Terra Luna Classic, along with other altcoins, experienced a surge following an unexpected Bitcoin price movement to $64,000. Amidst market volatility, LUNC’s price moved from a weekly low of $0.0001137 to a high of $0.0001563. While investors actively speculated on profit-taking, LUNC continued to gain momentum on Thursday, trading at $0.00014362.
Will LUNC Price Hit 1 Dollar?
Since the 2022 LUNA debacle, Terra Luna Classic has hosted volatile price movements, plummeting from a high of $119 to a historic low of $0.000001. During this period, the token’s governance shifted from the Terra foundation to community control. LUNC appeared to have weathered the first storm of one of the longest crypto winters in history.
It’s known that over 100 billion LUNC tokens have been burned in a token burn program aimed at reducing supply. Binance played a significant role in supporting this process.
Binance, recognized as the largest cryptocurrency exchange by volume, not only listed various trading pairs but also conducted 51% of the LUNC burns, contributing significantly to the token burn program.
The next LUNC token burn by Binance is scheduled for March 1st, with expectations that it will push the 100 billion burn milestone even further.
Previously, Binance removed over 2 billion LUNC from circulation in the 18th burn, triggering a substantial price increase. This process concluded with a rally at the end of February, potentially paving the way for another rally in early March, pushing Terra Luna Classic’s price up to $0.0002. As of today, Terra Luna Classic has a circulating supply of 5.78 trillion tokens.
Critical Levels for Terra Luna Classic
Looking at LUNC’s price, it is currently fluctuating between two key levels. The first is the supply highlighted by the green band at $0.00014, and the second is the red resistance around the $0.00015 region.
After the rally in February, some stability within the clear support and resistance levels could satisfy investors. According to the Moving Average Convergence Divergence (MACD) indicator, buyers might maintain the uptrend, potentially retesting the lower support before a larger breakout towards $0.0002.
When it comes to Terra Luna Classic, the 19th burn by Binance scheduled for March 1st could trigger a new price movement.
