Over the past two months, the LUNC price has gradually increased in anticipation of the upcoming LUNC burn by Binance, which is set to occur in two days. Today, Terra Luna Classic (LUNC) is trading at $0.00011, reflecting a 3.5% decrease in the last 24 hours and a 1% decrease over the past week.
LUNC Price Analysis: Bullish Setup May Trigger a 26% Upside in the Short Term
LUNC Price Chart | TradingView
The LUNC price rebounded after a reversal following the March general market rally. Since April 15, the asset has been forming an ascending triangle chart pattern, considered bullish with a 63% probability of breaking to the upside and a 37% chance of breaking downward.
The 200-day moving average is slightly above the current LUNC price, offering some resistance but not enough to push it down significantly. Terra Luna Classic’s price could quickly overcome this resistance with positive news.
If the price breaks upward from the ascending triangle pattern, LUNC could see a 26% increase, reaching $0.000151.
In an inverse scenario, the LUNC price may find support around $0.00009, a level it tested twice in the past six months. The Moving Average Convergence Divergence (MACD) indicator is trending upward and is nearing neutral mark. Additionally, both the LUNC price action and the MACD are moving in the same upward direction, indicating an overall bullish market sentiment for Terra Luna Classic.
This upward trend in the MACD suggests strengthening bullish momentum, reinforcing the possibility of a positive price movement. If the LUNC price breaks above its current resistance levels, it could trigger a significant rally. However, if the price fails to hold, it might find stability at the $0.00009 support level, potentially setting the stage for future upward movements
Why is the LUNC Price Going Up?
Investors have been accumulating LUNC over the past two months in anticipation of the upcoming token burn periodically carried out by Binance. Historically, crypto burns have been bullish catalysts in the crypto market. Investors are optimistic that the upcoming burn event will positively impact LUNC’s price, reflecting this sentiment.
As you know, the 4th is usually a strong breakout. #LUNC pic.twitter.com/kurTXHthWH
— Derek (@kimmyboy2) May 29, 2024
LUNC on-chain burns have been steadily increasing, with a popular Supply Change Tracker bot indicating that an average of 178 million LUNC tokens are burned daily. The total remaining supply of LUNC stands at 6,793,288,228,623. The LUNC community is eagerly anticipating the Binance burn, expecting it to significantly reduce the token supply
Bottom Line
As the LUNC supply dwindles, the value continues to stabilize, further proving to Do Kwon and the overall crypto industry that a united community is the greatest strength any crypto project could have. All eyes are on the Terra Luna Classic price to see how it performs post-burn.
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