As a researcher with experience in cryptocurrency market analysis, I believe that the current bullish setup of Terra Luna Classic (LUNC) is promising and could trigger a 26% upside in the short term. The ascending triangle chart pattern, which has formed since April 15, indicates a high probability of an upward breakout with a 63% chance.
For the past two months, the price of Terra Luna Classic (LUNC) has been on an uptrend in preparation for the upcoming burn event by Binance, scheduled to take place in the next two days. At present, LUNC is being traded at $0.00011, representing a 3.5% decrease within the last 24 hours and a 1% decline over the past week.
LUNC Price Analysis: Bullish Setup May Trigger a 26% Upside in the Short Term
The price of LUNC bounced back after a downturn that occurred post-March’s marketwide surge. Since April 15th, this digital asset has been exhibiting an uptrending triangle formation on its chart, which is typically seen as a bullish sign and carries a 63% likelihood of continuing upward, while there’s also a 37% possibility that it might decline instead.
As a crypto investor, I’m keeping an eye on Terra Luna Classic’s (LUNC) price action and noticing that the 200-day moving average is currently sitting just above where the price stands now. This moving average serves as some resistance, but it’s not strong enough to cause a significant downturn. If favorable news breaks for Terra Luna Classic, its price could easily surpass this hurdle and keep climbing upwards.
As a crypto investor, I’m keeping a close eye on the LUNC chart. If the price manages to break above the resistance level of an ascending triangle pattern, I believe we could witness a significant price surge. Based on my analysis, such a move could potentially push the price up by approximately 26%, taking it to around $0.000151.
If the situation were reversed, the Terra Luna Classic (LUNC) token price could potentially find a floor at approximately $0.00009 – a level it previously touched on two occasions over the past six months. The Moving Average Convergence Divergence (MACD) line is currently trending upwards, approaching the neutral mark. Furthermore, both the LUNA price movement and the MACD are aligning in an upward trajectory, suggesting a prevailing bullish market mood for Terra Luna Classic.
The increasing MACD indicates a growing bullish force, implying it’s more likely for LUNC‘s price to rise. Should the resistance levels be breached, this could ignite a substantial price surge. Conversely, if the price slips and cannot sustain above the current level, it may rest at the $0.00009 support before bouncing back for further gains.
Why is the LUNC Price Going Up?
Over the past two months, investors have been buying up LUNC in preparation for Binance’s periodic token burn events. Historically, such crypto burns have sparked bullish trends in the cryptocurrency market. Consequently, investors are hopeful that this upcoming burn will boost LUNC’s price, expressing their confidence in this potential outcome.
As you know, the 4th is usually a strong breakout. #LUNC
— Derek (@kimmyboy2) May 29, 2024
The number of LUNC tokens being burned on-chain has been climbing steadily, with an average of approximately 178 million tokens being incinerated daily according to a popular Supply Change Tracker. Currently, there are around 6,793,288,228,623 LUNC tokens in circulation. The community is excitedly looking forward to the upcoming Binance burn event, which is predicted to significantly decrease the token supply.
Bottom Line
As I delve deeper into the world of cryptocurrencies, I’ve come to observe an intriguing development in the case of Terra Luna Classic (LUNC). With its supply diminishing, the value has remarkably stabilized. This outcome underscores the significance of a united community in supporting any crypto project, as demonstrated by Do Kwon and the broader industry. The anticipation is palpable as we watch the price trends post-burn to gauge Terra Luna Classic’s resilience.
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2024-05-30 09:26