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Over the past two months, Terra Luna Classic (LUNC) has seen a gradual price increase primarily due to the anticipation of a token burn planned by Binance within two days. Currently, LUNC is trading at $0.00011, with a 3.5% drop in the last 24 hours and a 1% drop over the past week. This recent decline followed the broader market rally in March, after which LUNC’s price recovered and began forming an ascending triangle pattern since April 15.
Technical Analysis and Price Predictions for LUNC
The ascending triangle pattern observed in LUNC’s price chart is typically considered a bullish signal, with a 63% chance of breaking upwards and a 37% chance of breaking downwards. The 200-day moving average is hovering just above the current price, creating some resistance. However, positive news such as the upcoming token burn event could help LUNC overcome this resistance.
If LUNC breaks upwards from the ascending triangle pattern, it could see a 26% rise, reaching approximately $0.000151. Conversely, if the price fails to break upwards, it may test the $0.00009 level, a level tested twice in the past six months.
The Moving Average Convergence Divergence (MACD) indicator for LUNC is in a bullish trend and approaching the neutral mark, indicating strengthening bullish momentum. Both the price action and MACD moving in the same upward direction suggest a generally positive market sentiment for Terra Luna Classic. This bullish trend in the MACD could potentially trigger a significant rally if the price breaks above the current resistance levels, strengthening the likelihood of an upward breakout. However, if the price fails to make the expected breakout, it may stabilize at the support level of $0.00009, laying the groundwork for future upward movements.
Why is the Price Expected to Rise?
Investors’ anticipation of the upcoming Binance token burn is the main factor behind LUNC’s recent strength. Historically, token burns in the cryptocurrency market have been bullish catalysts, as they reduce supply and potentially increase the token’s value. The LUNC community is optimistic that the upcoming token burn will positively impact the price.
LUNC’s on-chain token burns continue to increase steadily, with an average of 178 million LUNC tokens burned daily. Currently, the remaining total LUNC supply is approximately 6.8 trillion. The community eagerly awaits the Binance burn, expecting it to significantly reduce the token supply.
