Future Price of Terra Luna Classic?
Terra Luna Classic (LUNC) has taken the cryptocurrency market by surprise by increasing by more than 15% over the last 24 hours.
LUNC recovered to $0.000296 after briefly falling below $0.000279 and now must regain $0.00029 in order to achieve their target.
Will Terra Luna Classic return to $0.00032 by October? LUNC is listed on OKX.
Terra Luna Classic (LUNC) Crypto Price Prediction
Prior to Terra Luna Classic (LUNC) jumping today, I informed members on my official discord channel that price changes would do something spectacular.
Terra Luna Classic displayed a bullish reversal pattern resembling a broadening descending wedge during its trade.
When a descending wedge forms with converging resistance and support lines, price rallies and retreats within its boundaries and creates a reverse-shaped wedge, a reversed-shaped wedge is formed.
LUNC is currently trading at $0.000282, but still up 9.11% since this morning. Any potential short-term retracement may only last temporarily before we see more positive price trends emerge.
Recent breakout on LUNC was supported by news that Binance plans to implement 1.2% burning and taxing mechanics soon, sparking optimism on the market.
LUNC fell just shy of its technical price target of $0.00033 during its spectacular breakout.
Holding onto the $0.00028 support level is vitally important to LUNC in order to halt its bear trend and stop the formation of another broadening wedge pattern.
Crypto markets typically witness a shift from extreme fear to neutrality or greed in October and November, which we may witness this week.
Terra Luna Classic altcoins should follow suit as Bitcoin increases in value; however, today the two haven’t fully aligned as predicted. Although Bitcoin prices have seen some improvement along with LUNC prices today, they still have not broken out definitively yet.
Even with its recent hype, LUNC has formed a lower high on a larger scale – this technical bearish signal.
I believe that LUNC could experience a price decrease between $0.000329 and $0.000257 during October.
LUNC Must Burn More Supply
Terra Luna Classic must continue to burn through its ever-increasing supply of 6,151.07b tokens if we want to see meaningful price action in the near future.
Recent efforts from more centralized exchanges like Binance have made great strides toward adopting the 1.2% tax burn and mechanics.
In order to decrease the supply of LUNC, we hope more Tier 1 and Tier 2 exchanges follow their lead and take similar measures.
Recent results for total LUNC consumption look fantastic and almost entirely linear.
As exchanges bring in more trading volume for LUNC tokens, its price will increase as Terra Luna Classic community members flourish with optimism and trust in one another.
Terrarity estimates that within five years 8.436% of the LUNC supply will have been burned compared to only 0.062% today.
Crypto markets remain precarious and we may be sliding deeper into a crypto winter that could eventually result in lower cryptocurrency prices in the near future.
Consideration should be given when investing large sums of working capital in volatile tokens like Terra Luna Classic (LUNC), recently identified as a ‘community-based token.’
Also Read : How to Invest in Cryptocurrency
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