Again shocking the cryptocurrency market, Terra Luna Classic (LUNC) has increased by almost 15% in the last day. LUNC had to retest $0.00029 after briefly surging back up to $0.000296 and then marginally retracing down to $0.000279. Will Terra Luna Classic regain its previous price of $0.00032 in October? On OKX, LUNC is accessible.
Price Prediction for Terra Luna Classic (LUNC).
I had a discussion with some of my friends on my discord channel just before the Terra Luna Classic (LUNC) pricing took a remarkable turn today. In a bullish reversal pattern known as a spreading descending wedge, Terra Luna Classic has been trading. In a descending wedge with diverging trendlines for support and resistance, the price rallies then retraces to form this pattern.
LUNC is up 9.11% as of this morning's session and is currently trading at $0.000282. Until we see a more favorable price trend, this could perhaps be a brief correction. The bullish news surrounding Binance, which will shortly include the 1.2% burning and taxing mechanics, allowed LUNC to easily find support around the $0.000257 after the current breakout, as can be seen.
The technical price target of $0.00033 was not nearly reached by LUNC, despite a voracious breakout. The $0.00028 support level must now be held by LUNC if it is to avoid a negative reversal to the downside and a re-entry into the expanding wedge pattern. We may observe a movement in the overall market atmosphere from acute anxiety to neutrality or greed because historically, October and November are great months for the cryptocurrency markets.
More Supply Must Be Burnt by LUNC.
For Terra Luna Classic to have good price action in the future, it is imperative that more of its perpetually inflated 6,151.07b token supply gets burned.
The 1.2% tax burn and mechanics have recently been adopted by additional significant centralized exchanges, including Binance, which is a wonderful start. The availability of LUNC will decline once other tier 1 and tier 2 centralized or decentralized exchanges follow their lead.