As a seasoned crypto investor with a knack for spotting promising opportunities, I must say that the recent developments surrounding Terra Luna Classic (LUNC) have piqued my interest. The upcoming Binance burn event, coupled with the bullish reversal pattern on the charts, has me optimistic about potential gains for LUNC in the short term.
The price of LUNC is displaying indications that it may increase even further in the lead-up to the forthcoming Binance burn event. Recent assessments indicate a substantial jump could be imminent, given it recently broke through a bullish reversal pattern. Following a vote by the Terra Luna Classic community on September 27 for a USTC burn proposal, investor sentiment has become increasingly optimistic. Could LUNC be making a comeback and reclaiming its former prestige?
Scheduled Binance Burn Is LUNC Price Catalyst
As a crypto analyst, I’ve noticed an update from Binance regarding the Terra Luna Classic (LUNC) trading fees. Instead of the usual transaction, these fees will now be used for burning LUNC tokens. The goal is to reduce the supply of LUNC over time, contributing positively to its value. The monthly burns are planned to conclude by no later than Wednesday, October 2, 2024.
Burning of LUNC tokens on Binance consistently serves as a positive factor driving up the price of LUNC. Since May 13, 2022, Binance has burned a total of 64.47 billion LUNC and 4.38 million USTC.
As an analyst, I’ve been keeping a close eye on the community’s efforts to reduce the massive USTC supply and stabilize its value back to $1. The latest initiative they’ve implemented is burning USTC tokens from wallets associated with the Mirror Protocol that have remained inactive since the May 2022 crash.
Furthermore, it seems that the price movements of the FTX token (FTT) and LUNC have shown a connection today, possibly due to speculation about FTX distributing $1.6 billion to its creditors today. Nonetheless, this information remains unverified and awaits court approval on October 7th.
Experts believe that if FTX resumes operations, there’s potential for USTC (TerraUSD) to re-peg to its intended value of $1. This could in turn boost the price of LUNC (Terra Luna Classic) significantly.
Terra Luna Classic Price Technical Analysis: Is $0.00015 Next?
The chart presents a reversal pattern— specifically an Inverse Head and Shoulders pattern, which is a bullish reversal signal. The price has been trending downward, but this pattern indicates a potential shift to the upside.
Key Support and Resistance Levels
- $0.0001: This is the neckline of the inverse head and shoulders pattern. Below it, there’s major support at $0.000008 from recent lows.
- $0.000142: This is the projected breakout target based on the height of the head-to-neckline distance. It represents a potential gain of approximately 43.78% from the breakout level.
Following the finish of the right shoulder, the price surged past the horizontal line, signifying strong upward pressure. If the price remains above this line, it would validate the surge, initiating a substantial upward trend.
A significant jump beyond the resistance level (neckline) indicates a possible long-term bullish trend reversal for LUNC. Yet, if LUNC struggles to maintain this height above the neckline, it might point towards vulnerabilities in the crypto market and potentially cause it to drop below 0.000008, the low of the right shoulder. This could undermine the current bullish prediction.
Read More
- USD ZAR PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- EUR ILS PREDICTION
- SEILOR PREDICTION. SEILOR cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- REF PREDICTION. REF cryptocurrency
- KATA PREDICTION. KATA cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- Best Turn-Based Dungeon-Crawlers
- ASTO PREDICTION. ASTO cryptocurrency
2024-09-30 12:08