As an experienced cryptocurrency analyst, I believe that Terra Classic (LUNC) is poised for a significant breakout based on current market conditions and recent developments within the network. The positive sentiment among investors, as indicated by the crypto fear & greed index, is a strong indicator of potential price growth.
Prediction for LUNC Price: The Crypto Fear & Greed Index presently stands at 73, which is an increase from around 67 seen nearly a month ago. This indicates a generally optimistic investor attitude, with many placing wagers on price surges. Such a bullish stance could potentially lead to significant gains for tokens like Terra Classic in the upcoming weeks.
According to information from CoinMarketCap, there’s been a 1.55% decrease in value over the past 24 hours, indicating more selling pressure. Yet, the surge in trading volume by 8%, totaling $27 million, suggests heightened investor interest in this token.
The market value of Terra Classic amounts to $676 million, placing it as the 118th largest cryptocurrency by market capitalization. Its circulating supply consists of 5.79 trillion tokens, while its total supply encompasses 6.79 trillion tokens.
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.
On June 1, Binance incinerated 1.35 billion LUNC tokens from its holdings, marking the twenty-second round of burns in their program. To date, Binance has torched a staggering 60 billion LUNA Classic tokens, which equates to around 52% of all tokens ever burned by the community. This significant action highlights Binance’s commitment and unwavering support for the LUNA Classic network.
In total, the Terra Classic community has removed from circulation 116 billion tokens.
The ongoing expansion of our network, coupled with efforts to improve efficiency for LUNC and USTC (our primary tokens), could be a significant catalyst for further price growth.
Developers rolled out an update, named v3.0.1, for the network on June 2. As stated in the publication on X, it was time to implement this new version of the Terra Luna Classic blockchain to carry on with the restoration process.
LUNC Price Prediction: Targeting 65% Breakout
During US business hours on Tuesday, Terra Luna Classic maintained a position at approximately $0.0001172. The token fluctuated between two significant levels: a support at around $0.0001145 and a resistance at $0.0001119. These levels were indicated on the chart by the 200-day Exponential Moving Average (EMA), marked in purple.
In simpler terms, the intersection of the 20-day and 50-day moving averages, marked by the blue and red lines respectively, acted as a strong support level. This indicated that the market trend might begin to incline positively over time.
A broader perspective reveals that Terra Classic’s price has been trading within a confined range, fluctuating between $0.0001 and $0.00012. If the price rebounds from the support at the confluence, there is a higher probability of LUNC overcoming the immediate resistance of its 200-day moving average, thereby increasing the likelihood of breaking free from this range.
As a researcher studying the market trends of LUNC, I’ve observed that the Moving Average Convergence Divergence (MACD) indicates a bullish outlook. However, it is crucial for the MACD line to remain above its signal line to substantiate this optimistic perspective. This confirmation would then instill greater confidence among traders, potentially leading to increased buying pressure and a significant price surge of up to 65%, reaching $0.0002.
Bottom Line
In simpler terms, Terra Classic is set to experience a significant surge, contributing to the token’s bounce-back after the Terra collapse. Factors such as network expansion, the token destruction mechanism, and an active community are fueling the bullish trend in 2024.
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2024-06-04 18:00