Jacob Bury
Terra Luna Classic (LUNC) is on the verge of breaking out to the upside of a continuation pattern known as a bull pennant. Yesterday’s euphoric pump resulted in LUNC increasing in price by over an implausible 80%.
Is there more left in the tank for Terra Luna Classic (LUNC)?
Can the price of LUNC recover back to $0.00059? Terra Luna Classic is available on eToro.
Cryptoassets are a highly volatile unregulated investment product.
Terra Luna Classic (LUNC) Price Prediction
The price of LUNC is coiling within a bullish continuation pattern which could lead to success for the bulls and result in a price explosion through the $0.000335 and $0.000362 resistance levels.
Should LUNC be able to hold a critical support level of the bull pennant ($0.000292) we may see continuation to the upside with enough accumulation and volume.
LUNC/BUSD – 4 Hour Time Frame.
With no signs of bearish divergences across the relative strength index and a healthy pull back from $0.000327 to $0.000288 there could be a chance that the bulls might win on this particular occasion.
Measuring the flagpole of the bull pennant, the technical target would bring the price of Terra Luna Classic (LUNC) up to $0.000435. This is a 42.84% increase from current trading prices at $0.000294.
The bearish scenario for LUNC is that the support level of the bull pennant is lost and a retest of prior support levels at $0.000264 and $0.000255 could be retested before another potential bounce to the upside.
LUNC/BUSD – Daily Time Frame.
Zooming out on the Terra Luna Classic (LUNC) price charts we can see that LUNC bounced at $0.000176, a critical support level of the swing high of $0.000166 set on the 29th of June.
LUNC is now hovering above the sweeping price when it launched again on Binance on the 30th of May. It is imperative that LUNC stays above $0.00029 for the sentiment to remain bullish.
Overall, Terra Luna Classic (LUNC) is still in a macro downtrend since $0.00059. It is going to take a lot of bullish price momentum and strength from the bulls in order to recover back to those levels.
After increasing in price over 600% from the 22nd of August and correcting by 70%, we may now see sideways trading for LUNC. In order to achieve higher prices the supply of LUNC needs to decrease.
According to Coinmarketcap Terra Luna Classic (LUNC) has a market capital of $1.8 billion and is now ranked #31 versus other cryptocurrencies.
Terra Luna Classic (LUNC) Burning Supply
Long term, Terra Luna Classic needs to burn more of its superfluous total supply of 6,151 billion coins. Since Binance integrated the burning mechanics just yesterday we are already beginning to see a rapid increase in the rate of burning for LUNC.
According to Terrarity, there are now a total of 6,279,471,687 LUNC tokens that have been burnt which is 0.0909% of all tokens. A realistic target by the end of 2022 could be achieving a total of 0.25% burnt LUNC in terms of total supply.
Source: Terrarity.
As the saying goes, the trend is your friend. The above chart demonstrates that over the last 30 days we have seen a significant increase in the amount of LUNC that is being burnt across the Terra Luna Classic ecosystem. This particular data is very bullish for the longevity of LUNC and could mean over the next 5-10 years the price of LUNC will be much higher, perhaps even knocking off one or two zeroes.
Terra Luna Classic (LUNC) Video Analysis
Terra Luna Classic is still volatile and is a community-based token. The blockchain market is still choppy and the sentiment of the crypto markets overall remains extreme fear. Naturally, we should expect rejections at resistance levels and not parabolic bull runs.
LUNC has been in the limelight over the last few weeks, but is appearing to slow down, we could see more surprises before the end of 2022 where historical data suggests that October/November/December are bullish months in terms of Bitcoin performance.
If Bitcoin is in an uptrend Altcoins will usually follow.
Will Tamadoge Outperform LUNC?
Terra Luna Classic has already increased in price over 1,000% since June 2022. Whilst it has achieved incredible milestones and performed very well, the upside potential might now be limited.
Tamadoge is launching on the OKX exchange today at 12pm BST following an extremely successful presale which raised $19 million in just 6 weeks. There is a good chance that we might see TAMA explode between 500-1,000% over the next few days or weeks.
This is very much dubious speculation, but the hybrid of unique selling points Tamadoge meme coin has to offer such as the deflationary supply, tax-free transactions, play-to-earn capabilities and much more provide TAMA with huge long-term growth potential.
Parties interested in trading or holding Tamadoge can sign up now to the OKX exchange and also be automatically entered for the chance to potentially win $10,000.
Update – the Tamadoge IEO has now also been featured on Cointelegraph.
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- '10x - 50x Potential' - CNBC Report
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This article was written for Business 2 Community by Jacob Bury.
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