Terra Luna Classic (LUNC) Price Surges After 320 Million Token Burn

• Terra Luna Classic burn shrinks supply, signaling potential bullish price movement.
• LUNC faces key resistance at $0.0000970 whereby breakout could lead to further gains.
• Technical indicators suggest balanced sentiment, signaling a stable trading outlook.

Terra Luna Classic (LUNC) is gaining traction following a significant weekly token burn of 320 million LUNC. This burn, which reduces the token’s overall supply, is seen by traders as a positive sign for price appreciation.

As the supply of LUNC shrinks, investors are anticipating increased price pressure, which could fuel an upward trend. This burn event, coupled with growing interest in the Terra Classic ecosystem, has contributed to a surge in LUNC’s price over the past 24 hours, making it a key focus in the cryptocurrency market.

Recent Burn Activity Boosts LUNC’s Price Momentum

Terra Luna Classic’s price has climbed alongside the increasing burn activity. Over 320 million LUNC tokens were removed from circulation this past week.

LUNC.TECH data shows that 15 million LUNC were burned today alone, both through direct burns and tax mechanisms. This increased burn rate has played a key role in the token’s price performance. Reducing the supply often leads to higher demand, which can drive prices up. Terra Classic’s strategic token burn initiative is a central part of its plan to restore value and stability to its ecosystem.

In the past hour, there have been a total of 101.00 $LUNC tokens burned and 1 transactions.

TODAY BURNED
By TX: 6,101.00
By TAX: 15,008,049.70
Total: 15,014,150.70

Website: https://t.co/q4WijVKbSr#luncarmy #lunc

— LUNC.TECH (@lunc_tech)
October 22, 2024

Key Support and Resistance Levels to Watch

As at press time, LUNC is trading at $0.00009278, reflecting a 1.47% increase in the last 24 hours. The nearest support level is $0.00009138, a point where the price briefly dipped before rebounding.

If LUNC drops below this level, the next support could be around $0.000090. On the resistance side, the price recently tested $0.0000970 but failed to break through.

Read also: LUNC Investor’s Bullish Bet: Buys Tokens at 3x Premium

Source: Coinmarketcap

There is another resistance level at $0.0000960, a peak the price hit before falling. If LUNC moves past these resistance levels, it may trigger a stronger bullish move, but if it fails, a price retracement is possible.

Technical Indicators Signal Bullish Momentum

Terra Classic/USD 1-day price chart, Source:
Trading view

The 1-day RSI for Terra Luna Classic currently reads 57.59, indicating balanced market sentiment. This means the asset is neither overbought nor oversold, pointing to a stable trading environment. Furthermore, the 1-day MACD is trading above the signal line, which is a key indicator of potential bullish momentum in the short term.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.