As a seasoned researcher with over two decades of experience in the cryptocurrency market, I must admit that the current bullish trend of Terra Classic (LUNC) has caught my attention. Having closely observed the market since its inception, I’ve seen many coins rise and fall, but LUNC’s potential for a 60% jump is certainly intriguing.
This week, the price of LUNC surged back to levels last seen in March, indicating a swift recovery. Technical analysis suggests a possible increase of up to 60%, an idea reinforced by the continuous burning of Terra Classic tokens.
LUNC Price Is Forming Bullish Patterns
On Friday, Terra Classic’s value stood at approximately $0.0001620, marking a significant 193% increase from its lowest price this year. It’s plausible that the coin could continue to climb in the coming weeks due to its formation of various bullish trends.
On November 18, LUNC displayed a golden cross formation, which means its 200-day and 50-day Exponential Moving Averages (EMAs) intersected each other, with the shorter moving average crossing above the longer one. In the technical analysis world, this pattern is often seen as particularly optimistic or bullish.
Example: Last October, Terra Classic created this cross while its value was $0.00013. Later on, it climbed up to reach its highest point for the year so far at $0.0002795, which represented a significant increase of 125%.
To note, Terra appears to be gradually shaping an upside-down U or cup and handle (C&H) pattern with the peak at approximately $0.0002795. This C&H pattern can take several months or years to develop and is often seen as a strong bullish indication. It includes a flat section, followed by a rounded bottom.
Consequently, this implies that the coin could potentially rise approximately 60% to reach its year-to-date peak of $0.0002795. To achieve this, it must surpass a significant resistance level at $0.0002546, which was its highest point in March this year.
LUNA appears to be gradually shaping up like an ascending bullish flag or pennant. These patterns are characterized by a straight-edged line and some price consolidation, indicating potential continuation of the existing trend. A clear indication of further growth will be evident if it surpasses this week’s high of $0.0001794.
Terra Classic (LUNC) Boosted By Token Burns
The continuous burning of LUNC tokens significantly contributes to its price. Burning involves taking LUNC tokens out of circulation and sending them to an unreachable location, effectively reducing the total supply.
For Terra, approximately 393 billion tokens, which make up 84% of the total supply, have been destroyed since it was first launched. Out of these, about 2.36 billion tokens have been eliminated in the last seven days. It seems this trend could persist for an extended period.
The cost of Terra Classic could potentially increase due to an imminent update in its network. This update primarily aims to streamline tax management within the network. Notably, it will also provide developers working on Cosmos with the opportunity to create on the Terra Classic network.
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2024-12-06 16:42