Terra Classic Price Drops 16% in 24 Hours
The Terra Classic price has fallen by 16% in the last 24 hours, trading at $0.0001184 with a 128% increase in trading volume. It is among the top losers today, alongside BONK, with a 20% year-to-date loss.
Terra Network Congestion Affects Transaction Execution
The drop in Terra Classic price is attributed to network congestion on the Terra network, which has affected transaction execution.
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LUNC Burns Increase Trading Volume
The surge in trading volume can be attributed to LUNC burns, particularly with Binance disposing of 5.5 billion LUNC tokens, drawing interest in the Terra ecosystem.
Bearish Trend Persists for Terra Classic Price
Currently, Terra Classic price is facing a bearish trend due to waning momentum and overhead pressure. Buyers have continued to hold the price afloat, but the downside potential remains strong.
Converse Case Scenario
If traders buy the LUNC dip, the buying pressure could potentially push the Terra Classic price north.
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