- The LUNC price is expected to trigger a breakout from a significant resistance level of $0.0000950.
- Terra Classic has burned 290 million tokens and has remained neutral.
- This burn may trigger bullish momentum, as per the technical analysis.
Terra Classic’s (LUNC) price has remained almost the same after a massive burn of 290 million LUNC tokens last week. LUNC crypto‘s total supply was 6.9 trillion before its collapse. The burned 290 million tokens reduced the oversupply and increased the value of the remaining tokens.
Traders and investors have expectations for a bullish momentum post this burn. LUNC crypto price has shaped a bullish daily pattern and is wandering in breakout territory.
LUNC Crypto Price Performance Post This Token Burn
LUNC price has undergone a consolidation. The crypto traded at $0.00009063 at press time with an intraday loss of 0.24%. The market capitalization was $517.09 Million, and the 24-hour trading volume was $16.75 Million.
Since this month, the LUNC crypto price has been struggling between $0.0000820 and $0.0000920.
LUNC Price Change Amid Terra Token Burn
Market conditions and the future of ongoing token burns mainly determine Terra Classic price. However, the price has stayed steady thus far. Traders anticipate a price increase if the burns continue at this pace.
However, a court-ordered LUNC burn may also significantly affect the price. That burn is a component of their $4.5 Billion settlement with the SEC.
There may be a supply shock and a price increase if Terraform Labs complies by the end of the month. However, breaking this rule could result in penalties that could cause the project to stall.
Analysts anticipate that LUNC crypto will remain in a narrow range. This can happen until significant burns or outside events alter market sentiment.
If supply keeps declining, a breakout above the $0.00009051 resistance might indicate fresh bullish momentum. However, LUNC might struggle to hold onto price increases if it can’t keep up the current burn pace.
LUNC Price Formed an Ascending Triangle
The LUNC price has formed an ascending triangle pattern on a daily time frame. Additionally, the price has been wandering in the crucial zone of breakout. The price has been struggling below a significant resistance level of $0.0000950.
It could be a bullish sign if the digital asset price triggers a breakout from the ascending triangle. Suppose the LUNC crypto price is sustained over the major resistance level; buyers may dominate. Also, the past losses could be recovered.
Conversely, if the Terra Classic price faces resistance from the significant resistance level, it may remain in a consolidation phase. Once the price loses the ascending trendline, buyers may lose momentum. Here, most traders and investors might prefer to book profit, which could lead to strong selling pressure.
The MACD has generated a bearish crossover with the Signal line regarding the technical indicators. However, it is still wandering over the Zero line, which could tempt buyers. The RSI has slipped below the RSI-based moving average, which could be a bearish signal.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
