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How 100B Token Burn Could Send Terra Luna Classic To $1 – Crypto News

Published

2 years ago

February 29, 2024

Dripp

Terra Luna Classic joined other cryptocurrencies as they rallied this week buoyed by a staggering breakout in Bitcoin price to highs near $64,000. LUNC price, amidst the volatility in the market, doubled down on bullish efforts to blast from a weekly low of $0.0001137 to the current yearly high of $0.0001563.

While investors contemplate taking profits or increasing exposure, LUNC has taken a breather to trade at $0.0001467 during US business hours on Thursday.

Can LUNC Price Rally To $1 In This Bull Market

Terra Luna Classic has been a token on a roller coaster since the Luna saga in 2022. From a vibrant high-flying token, LUNC plunged mercilessly from a record high of $119 to a record low of $0.000001.

In the last two years, the community with the help of developers within the ecosystem has worked hard to revive the once vibrant token. Although it has a long way to go, LUNC has managed to weather the storm, surviving one of the longest crypto winters in history.

As reported, the token burn program achieved a major milestone, surpassing 100 billion LUNC. The Terra Luna Classic community embarked on a mission to reduce the supply of the native token to help boost its value and position in the market.

Binance, the largest cryptocurrency exchange, in addition to listing various trading pairs, stands out as the biggest contributor to the token burn program, accounting for 51% of all the LUNC burned.

The next Binance LUNC token burn is anticipated on March 1, paving the way for the second phase above the 100 billion landmark achievement. Various parties contribute to this important mission including crypto exchanges like Binance, validators, other crypto projects, and community members.

Binance removed from circulation over 2 billion LUNC in the previous batch (18th) sparking a minor price increase. Now that sentiment has improved immensely culminating in an end-of-February rally, Terra Luna Classic could ignite another rally to $0.0002 in early March.

So far Terra Luna Classic boasts 5.78 trillion in available supply. Its total supply holds at 6.81 trillion with the difference currently locked in staking contracts.

Key Levels Set To Determine Where Terra Luna Classic Heads To

LUNC price currently holds within the confines of two important levels. The first one is the supply highlighted by the green band around $0.00014 and the resistance in red approximately at $0.00015.

Following the rally in February, some semblance of stability may take precedence within the distinct support and resistance. Based on the outlook of the Moving Average Convergence Divergence (MACD) indicator, buyers can uphold the uptrend and successfully retest the barrier ahead of a larger breakout towards $0.0002.

Other cryptocurrencies have also paused their rallies led by Bitcoin whose support at $62,000 holds firmly. Traders anticipate a re-accumulation period followed by another breakout ahead of the halving in April.

As for Terra Luna Classic, the 19th token burn batch by Binance could ignite another run on March 1. Therefore, it is worth keeping an eye on the green support area and the red resistance zone as the two key levels likely to shape the narrative in the short term.