Terra Classic Tumbles After Massive Surge! Is It the Right Time To Short LUNC?
Till yesterday, the crypto market was displaying all signs of recovering well after a few disastrous months.
However, the release of the Consumer Price Index (CPI) flipped the scenario, and the bears have regained dominance.
It’s just not crypto, even the large tech stock, NASDAQ 100, ended the day in red, something which has not been seen in the last two years.
Meanwhile, Terra Classic (LUNC) has been seeing an increase in social activity. One of the Twitter users, “Light” has claimed that the Terra Classic (LUNC) team’s marketing and business strategy is moving against its supporting members, due to which there is an increase in its price.
LUNC Price Analysis
Interestingly, while the whole crypto market was facing bearish pressure, LUNC surged by more than 30% in just 24hrs, which gave investors some hope and confidence in the currency’s stability.
But did this surge indicate the reality? Probably not.
As per Light, this is just a strategy that LUNC had adopted to advertise the project during such high volatility. The team has opted to add liquidity and funding to push the asset’s price higher while other currencies are dropping.
However, at the time of reporting, Terra Classic (LUNC) is selling at $ 0.000298 with a drop of 18.67% in the last 24hrs, making the day very unproductive for the currency.
There has also been a proposal to implement a new burn strategy which will affect the a major reason why traders like Light are choosing to short the asset.