Terra Luna Classic, a cryptocurrency that has been gradually increasing in price since hitting a low point in August, has seen a recent surge. Analysts are optimistic about its potential for further growth.
The token, known as LUNC, reached $0.000129 this week, its highest level since March. Many experts believe that there is still room for LUNC to rise, especially if the overall cryptocurrency market continues its upward trend.
One key factor driving the price of Terra Luna Classic is the ongoing token burn. In the last seven days alone, 1.34 billion tokens were burned, reducing the overall supply and potentially increasing the value of the remaining tokens. This brings the total number of burned tokens to over 390 billion, with a circulating supply of 6.51 trillion.
Additionally, the recent increase in the LUNC staking ratio suggests that more investors are holding onto their tokens for the long term, indicating confidence in the project’s future potential.
Looking at the price chart, Terra Luna Classic appears to be following a bullish trend, forming a cup and handle pattern. The upper end of this pattern is at $0.000129, and based on the depth of the cup, the coin could potentially rise to $0.0002055, a significant increase from its current level. This target aligns with the 38.2% Fibonacci Retracement level at $0.00020.
Further supporting the bullish outlook are LUNC’s movements above the 50-day and 100-day moving averages, as well as a rising Relative Strength Index, indicating strong bullish momentum. However, if the price were to drop below the 100-day moving average at $0.000095, this would invalidate the bullish thesis.
Overall, the future looks promising for Terra Luna Classic, with analysts and investors keeping a close eye on its price movements and potential for further growth in the coming days and weeks.
