Test chartTerra Classic crypto was trading at $0.0000929 at press time which has remained neutral over the past 24 hours. Its market capitalization was $507.21 Million and the 24-hour trading volume was $27.52 Million.
LUNCUSD trade ideas
showing uncertain signs for future sessionAccording to the Terra Classic Daily chart, the price structure shows that the price started rising briefly from October 2023 and rose spectacularly more than 300% after breaching the $0.0000950 level towards $0.000280. However, the bears stepped in, and seamless profit booking in LUNC led the price to degrade slowly, which later formed the support at the $0.0000900 level by January 23rd, 2024.
From this support, it took a momentary break, and bulls started filling in once again, which led to another surge of 180% from $0.0000910 to $0.000255 by March 5th, 2024. The bears started booking profit after March 6th onwards and fell to the depth at $0.0000712, which is below earlier crucial support. However, the candle closed at the crucial support at $0.0000900, which was by April 13th, 2024.
After spending a brief break, the price slowly started rising in an ascending wedge, and after interacting multiple times with dynamic resistance of 50-day, and 200-day EMA, in order to break it and rise, it failed and got shooked off below, that led to the breakdown of an ascending wedge pattern.
However, the price is near the same depth the last time at nearly $0.0000712, and if history repeats with buyers stepping in from this level, the tide could change as well.
Terra Classic (LUNC) Price Forecast & Indicator Overview!
At press time, the LUNC price has traded at $0.00007795 with an intraday decline of -14.07%, its trading volume at all major platforms is $151.57 Million, and market capitalization stands at $431.74 million.
Like the last time increase from April 13th, 2024, the LUNC crypto has revealed that it is near the same price it advanced briefly in the wedge from a crucial level of around $0.0000712 on the chart. The crypto asset could increase once again, contingent on the buyer's pressure and interest.
As of now, the dynamic resistances are pushing the price downward; MACD shows a bullish cross with a steep histogram, depicting less momentum. while the RSI has entered the extreme oversold zone below 30 and could hopefully start a U-turn; that's a possibility. Based on the indicators PoV, it shares with us the mix and fuzzy signals.
The asset is showing uncertain signs for future sessions, and it has performed pessimistically in the past week, month, and quarter by -16.98%, -32.36%, and -48.755, respectively, indicating a downtrend.
Therefore, if the demand for the LUNC increases abruptly, the asset price could bounce back from the current level. The next target for the price is to reach $0.0001300 and $0.0001720.
However, if the LUNC crypto price fails to stay above the $0.0000712 level, it could decline further towards $0.00005335.
Terra Classic To Make A Big Leap Amid Binance Burns 1.5B LUNC To
Binance burned 1.5 billion LUNC tokens, reducing the total circulating supply to 5.799 trillion tokens.
Terra classic Crypto may flip the bearish crossover of 50 and 200 day EMAs if a double bottom pattern is validated on the daily chart.
Terra Classic (LUNC) has been significantly energized by Binance, the foremost cryptocurrency exchange by trade volume. In the aftermath of Terra's blockchain turmoil in May 2022, Binance has assumed the responsibility of curtailing the inflated supply of LUNC.
The most recent burn event for Terra Classic on May 1 saw Binance eliminate 1.5 billion tokens. Per the on-chain data, this burn event has reduced the outstanding supply of Terra Luna Classic to 5,799,881,270,168 tokens.
Terra Classic's Resurgence: The LUNC Comeback Story!
For almost two years now, Binance has played a pivotal role in the resurgence of Terra Classic, employing a strategy of repurchasing and burning LUNC tokens, funded by the revenue from LUNC transactions on their exchange.
#Binance burns 1.5 billion SEED_DONKEYDAN_MARKET_CAP:LUNC 🔥🔥🔥For nearly 2 years, Binance has been actively contributing towards the recovery of #TerraClassic by method of a buyback and burn mechanism utilizing trading funds generated from SEED_DONKEYDAN_MARKET_CAP:LUNC trading on the #Binance platform.If you ever wondered… t.co pic.twitter.com/LtDlhRtL7t— #🅽🅸🅽🅹🅰 | LUNCninja.com (@LUNCninja) May 1, 2024
The key to LUNC's revival hinges on establishing financial strategies that methodically reduce its excess supply through incremental burns. The community is celebrating this development, which could bode well for LUNC's future valuation.
Let's delve into the potential future trajectories for LUNC by analyzing its market performance.
Is Terra Classic (LUNC) Poised to Overcome the Bearish Crossover?
In the scenario of Terra Classic (LUNC), a sustained upward momentum beyond the price point of $0.000118 could catalyze additional gains, potentially resulting in a 33% increase from the neckline of the established double bottom pattern. This projection is calculated by measuring the vertical distance from the pattern's lowest trough to its highest peak, as depicted on the accompanying chart.
It's important to note that a double-bottom pattern is not officially confirmed until there's a decisive breakout above the neckline resistance. At this critical juncture, traders often place buy orders, targeting a 33% ascent in alignment with the current LUNC price forecast.
Moreover, the convergence of the 50-day Exponential Moving Average (EMA) and the 200-day EMA is forming a 'death cross' pattern, which typically signals a bearish market turn. Should the bulls be unable to counteract the death cross's bearish implications, it may prompt an increase in short positions on LUNC, thereby intensifying selling pressure.
Conclusion.
Binance has been instrumental in Terra Classic's recovery, notably through a recent burn of 1.5 billion LUNC tokens, reducing the supply to 5.799 trillion. This action is part of a two-year strategy to revive LUNC by decreasing its surplus via transaction-funded burns. The community's optimism may positively influence LUNC's value.
On a technical note, a price rise above $0.000118 could lead to a 33% gain, but a confirmed double-bottom pattern and a 'death cross' signal potential bearish turns, which could increase short-selling pressure on LUNC.
Technical levels:
Support levels: $0.000089 and $0.000075
Resistance levels: $0.000118 and $0.00016
bullishThe LUNC crypto asset exhibits strong upward momentum and bullish tendency as it sustains above major 20, and 50-Day EMA bands. The price action shows that it has been getting ready and aims to cross it for higher price levels.
Moreover, major reliable indicator tools for the LUNC token illustrate bullish strength as MACD exhibits a bullish cross over the zero line with a broadening histogram. MACD line is at 0.0000196, the signal line is at 0.00001769, and the histogram is at 0.000001944.
The RSI is above 50 at the 68.48 level and implies that the LUNC crypto asset can push further for more upside in the coming sessions after some consolidation in price, which means taking a timewise halt in the ascent.
On examining the day chart, the Terra Classic exhibits bullish characteristics and illustrates that it can surge further in the upcoming sessions. At the time of publishing, the crypto experienced a surge of 1.37% in the last 24 hours, trading at $0.000190885.
If the demand for the LUNC price remains high, then the next goal for the price could be to reach $0.0003500, $0.0002800 is the likely resistance level. However, if the crypto price fails to surge and slips past the $0.0001500 level, it could decline further.
LUNC will PUMP soonGet ready for rocket ride in lunc in short term
Dont get attach to upcoming pump its a pump and dump mostly
Book ur profits time to time only hold 20% investment of ur buy order for long term
its only my view point & my TA says
