ongoing efforts to enhance the platform’s capabilities.
