Sep 23, 2022 04:30AM ET
By:AnalysisWatch
The recent 1.2% tax burn initiative for Terra Luna Classic introduced by the Terra community has led to a notable spike in discussions related to the asset on various social platforms.
Data released on September 22 by blockchain analytics company, 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 surge in social activity may lead to volatility in the price of the token in the coming weeks.
At the time of writing, the price of LUNC had fallen approximately 2.4%, according to CoinMarketCap. This has caused LUNC to trade at $0.0002733. In addition to weakening against the U.S. dollar, LUNC has also weakened against the two cryptocurrency market leaders, Bitcoin and Ethereum , by 5.90% and 8.67%, respectively.
In terms of 24-hour trading volume, LUNC's volume has seen a different trend emerge than that observed in LUNC's social activity level over the past day, after declining by 26.68%. This has resulted in a daily volume of $406,685,006 for LUNC.
Investors and traders should note the head and shoulders chart pattern that has formed on the daily chart of LUNC/USDT, which is a sign of a potential trend change from bullish to bearish. Furthermore, the idea of a potential trend change is supported by the exponential moving average 9 line looking to cross below the 20 line.
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