• Long-positioned traders took the baton of liquidation from shorts.
• Amid bearish tendencies, the ADX could keep LUNC’s price higher.

After witnessing a period of positive price movement, Terra Classic [LUNC] traders, who were enthusiastic about another increase in value, were left in regret. According to Coinglass, LUNC’s long liquidations reached $302,280 on 5 June.

Over the past week, LUNC emerged as one of the biggest gainers alongside Ripple [XRP]. But the upward momentum in LUNC’s price faded in the last 24 hours. However, this decline has only been minimal.

Open Interest abode at the peak

The increase in LUNC’s value resulted from a recent decision by Binance and a surge in the token’s trading volume. 

In an official announcement on 1 June, the world’s largest exchange revised leverage positions on its platform. This led to the closure of all open positions on the USDⓈ-M 1000LUNCBUSD Perpetual Contract. 

However, data from the derivatives portal showed that the
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Author: Victor Olanrewaju

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