In the last 24 hours, Terra Classic (LUNC) has experienced a notable rise of 4.4%, reaching $0.000080. The total supply of LUNC has surpassed 1.033 trillion, which is now over 15% of the total LUNC supply. Additionally, there has been a significant 118% increase in trading volume for Terra Classic, indicating heightened market activity.
Can LUNC Break Resistance Levels?
After a downturn to $0.00005697 on July 5, LUNC rebounded to provide a substantial 38% profit for investors who capitalized on the dip. Although it faced resistance around $0.00008052, successfully overcoming this level could lead to a 46% rise to $0.0001. However, a failure could result in a pullback to approximately $0.000066. Despite crossing above its 21-day Simple Moving Average (SMA), LUNC still faces resistance from the 50-day and 200-day SMAs.
How Are Technical Indicators Performing?
Multiple technical indicators suggest a promising outlook for Terra Classic. The Relative Strength Index (RSI) stands at 51.22, indicating a strengthening bullish momentum. Similarly, the Chaikin Money Flow (CMF) at 0.03 points to increased buying pressure. The Moving Average Convergence Divergence (MACD) indicator also crossed above the signal line on July 10, suggesting a shift from a downtrend to an uptrend.
Concrete Inferences
- Strong community support is evident with over 1 trillion LUNC staked, which reduces the circulating supply.
- The upcoming token burn update from Binance in August is anticipated to burn over 1.7 billion LUNC.
- Resolution of legal issues by August 9 could accelerate the rebuilding of the LUNC ecosystem.
- Successfully breaking minor resistance levels could drive LUNC to a 46% rise.
- Failing to break resistance could lead to a pullback, offering a buying opportunity around $0.000066.
Recent developments in Terra Classic’s legal landscape have also contributed to its price surge. A court extended the deadline for claims in its bankruptcy case to August 9, potentially accelerating the ecosystem’s revival. Furthermore, in June, Binance burned 50% of LUNC trading fees, equating to roughly 797 million LUNC. The community is now eagerly awaiting Binance’s next token burn update, which is expected to burn over 1.7 billion LUNC.
Over 1 trillion LUNC, representing more than 15% of the total circulating supply, is currently staked, highlighting strong community backing. This milestone could positively influence the price by reducing the circulating supply. The LUNC community is particularly keen on the anticipated token burns from Terraform Labs (TFL) wallets, foreseen to further decrease the altcoin’s supply.