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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

LUNC Price Records 440% Profit In 30 Days, Worst Time To Short?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
LUNC Price Terra Classic LUNCUSDT

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Coming back from the crypto underworld, the LUNC price has experienced a massive bull-run over the past 30 days. The native token for the Terra Classic network, LUNC has been the subject of a lot of controversy as it lost over 99% of its value in a single year.

Related Reading: Bitcoin Price Trades Below $19,500 While Chainlink Surpasses The $7 Mark

At the time of writing, LUNC price trades at $0.0005 with a 23% profit in the last 24 hours and a 140% profit over the past week. Data from Coingecko records a total of over 400% profits in two weeks alone, but is this price action sustainable?

LUNC Price LUNCUSDT Terra Classic
LUNC price on a rally in the daily chart. Source: LUNCUSDT Tradingview

LUNC Price Shorts Pile In, Will They Get Rekt?

As LUNC price trends to the upside, the funding rates across the derivatives sector turned negative. This metric indicates the number of traders taking longs or shorts and the percentage that a side pays the others.

If funding rates are negative, most market participants are short or betting on the price to crash, the opposite is true when funding rates are positive. According to a pseudonym user, the funding rates for the LUNC/USDT pair reached -0.48% at some point during today’s trading session.

In other words, short positions piled up on LUNC price bullish momentum. As a result, these positions could be liquidated if the cryptocurrency continues to trade to the upside and fuel the bull run much further.

In the past 12 hours, the LUNC/USDT trading has experienced a spike in Open Interest (OI). Data from the OI Bot claims the cryptocurrency saw an increase of around 30% on this metric with positions adding millions of dollars in a short span of time.

Huge Open interest variation spotted on : $LUNC

OI increased by 16.63% these last 5 minutes!

More than 2,939,702$ added.⬆️⬆️

— OIB – Crypto Open Interest Variations Bot (@OIAlertBot) September 8, 2022 

What’s Behind The LUNC Price Rally?

The LUNC price action has been supported by a new community proposal to implement a burn mechanism for the cryptocurrency. The proposal was submitted on late July 2022 and approved a few weeks later.

Some people seem to be betting on LUNC making a comeback based on this new mechanism that will “Burn” 1.2% of the cryptocurrency’s supply while re-enabling the staking mechanism. The proposal claims:

The Terra v1 governance community (which includes validators) must decide the appropriate trusted distribution path for the code for these two proposals. This proposes the following code, the following distribution path, as well as a preventative security measure.

Related Reading: Terra Classic Jumps Double-Digits, Is It Time To Buy?

Time will tell if the burning mechanism will be enough to drive LUNC price back to its former glory or if this rally will be short-lived before the cryptocurrency returns to its former lows.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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