Here’s Why Terra Luna Classic (LUNC) Price Skyrocketed 35%, More Rally Ahead – Crypto News – Crypto News
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Here’s Why Terra Luna Classic (LUNC) Price Skyrocketed 35%, More Rally Ahead – Crypto News

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3 years ago

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Terra Luna Classic (LUNC) price skyrocketed 35% supported by a massive increase in trading volume. The rally came in response to Binance delisting the USDⓈ-M 1000LUNCBUSD Perpetual Contract, as well as updating leverages and margins for the perpetual contract. Users move to close their open positions and shorts before June 8.

In addition, whales and investors are buying LUNC as the Joint L1 Task Force developer group officially released the v2.1.0 upgrade proposal to bring the Terra Classic blockchain to parity with Terra 2.0 and other Cosmos chains.

Also Read: Terra Classic Officially Releases Its Biggest v2.1.0 Parity Upgrade Proposal

Terra Classic Price Soars Amid Massive Shorts Liquidation

The world’s largest crypto exchange Binance to delist and update the leverage and margins for the USDⓈ-M 1000LUNCBUSD Perpetual Contract on June 8 at 09:00 UTC. Users are closing their open positions before the exchange automatically settles the 1000LUNCBUSD perpetual contract, risking potential liquidations.

Traders are closing their shorts on 1000LUNC and LUNC in response to Binance’s announcement and the v2.1.0 parity upgrade.

According to Coinglass, $1.03 million in 1000LUNC shorts were liquidated on June 4, with only $405k in longs liquidated. Shorts liquidation is again more than longs liquidation today, June 5, with $180k shorts liquidated until now.

1000LUNC Total Liquidations Chart. Source: Coinglass

In addition, $722k in LUNC shorts were liquidated on June 4 as compared to $300k in longs liquidated. Currently, the traders are going long on LUNC in anticipation of an upcoming rally. The positive sentiment on LUNC is pushing prices upwards.

LUNC Total Liquidations
LUNC Total Liquidations. Source: Coinglass

Also Read: Terra Founder Do Kwon Bail Request Approved By Montenegro Court

LUNC Price to Rally Further

LUNC price rebounded from support after Binance burned 1.04 billion LUNC tokens on June 1. The price has now breakout above the 3-month descending channel and a triangle breakout, restoring bullish price movement for Terra Classic before the parity upgrade.

However, the LUNC price is currently witnessing some pullback due to profit booking. More 1000LUNC and LUNC shorts liquidation in the coming days will bring more upside for LUNC price.

Terra Classic (LUNC)
Terra Classic (LUNC) in Daily Timeframe. Source: TradingView

LUNC price jumped 35% in the last 48 hours, with the price currently trading at $0.00011. The 24-hour low and high are $0.0000890 and $0.000114, respectively. Furthermore, the trading volume has increased massively as whales and investors buy LUNC in anticipation of the CosmWasm parity upgrade on June 14.

Also Read: Ethereum Realized Price At 6-Month High As ETH Staking Tops 24 Mln, Is $2500 Next?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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