Terra Luna Classic Price Levels

Terra Luna Classic (LUNC) is holding a key level of support of $0.00028 and has been trading sideways over the last 7 days. As the price continues to coil between support and resistance levels, emotional tension between the bulls and bears increases.

LUNC currently trades within a symmetrical triangle pattern and if we see a breakout to the upside there is a good chance Terra Luna Classic may pump once again.

Will LUNC reach $0.000362? LUNC is available on eToro.

Cryptoassets are a highly volatile unregulated investment product.

Terra Luna Classic (LUNC) Price Analysis

Bullish price momentum has come to a halt over the last few weeks following FUD regarding the arrest warrant for Do Kwon. Overall the correction from the local high at $0.000592 has been 59.32%.

LUNC is currently trading at a critical support level of $0.000281 which is just above the support trendline of a symmetrical triangle LUNC has been trading in over the last 7 days and 8 hours.

It is vital that Terra Luna Classic (LUNC) is able to hold this support level in order to prevent negative price continuation and print a swing low down to the $0.000255 support level.

Terra Luna Classic LUNC Symmetrical Triangle

LUNC/USD – 4 Hour Time Frame.

If Bitcoin continues with bearish price action through the remainder of September there is still a good chance we could see lower prices for LUNC before seeing more upside potential.

Should the bulls be able to forge enough momentum for a recovery, we could see a swing high back to the resistance trendline of the symmetrical triangle at $0.0003083. If Terra Luna Classic (LUNC) can break through the resistance trendline we could see bullish momentum and a swing high up to the resistance of $0.0003352 for LUNC.

The bulls have been weakened over the last few days and the bears have shown signs of strengths. We can see Terra Luna Classic (LUNC) is struggling to get past the 20-day moving average on the 4 hour time frame.

If we can close above the 20-day moving average on the 4 hour time frame there may be a chance that Terra Luna Classic (LUNC) recovers back above the $0.0003 price levels.

LUNC has not yet broken through the upper or lower band on the bollinger bands for quite some time now, this reflects that volatility has reduced for Terra Luna Classic. I do anticipate a decisive move for LUNC over the next few days.

Centralized Exchanges Burn More LUNC

Over the weeks we are going to see more centralized exchanges deploy a 1.2% tax burning mechanism for LUNC. This will gradually help raise the floor price of Terra Luna Classic and increase investor appetite.

As more exchanges follow, more LUNC will burn across the entire ecosystem reducing the superfluous current supply of luna classic – a huge 6,161 billion tokens.

Source: Terrarity.io, LUNC Burning Chart

From May 2022, a total of 4,141,525,751 LUNC tokens have been burnt. Whilst this is a very large number, in the grand scheme of things is only 0.059% of the total circulating supply of LUNC.

In order to see the price of LUNC rocket in the future we need more CEX’s to deploy the burning tax mechanics followed by a healthy amount of continuous trading volume and new holders to get past the 10% burn level.

In further news, the CoinEx centralized exchange has recently adopted the 1.2% burning mechanics, one step closer to achieving the community goal of having all centralized exchanges deploy LUNC burning.


Terra Luna Classic (LUNC) Video Analysis

The market capital of Terra Luna Classic (LUNC) has now swept below $2 billion according to Coinmarketcap. Unless we see further deployment of the 1.2% burning mechanics across more major centralized exchanges it could be difficult for LUNC to recover back above $3 billion for now.

If you are keen to get hold of LUNC today, you can visit eToro, although it is wise to remain risk averse as we are still in bearish territory.

Cryptoassets are a highly volatile unregulated investment product.

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