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Token burns and chart pattern point to 60% increase in LUNC
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The price recovery of the Terra Classic token (LUNC) accelerated this week. According to CoinGecko, the token price has risen 32% in the last seven days and reached its highest value since March. At the time of finalizing this text, one LUNC is worth around US$0.000016.
Along with short-term appreciation, the technical chart in formation points to a potential jump of 60%. In other words, LUNC formed a bullish pattern and also reinforced its periodic burns. Since the beginning of the week, Terra Classic has removed almost 3 billion LUNC from circulation, which has increased the scarcity – and appreciation – of the token.
LUNC price has appreciated 193% from its 2024 bottom, which occurred in August. As a result, the token formed a U-shaped pattern that indicates strong chances of appreciation in the coming weeks. Furthermore, it also set several other bullish patterns.
For example, one of the LUNC standards was the golden cross, which was established on November 18th, when the 200-day and 50-day exponential moving averages (EMA) have reversed. Historically, this crossover has been one of the most bullish patterns in technical analysis, preceding strong gains in the following days.
LUNC price is forming bullish patterns
For example, LUNC formed this same crossover in October 2023 when its price was worth $0.00013. Then, the token’s price appreciated by 125% and reached US$0.0002795, the highest of the year.
More importantly, there are early signs that LUNC is slowly forming a “cup and handle” pattern, as the chart above shows. In this pattern, the high side is at $0.0002795but it often takes months or even years to form. On the other hand, the pattern is one of the most popular bullish signals.
So in this case, This means that LUNC could appreciate by around 60% to reach the high of the year so far, which would be a return to US$0.0002795. For this to happen, it will need to cross the important resistance point at $0.0002546, its highest level in March this year.
LUNC was the token that “inherited” the legacy of the old Terra/Luna after the project collapsed in 2022. At the time, the token (which bore the name LUNA) was one of the most valuable on the market, with a total value greater than to US$40 billion. In a few days, however, the entire project turned to dust and now LUNC is trying to recover.
A key catalyst for LUNC price is the continuous burning of tokens, which removes excess LUNC from the market. As with BNB, burning consists of sending LUNC to an address from where they cannot be redeemed.
In the case of LUNC, more than 393 billion tokens representing 84% of the total were burned since its inception. Of this total, 2.36 billion were burned in the last seven days. This trend could continue for a long time.
Token burns and chart pattern point to 60% increase in LUNC
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Token burns and chart pattern point to 60% increase in LUNC
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Token burns and chart pattern point to 60% increase in LUNC
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Token burns and chart pattern point to 60% increase in LUNC
