NewsletterCan Terra Luna Classic Price Rally 50% After 1.6B Weekly LUNC Burn?
Highlights
- Terra Luna Classic price has seen a strong surge of 10% after a market rebound.
- LUNC burn mechanism drives supply reduction, impacting price potential.
- Technical indicators signal a short-term uptrend amid market recovery.
Terra Luna Classic (LUNC) price has surged 10% following a broader market recovery. This rally comes after a massive 1.6 billion LUNC burn in a week. Investors speculate whether the momentum could push LUNC higher, potentially triggering a 50% rally as bullish sentiment strengthens across the crypto market.
Will Terra Luna Classic Price Surge 50% After a Massive 1.6B Burn This Week?
The Terra Luna Classic price burn mechanism reduces the token’s supply. According to the LUNC metrics data, over 1.59 billion LUNC tokens were burned in the past seven days, with the total burn count reaching 402.17 billion since May 2022. The circulating supply now stands at 6.50 trillion, slightly below the total supply of 6.51 trillion.
Despite the consistent burns, the impact on the LUNC price remains uncertain. Historically, large-scale token burns have sparked temporary rallies, but a 1.6 billion LUNC burn would be necessary to create a significant shift in market dynamics.
Based on market sentiment and broader cryptocurrency trends, analysts speculate that such a move could push LUNC’s price by 50% or more.
LUNC Price Analysis
As of Tuesday, the LUNC price hovered at $0.00006417, slightly recovering from recent declines. The cryptocurrency saw a 2.49% increase in value over the past 24 hours, with trading volume reaching 24.77 billion tokens.
The Relative Strength Index (RSI) has climbed to 43, rebounding from oversold conditions. This suggests increased buying interest.
The Chaikin Money Flow (CMF) indicator remains positive at 0.06, indicating capital inflows supporting the price recovery.
Key Levels To Watch
LUNC is trading within a rising channel, hinting at a short-term uptrend. Further gains could be expected if the price maintains its position above the $0.000065 support level.
The crypto market today has seen a slight recovery, with BTC hovering near the $100k level.
The next resistance level is at $0.00008, marking a key area for potential breakout confirmation.
A successful breach above $0.00008 could push LUNC towards the $0.0001 target, reflecting a 52.40% increase from current levels. However, failure to sustain upward momentum may result in a pullback to $0.00006, acting as the immediate support zone.
LUNC price outlook remains tied to its burn rate and market sentiment. A 1.6 billion burn could ignite a strong rally, pushing prices 50% higher.
Frequently Asked Questions (FAQs)
1. Why is Terra Luna Classic (LUNC) surging?
2. How does the LUNC burn mechanism impact price?
3. What are the key resistance and support levels for LUNC?
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
- Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
- Is Pepe Coin Price at Risk After Forming This Bearish Pattern?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
