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Terra Luna Classic (LUNC) continues to lose value despite large-scale coin burns. In the past week, 1.6 billion LUNC coins were burned, yet the price plummeted by 21%. As the cryptocurrency market shows signs of recovery, LUNC has failed to realize the expected upward momentum, leaving traders questioning whether the current downtrend will lead to deeper losses.
LUNC Coin Declines Despite Major Coin Burns
LUNC coin saw a 21% decline weekly following Binance‘s recent coin burn. During this burn process, 1.68 billion LUNC coins were removed from circulation. The total number of LUNC burned has now exceeded 402.57 billion.
The Terra Luna Classic community aims to increase value by reducing circulating supply through coin burns. However, this strategy has not produced the expected effect for LUNC. Historically, large coin burns have raised prices temporarily, yet the recent 1.6 billion LUNC burn resulted in further declines instead of increases.
Key Levels for LUNC Price
Despite market recovery, LUNC coin remains under selling pressure. Currently trading at $0.00006124, the altcoin has lost 1.9% in the last 24 hours.
LUNC/USDT is maintaining its position below the $0.00007 level, where significant resistance exists. Short-term traders are ramping up their selling as the price approaches this threshold.
According to technical analysis, if the price remains below the EMA20 trend line, it could drop to $0.000048. The Relative Strength Index (RSI) is at 39, signaling indecision. If LUNC manages to stay above $0.00008, it could gain upward momentum and potentially rise to $0.000108.
