Terra Classic (LUNC) investors are anticipating a significant price surge as Binance’s periodic token burn event approaches. With only 6.7 billion LUNC remaining before the burn, market optimism is high. The burn is expected to drive LUNC’s price up by 26%, potentially reaching $0.000151, with further gains of up to 102% possible.
Bullish Momentum Builds as Binance Burn Approaches
Terra Classic (LUNC) has been on a gradual upward trajectory over the past two months, leading up to Binance’s periodic burn event scheduled in two days. Currently, LUNC is trading at $0.00011, reflecting a slight decrease of 3.5% in the last 24 hours and 1% over the past week.
Terra Classic (LUNC) Price Analysis: Short-Term Bullish Outlook
The recent market activity shows LUNC rebounding after a general market rally in March. Since mid-April, LUNC has been forming an ascending triangle pattern—a bullish signal with a 63% probability of breaking upward. The 200-day moving average sits just above the current price, providing some resistance but not enough to halt the bullish trend if LUNC breaks out from this pattern, a 26% increase is expected, potentially reaching $0.000151.
Market Sentiment and Technical Indicators
The Moving Average Convergence Divergence (MACD) indicator is trending upward, nearing the neutral mark, which further supports the bullish sentiment. Both the price action and MACD are moving upward, indicating a strong market momentum. If LUNC can break through its current resistance levels, it could initiate a significant rally. Conversely, if it fails to maintain this momentum, it might find support around $0.00009, a level tested twice in the past six months.
As you know, the 4th is usually a strong breakout. 🚀#LUNC pic.twitter.com/kurTXHthWH
— Derek (@kimmyboy2) May 29, 2024
Reasons Behind LUNC’s Price Increase
Investors have been steadily accumulating LUNC in anticipation of the Binance token burn. Historically, token burns have acted as bullish catalysts in the crypto market. The LUNC community is optimistic that the upcoming burn will significantly reduce the token supply, thereby increasing its value. The daily burn rate averages 178 million LUNC, and the total remaining supply stands at approximately 6.7 billion LUNC.
Bottom Line
As LUNC’s supply continues to decrease, its value is expected to stabilize and potentially rise, reinforcing the belief that a united community can drive significant growth in the crypto market. All eyes are now on Terra Luna Classic’s price performance following the Binance burn event.
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