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LUNC Price Volatility Can Be Expected as Social Activity Rises

Cryptocurrency Sep 23, 2022 04:30AM ET
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© Reuters. LUNC Price Volatility Can Be Expected as Social Activity Rises
 
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  • LUNC social activity soars as the community embraces the 1.2% tax burn.
  • ”Burn”, “lunc” and “terra” are amongst the top 10 trending words on Twitter (NYSE:TWTR).
  • The token’s price has dropped 2.44% over the last 24 hours.

The recent 1.2% tax burn initiative for Terra Luna Classic (LUNC) introduced by the Terra community has sparked a noticeable rise in discussions related to the asset on various social platforms.

Social activity for LUNC (Source: Santiment)

Data published on September 22 by the blockchain analytics firm, Santiment, shows that there has been a massive spike in LUNC social activity today (September 23), with the top 10 trending words on social platforms being “lunc”, “burn,” and “terra”. This rise in social activity may ignite volatility in the token’s price over the coming weeks.

At the time of writing, LUNC’s price had dropped by approximately 2.4%, according to CoinMarketCap. This has resulted in LUNC trading at $0.0002733. In addition to weakening the U.S. dollar, LUNC has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 5.90% and 8.67%, respectively.

In terms of the 24-hour trading volume, LUNC’s volume has seen a different trend emerge than that seen in the level of LUNC’s social activity over the last day after declining 26.68%. This has resulted in a daily volume of $406,685,006 for LUNC.

Daily chart for LUNC/USDT (Source: CoinMarketCap)

Investors and traders need to be aware of the head and shoulders chart pattern that has formed on the daily chart for LUNC/USDT, which is a sign of a potential trend reversal from bullish to bearish. Furthermore, the idea of a potential trend reversal is supported by the 9 Exponential Moving Average (EMA) line looking to cross below the 20 (EMA) line.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post LUNC Price Volatility Can Be Expected as Social Activity Rises appeared first on Coin Edition.

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LUNC Price Volatility Can Be Expected as Social Activity Rises
 

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