Terra Luna Classic Price on the Rise
Terra Luna Classic, also known as LUNC, has been experiencing a gradual increase in its price since it recovered from a dip in August. This week, the token reached $0.000129 which is its highest point since March of this year. Optimistic crypto analysts believe that this is no time for Terra Luna Classic to stop. In fact, they expect a higher climb, especially if the current upswing in the crypto market prolongs.
What’s Fueling the Price Increase?
Popular analyst Miles Deutscher recently shared his thoughts on the prospects for Terra Luna Classic, expressing that he is long LUNA and LUNC. His optimism is driven by several factors, the foremost one being that LUNC continues to be listed on Binance, one of the world’s leading cryptocurrency exchanges. This, coupled with strong bullish charts and LUNC’s meme appeal, is what is driving the token’s value upward according to Deutscher. Terra Luna Classic’s features certainly make it a crypto player to keep an eye on.
Another feature that could drive the asset’s price higher is the ongoing token burn. Reducing supply tends to increase the value of the remaining tokens. In just the last seven days, approximately 1.34 billion tokens have been burned from the LUNC network. This action is sure to have a significant influence on the token’s price.
Terra Luna Classic Token Burn and Staking Ratio
The LUNC network has reportedly burned over 390 billion tokens, leaving a circulating supply of about 6.51 trillion. This large-scale action builds on a significant burn that occurred earlier this month, with Terraform Labs reportedly burning 251 billion tokens. This move was part of a bankruptcy prerequisite. Such large scale burning activities have an important effect on the tokens value.
Alongside, the staking ratio of the LUNC tokens is also climbing remarkably from its 2022 lows, now approaching 16%. These indicators suggest that a large number of investors are retaining the token for longer terms, which is a positive signal for the value stability of the token.
What Does the LUNC Price Chart Indicate?
Conducting a bit of technical analysis, the daily chart for Terra Luna Classic suggests that the token is on a slow but sure bullish trend since it bottomed at $0.000054 a few months ago. It has formed a ‘cup and handle’ pattern – a trend that usually signifies a continued bullish momentum. If we follow this pattern, the coin is expected to rise to around $0.0002055, which is approximately 75% higher than its current level.
The token’s price is also slightly higher than the 38.2% Fibonacci retracement level at $0.00020. Positive signs like these add support for the bullish outlook. Moreover, the fact that LUNC’s value is riding above both the 50-day and 100-day moving averages further strengthens this bullish narrative.
Additionally, the relative strength index is stepping up, which is an indication of ongoing bullish momentum. The only downside is if the value surprisingly drops below $0.000095, which is the 100-day moving average. This negative scenario could result in the invalidation of the current optimistic view.
Connecting the Dots
In conclusion, with the digital currency market on an upward journey, Terra Luna Classic has attracted significant attention. Analysts’ positive outlook, continued listing on prominent exchanges, strong bullish charts, and massive token burns all seem to play a crucial role in the token’s upward trajectory. Long-term investors appear to remain loyal to LUNC, indicating confidence in the Luna Classic’s future. Nevertheless, like any other investment, token investors should consider all relevant information and their risk tolerance before making any financial decisions.
