Terra Luna Classic Price Forecast: Capitalizing on the Rally
Investors are taking advantage of the rally in Terra Luna Classic (LUNC) price. After bouncing off support at $0.000065, LUNC has climbed above key resistance levels, including $0.00009 and $0.0001.
LUNC price is currently at $0.0001191, up 26% in the last 24 hours. It has seen a 66% increase in seven days, 46.5% in a fortnight, and 81% in 30 days.
The community’s vote to pass a proposal that may see TerraClassicUSD reclaim its $1 peg has attracted more investors seeking exposure to LUNC.
Terra Luna Classic Price Forecast: Can The Next Binance Burn Send LUNC To $0.0002
Terra Luna Classic is facing resistance at $0.00012. A break above this level could trigger another breakout and potentially reach $0.00016.
If sellers continue to dominate, there may be a brief correction followed by consolidation.
The position of the moving averages suggests that buyers have the upper hand, with the 50-day EMA climbing above the 100-day EMA.
The bullish cross formation indicates a higher probability of an extended rally rather than a pullback.
Prepare for Potential Correction
The Relative Strength Index (RSI) suggests that Terra Luna Classic may exhaust its uptrend soon. If the RSI continues to rise in the overbought region, the uptrend will persist. However, if the RSI retreats into the neutral region below 70, traders should prepare for a trend correction.
If LUNC price falls below $0.0001, the next support level to watch for is the upper descending multi-month trendline. Retesting this area could be profitable for investors buying the dip, but losing the trendline to sellers may complicate the technical situation for the bulls and potentially force LUNC price to seek liquidity at $0.000065.
The Impact of Binance Burn on Terra Luna Classic
Binance’s upcoming token burn program is expected to have a bullish impact on Terra Luna Classic. In the previous burn, Binance destroyed 760 million LUNC tokens, reducing the circulating supply by 40 billion tokens.
In December, Binance will burn more LUNC tokens, further reducing the supply and supporting Terra Luna Classic’s recovery. The token currently has a massive supply of 5.8 trillion, with a total supply of 6.8 trillion.
Hot Take: Terra Luna Classic Gains Momentum Amidst Bullish Outlook
Terra Luna Classic (LUNC) has experienced significant price gains and investor interest due to its rally and potential for further growth. With resistance levels being surpassed and positive indicators from moving averages and RSI, there is optimism for an extended rally.
Furthermore, Binance’s ongoing token burn program aims to reduce the supply of LUNC tokens, which could contribute to the token’s recovery and push it towards its $1 peg.
As investors continue to seek exposure to LUNC, it remains to be seen how the market will react to upcoming developments and whether LUNC can reach new heights in its price trajectory.
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