Terra Classic Price Prediction: Will LUNC Hit $0.001 By March End?

Business

Will LUNC Hit $0.001 By March End? – Crypto News

Published

1 year ago

March 2, 2024

Dripp

Terra Classic price prediction: LUNC has recently shown impressive growth in the cryptocurrency market, signaling a notable surge. The price of Terra Classic (LUNC) has climbed by 21.25%, reaching $0.0001745 in the past 24-hours. This increase is part of a larger trend over the past week, where Terra Classic’s price jumped by 47%. Such a consistent rise suggests a bright outlook, with possibilities for further advancements.

The volume of transactions over 24 hours also experienced a significant jump, exceeding 160% to hit $315 million. This reflects sustained investor interest during this period of price appreciation. With a market capitalization of $21.35 billion, LUNC now stands among the top one hundred digital currencies as per Coinmarket data. Over the week, LUNC’s value oscillated between $0.00017 and $0.00011, steadily climbing.

Terra Classic Price Prediction: Factors Influencing Future Growth

Bitcoin, the front-runner in the cryptocurrency market, has recently surpassed the $61,000 mark, showcasing strong bullish momentum. This surge is particularly noteworthy as it comes ahead of Bitcoin’s highly anticipated halving event, setting the stage for potential growth in Terra Classic LUNC. In the last month alone, LUNC price has seen an impressive surge of over 81%, signaling a bullish trend for the short term.

The Terra Classic (LUNC) community is experiencing renewed optimism, largely due to a strategic approach to token burning. An uptick in LUNC staking and increased trading volumes have also contributed to this positive outlook. Binance has played a crucial role in this scenario by burning 2.21 billion LUNC tokens in its 19th batch, bringing the exchange’s total LUNC burns to over 53 billion. The Terra Luna Classic community has burned over 102 billion tokens.

Binance’s decision to destroy 5.57 billion LUNC tokens in January has been a key factor in boosting community morale. Furthermore, introducing a USTC perpetual contract and new trading pairs for USTC and LUNC on Binance and other trading platforms has encouraged greater market participation.

Terra Classic’s Market Position and Technical Indicators

The initiative by Binance to reduce the circulating supply of LUNC has injected positive momentum into its market performance. If this upward trend pushes the value of LUNC beyond the $0.00017 benchmark, it’s anticipated that the digital currency will gain further bullish traction. This momentum could enable it to breach successive resistance levels, initially targeting $0.00019 and potentially extending to $0.001.

On the flip side, a shift in market sentiment towards pessimism could lead to a decline in LUNC’s price, potentially retracting to the support level of $0.0001. In a continued downtrend, the price might be forced down even further, nearing a lower support point at $0.00009.

Technical indicators offer a significant view of the market dynamics. The Moving Average Convergence Divergence (MACD) analysis signals an ongoing uptrend, with the MACD line and signal line maintaining positions above the zero mark. The Relative Strength Index (RSI) on a daily scale hovers just above 80, indicating an overbought market. Furthermore, the Chaikin Money Flow (CMF) indicator reinforces the current optimistic market sentiment, hinting at a bullish undercurrent among the trading community.