We then checked other datasets to better understand what to expect from $LUNC
as its burn rate increased.
AMBCrypto’s analysis of Santiment’s data revealed that LUNC’s Open Interest dropped sharply after a major rise on the 10th of November.
This meant that the chances of the ongoing price trend changing were high.
However, a few things still remained in the token’s favor. For instance, AMBCrypto’s look at Coinglass data revealed that Terra Classic’s long/short ratio registered an uptick.
So,there were more long positions in the market than short positions, which can be inferred as a bullish signal.
AMBCrypto then took a look at LUNC’s daily chart. We found that the Relative Strength Index (RSI) moved upward, indicating more inflow of money.
Whenever that happens, it suggests a possibility of a continued price rise.
However, Terra Classic’s price went above the upper limit of the Bollinger Bands, meaning that the chances of a price correction can’t be ruled out.
