Over the weekend, the price of LUNC experienced a bullish rally, pushing its value up by over 20%. This surge brought the price above $0.0001 after struggling around $0.00009 for the past two weeks. However, an analyst predicts that this rally is not over yet.
Expect the LUNC Price to Double
Despite the significant increase in price, there are signs indicating that the upward momentum will continue for LUNC. A crypto analyst on TradingView, Ava Cryptoo, has confirmed a Falling Wedge Breakout pattern which often precedes major rallies in cryptocurrencies like LUNC.
Currently, the altcoin is testing a crucial resistance level at $0.000115. This level previously halted the breakout on Saturday but is now being retested, suggesting that bulls are still active and determined to push the price higher.
According to Ava Cryptoo’s analysis, if the price can make a “Perfect Retest” and break out completely, it has the potential to reach as high as $0.00022 within days.
Burning Tokens to Reduce Supply
To help reduce its vast supply, LUNC tokens obtained from fees are regularly burned by the crypto exchange. The most recent burn, which took place on February 1, removed approximately 2.1 billion tokens from circulation.
This burn marks the 18th time that tokens have been removed from circulation, with hundreds of millions to billions of tokens burned each time. As a result of this latest burn, the total number of burned LUNC tokens has surpassed 51 billion.
Excitement Surrounding the Monthly Burn
Following the monthly burn, there was a wave of excitement in the market, leading to a rapid rise in the price of LUNC. Trading volume reportedly increased by over 700%, initially causing a 10% price increase. By the end of the weekend, the LUNC price had risen by more than 20% and continues to maintain most of its gains.
Hot Take: LUNC’s Bullish Rally and Burning Strategy
The recent bullish rally in the price of LUNC has brought renewed attention to this altcoin. Analysts predict that the rally is not yet over and that the price could potentially double in the coming days. Additionally, the burning strategy implemented by the crypto exchange to reduce LUNC’s supply has contributed to the positive sentiment surrounding the coin. As more tokens are burned, it creates scarcity and may drive further price increases. Overall, these factors suggest that LUNC could be an interesting asset to watch in the cryptocurrency market.
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