Terra Luna Classic Price Forecast: LUNC Skyrockets 26%, Is This A Pump and Dump Affair?
Terra Luna Classic Price Forecast: Investors are not leaving the dust to settle as they capitalize on the rally in Terra Luna Classic (LUNC) price. After bouncing off support at $0.000065, LUNC climbed above key resistance levels including $0.00009 and $0.0001.
Up 26% in the last 24 hours, LUNC price holds at $0.0001191. This is on top of the 66% increase in seven days, 46.5% in a fortnight, and 81% in 30 days, data by CoinGape shows.
As reported earlier this week, the community voted immensely to pass a proposal that may see the ecosystem’s stablecoin, TerraClassicUSD reclaims its $1 peg.
Investors are still streaming in to seek exposure to LUNC amid a vividly bullish outlook. However, those who were late to the party may need some assurance before they can open long positions.
Terra Luna Classic Price Forecast: Can The Next Binance Burn Send LUNC To $0.0002
Terra Luna Classic has encountered an acute resistance at $0.00012. Two scenarios are likely to follow based on this blockade with a break above it likely to trigger another breakout—one that could touch $0.00016.
On the other hand, failure to successfully deal with seller congestion may result in a brief correction followed by consolidation.
Based on the position of the moving averages, buyers have the upper hand. Notice the 50-day Exponential Moving Average (EMA) climbing above the 100-day EMA (blue).
The formation of the bullish cross implies that Terra Luna Classic has a higher probability of extending the rally as opposed to pulling back.
Meanwhile, the Relative Strength Index (RSI) hints at Terra Luna Classic exhausting the uptrend ahead of a potential correction. The uptrend will continue if the RSI keeps moving higher in the overbought region. However, traders may want to start acclimatizing and preparing for a trend correction if the RSI retreats into the neutral region below 70.
In case of price action below $0.0001, the next support should be anticipated at the upper descending multi-month trendline. Retesting this area could prove profitable for investors willing to buy the dip but losing the trendline to the sellers may complicate the technical situation further for the bulls and possibly force LUNC price to seek liquidity at $0.000065.
Read Also: Terra Luna Classic Price Prediction As $LUNC Recovery Sheds One Zero Amid USTC Rally
The bullish thesis in Terra Luna Classic is likely to be nowhere near the end, especially with the monthly Binance burn token burn program approaching.
The leading crypto exchange by trading volume pushed the LUNC tokens obliterated from the circulating supply to 40 billion tokens when it destroyed 760 million LUNC — covering the period between September 30 and October 30, 2023.
Binance is expected to burn more LUNC tokens in December for the period between October 30 and November 30, underscoring the exchange’s commitment to reducing Terra Luna Classic’s supply.
Terra Luna Classic has a massive supply of 5.8 trillion while the total supply goes as high as 6.8 trillion meaning some LUNC tokens are locked in the staking protocols.
Reducing this supply is crucial for the recovery of the token, especially if Terra Luna Classic is to climb above $1. Binance is committed to helping the community deal with the high supply.
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