After weeks of downward pressure on its value, the Terra Classic (LUNC) price has started to show signs of recovery. This upward movement comes as other cryptocurrencies begin to recoup their recent losses. Over the course of August, LUNC predominantly experienced bearish trends following broader market corrections. Nonetheless, as altcoins gradually rebound, LUNC also regains some ground.
LUNC Price Rises Following Token Burn
The price of Terra Luna Classic (LUNC) has experienced a significant uptick recently. This surge follows a series of community-led initiatives, including a substantial token burn by Binance. The cryptocurrency exchange has now eliminated nearly 65 billion LUNC tokens. Such actions contribute to a growing optimism in the crypto markets.
Bitcoin price remains strong, maintaining a position above the $59,000 mark. Similarly, Ethereum (ETH) has also seen its value stabilize over $2,500. These trends enhance the overall market atmosphere, influencing most cryptocurrencies like LUNC.
This comes as Terraform Labs prepares for a critical bankruptcy hearing on September 19, where the court will deliberate on the company’s future financial restructuring or potential liquidation.
Terra Classic Price Surges 6% After Recent Bullish Trends
Over the past 24-hours, Terra Classic price has shown positive performance, indicating an ascending trend. The Terra Classic price is hovering above $0.00007 as the market gains momentum.
At the time of writing, the LUNC price is trading at $0.00007871, with a surge of more than 5.65% during the U.S. trading hours. This rise is part of a broader upward movement seen in the graph, with the currency touching a daily high of $0.00007933 earlier in the day.
A positive shift in market conditions could see Terra Classic break through its current resistance level of $0.00008. Successfully passing this threshold might pave the way for the cryptocurrency to reach $0.00009. If the momentum continues, there’s potential for LUNC to climb to $0.0001 in the next bullish run.
The daily technical indicators for the LUNC price suggest a potential rebound, as observed in the recent trading sessions. The Relative Strength Index (RSI) hovers around 46, indicating a neutral stance but leaning towards a bullish trend.
The Moving Average Convergence Divergence (MACD) shows a slight bullish momentum. The MACD line (blue) begins to diverge above the signal line (orange), signaling increased buying activity.
On the flip side, a negative trend could result in a dip to $0.00007. If the downtrend extends, Terra Classic may find a new floor around $0.00006. These could lead to a strong market sell-off.
Frequently Asked Questions (FAQs)
The bankruptcy hearing on September 19 will be crucial in determining the financial restructuring or potential liquidation of Terraform Labs, which could impact LUNC’s stability and future.
LUNC needs to surpass the $0.00008 resistance level to maintain its upward trajectory and potentially reach higher price points like $0.00009 or even $0.0001.
The recent price increase of LUNC is primarily driven by substantial token burns by Binance and positive overall crypto market trends.
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/lunc-price-eyes-86-rise-after-after-binance-burns-more-gains-ahead/
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