Terra Classic price has surged significantly, aligning with November’s broader crypto market rally. This bullish trend has sparked optimism among investors, with the potential for a 170% rally. The surge is further supported by a rising number of LUNC token burns, which could strengthen price momentum as market interest intensifies and traders eye long-term growth opportunities.
LUNC Burn Fuels Terra Classic Price to Eye Huge 170% Rally
The recent burn of 1 billion LUNC tokens by Binance has reignited investor interest in Terra Luna Classic price. The token’s trading volume on Binance has surged, fueling optimism about its price prospects.
The Terra Classic Foundation announced that 50% of trading fees will be used to buy back and burn LUNC tokens. This strategy aims to reduce the token’s circulating supply, boosting market expectations for a potential price rally.
According to LUNC metrics, 393 million LUNC tokens were burned in the past seven days. Since May 13, 2022, the total burn count has reached 389.25 billion tokens. Despite this, the current circulating supply remains high at 6.51 trillion tokens, with the total supply slightly above 6.52 trillion.
LUNC Price Prediction: Is $0.0003 Within a Reach?
Over the past month, the LUNC price has surged by more than 30%, marking a significant rebound in market activity. The latest LUNC price trades at $0.0001092, reflecting a slight 1.14% decline within the last 24 hours. The token’s value remains volatile, fluctuating between a daily low of $0.0001071 and a high of $0.0001128. Despite this minor dip, the coin has shown a steady upward trend over the past few weeks.
Today, November 19th, the crypto market has seen a slight surge. The BTC price remains strong, hovering above the $91,000 mark. Similarly, Ethereum’s price has stabilized over $3,100.
A shift in market sentiment could drive Terra Classic price beyond its current resistance at $0.00019. Breaking this barrier may open the path toward $0.00025, creating an optimistic investor scenario.
If the cryptocurrency sustains its bullish momentum, a surge to $0.0003 could be within reach. This projected 170% rally aligns with the growing interest surrounding the token’s market activity.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover. The MACD line is above the signal line, further supporting positive sentiment.
Terra Classic’s recent burn events and strong market activity have fueled optimism for significant price gains. With bullish technical indicators and growing investor interest, the token could break resistance levels and achieve a 170% rally in the coming weeks.
Frequently Asked Questions (FAQs)
The recent price surge is fueled by massive LUNC burns and increased trading volume, sparking investor optimism.
Binance recently burned 1 billion LUNC tokens, with 393 million burned in the last seven days.
The circulating supply of LUNC is approximately 6.51 trillion tokens.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/terra-classic-price-eyes-170-surge-following-massive-lunc-burn/
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