- LUNC defies resistance, and surges with bullish momentum, signalling the potential for upward movement.
- Token burn amplifies LUNC’s momentum, reducing supply and fueling investor interest.
- The LUNC market cap and trading volume surge highlight growing belief in its potential.
The past 24 hours have seen impressive bullish momentum in the Terra Classic (LUNC) market, defying bearish attempts to dampen the price. With support holding firm at $0.00008107, LUNC has gained 2.55% and has risen to $0.00008349 as of press time while facing resistance at $0.0000848.
The surge in LUNC’s market capitalization and 24-hour trading volume by 2.42% and 116.11%, respectively, underscores the significant interest from investors. This notable growth signifies a belief in the potential of LUNC and indicates the likelihood of continued upward momentum in its price.
In the latest update, it has been revealed that the total number of LUNC tokens burned currently stands at 68,303,850,914, representing approximately 0.99% of the total supply. Recently, an additional 44,789,088,501 tokens were sent to the burning address. This ongoing process of token burning enhances the overall ecosystem by reducing the circulating supply, potentially boosting LUNC’s value.
Should LUNC breach the resistance level at $0.0000848, it could pave the way for further upside potential, with the next resistance at $0.0000865 coming into focus. However, if bearish pressure intensifies and the price fails to surpass this resistance, a retracement towards the support level at $0.00008107 may be expected.
Examining the 1-hour LUNCUSD price chart, the Bollinger Bands indicate an upward movement, with the upper and lower bands touching $0.00008462 and $0.00008146, respectively. The upward tilted Bollinger bands suggests that there is potential for the price to continue to rise. However, developing red candlesticks indicate that the bullish momentum may encounter resistance.
The stochastic RSI reading of 51.04, descending below its signal line, implies a potential period of consolidation or even a reversal in the LUNCUSD price. A continued decline leading to a break below the lower band could signify a bearish trend.
Nevertheless, the Aroon indicators provide a contrasting view, with the Aroon Up at 78.57% and Aroon Down at 28.57%, suggesting the presence of ongoing bullish momentum in the LUNCUSD price.
In conclusion, the Terra Classic (LUNC) market has witnessed impressive bullish momentum, defying bearish pressure and surging in value. With increasing investor interest, ongoing token burning, and indicators pointing toward a potential upside, the future looks promising for LUNC.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
