Despite the broader bearish market trend, Terra Classic (LUNC) moved in the opposite direction as its trading value recorded a significant rally.
LUNC appeared to be in a state of defiance to the broader market sentiments. LUNA is the new asset launched by the Terra Network in place of Terra Classic (LUNC).
LUNC Recoded a Strong Rally
Against the overall market sentiments, LUNC continued recording a strong move in the upward direction. The price movement of LUNC amidst a market downtrend was huge traction for investors.
Many investors jumped to avail of the opportunity as they increased their exposure to the market. This way, the investors were able to generate high gains from trading in LUNC for as long as it remained bullish.
LUNC has lost its Steam
The CoinMarketCap report shows that the trading price of LUNC has since lost its rally and it is following the general market trend.
The trading price of LUNC is now experiencing a correction. The data shows that LUNC is now experiencing a significant downtrend. The sell-off for LUNC is now massive and its price is constantly losing its grip on the higher levels.
After generating gains, the bulls and the investors started selling LUNC which is forming a correction in the trading price of LUNC.
In the past 24 hours, LUNC’s trading price has recorded a 14% dip, bringing its value down to $0.00020.
The price chart for LUNC shows that it has proven to be the worst-performing cryptocurrency in the past 24 hours.
The weekly chart for LUNC shows that it has lost 25% of its value in the particular value. LUNC had reached a high of $0.00027 before its value experienced a great plunge in the form of a correction.
As a result of the correction, LUNC has witnessed a great sell-off that has seen a $540 million worth of outflow in a week’s time. Prior to the sell-off, the overall valuation of LUNC was at a high of $1.74 billion.
It was on September 19 when the overall valuation of LUNC was recorded at $1.74 billion.
LUNC May Continue Dipping
There is a high possibility that the trading price of LUNC may not recover at all. This is because of the latest developments that have taken place for the Terra Network in recent days.
Just recently, Interpol issued a Red Notice for the founder of Terra Network, Do Kwon. The founder is reportedly on the run from the South Korean police authorities and still has not appeared before the court in South Korea.