LUNC Price: Terra Classic Consolidation Over? 65% Breakout Incoming
LUNC Price Prediction: The crypto fear & greed index holds at 73, up from 67 approximately a month ago. This shows that sentiment is positive with investors betting on higher prices. For tokens line Terra Classic, such a bullish outlook could pave the way for a breakthrough over the coming weeks.
Based on data from CoinMarketCap, a 1.55% correction in the last 24 hours gestures increasing influence from the sellers. However, with the trading volume rising by 8% to $27 million, interest in the token is growing.
Terra Classic boasts a market cap worth $676 million to rank #118 among other cryptocurrencies. The token has a circulating supply of 5.79 trillion and a total supply of 6.79 trillion.
What’s Likely To Ignite The Next Terra Classic Breakout?
The Terra Classic Token burn program is among the most elaborate in the industry, spearheaded by Binance, the leading cryptocurrency exchange by daily traded volume.
Binance burned 1.35 billion LUNC on June 1, marking the 22nd batch of the program. So far, the exchange has set a blaze 60 billion LUNC tokens, representing 52% of all the tokens burned by the community and underscoring Binance’s support for the network.
In total, the Terra Classic community has removed from circulation 116 billion tokens.
Consistent network development backed by initiatives to achieve efficiency for LUNC and USTC (the ecosystem’s main tokens), is another force that may propel the next move north.
For instance, developers released a new upgrade for the network dubbed v3.0.1 on June 2. According to the announcement published on X, it was “time to upgrade the Terra Luna Classic blockchain and continue the recovery effort.”
LUNC Price Prediction: Targeting 65% Breakout
Terra Luna Classic hovered at $0.0001172 during US business hours on Tuesday. The token also danced between two determining levels; a confluence support at $0.0001145 and resistance at $0.0001119, marked by the 200-day Exponential Moving Average (EMA) in purple on the chart.
The 20-day EMA in blue and the 50-day EMA in red formed the confluence support, suggesting that the path of least resistance could gradually shift upward.
An expanded scope shows the way Terra Classic price has been stuck in a rectangle pattern between $0.0001 and $0.00012. Should the price rebound from the confluence support, tackling the 200-day immediate resistance, LUNC will increase the chances of a breakout above the rectangle.
The Moving Average Convergence Divergence (MACD) reinforces the bullish thesis. However, the MACD line must hold above the signal line to validate the same bullish outlook. In the end, this will encourage more traders to gain confidence in LUNC and push for a 65% breakout to $0.0002.
Bottom Line
Terra Classic is positioned for a major breakout to help with the token’s recovery following the Terra crash. Network development, the token burn program, and a vibrant community are some of the drivers of the bull market in 2024.
The post LUNC Price: Terra Classic Consolidation Over? 65% Breakout Incoming appeared first on CoinGape.