LUNC Price Analysis: Terra Luna Classic Targets 63% Gain After Breakout

LUNC price has been on the rise in the last 24 hours, fueled by activity within the Terra Luna Classic ecosystem such as Binance burning its token and the release of v3. 0. 1 upgrade. This action has triggered a rally, positioning the cryptocurrency for potential gains.

The price movement began with a pre-upgrade surge, a common phenomenon in crypto markets often referred to as “buy the rumor, sell the news.”

LUNC/USD 24-hour price chart (source: CoinMarketCap)

The price of LUNC began the day at around $0.0001193 and saw a steady climb, reaching a peak near $0.000120. Subsequently, the trading volume over the last 24 hours has risen approximately 3.89%, totaling about $28.21 million. This rise in trading volume coincides with a 1.81% increase in market capitalization, aligning well with the slight upward trend in LUNC’s price.

Impact of Token Burn and Network Upgrades

Through its token burn initiative, Binance continues to support the Terra Luna Classic ecosystem. On June 1, Binance executed its 22nd token burn, removing 1.35 billion LUNC tokens from circulation. To date, the exchange has burned 60 billion LUNC tokens, representing 52% of all tokens the community burns, or 116 billion tokens in total.

Hello #LUNC community! We’re thrilled to announce that we’ve successfully upgraded to v3.0.1. 🚀

Let’s keep building! 💪💪💪 pic.twitter.com/NEXTvEvPX6

— Genuine Labs (@Genuine__Labs) June 2, 2024

This aggressive burn strategy by Binance underscores its commitment to the Terra Classic network and is a critical factor in the token’s price resilience and potential for future gains. Additionally, the network’s recent upgrade to v3.0.1, announced on June 2, aims to enhance the blockchain’s efficiency and is part of ongoing recovery efforts for the LUNC and USTC tokens.

Analysis of Price Movements and Technical Outlook

According to crypto analyst Javon Marks, the Terra Classic token is experiencing a bullish breakthrough, potentially marking the early stages of a more significant upward trend. Marks predicts a 63% increase in the token’s price, setting a target of $0.00021439.

This projection follows a pattern where LUNC has consistently responded positively to strategic developments within the network.

LUNC/USD Analysis: Source: X

A detailed examination of the LUNC/USDT pair shows a previous resistance line tested multiple times since early March when prices peaked around the $0.00025000 zone. Recently, LUNC has managed to break above this descending trendline, suggesting a bullish reversal that could set the stage for further gains.

Analyst Javon Marks has emphasized the importance of the $0.00021439 level, which he regards as a milestone for LUNC in the coming weeks. Beyond this target, Marks also sees potential for the token to reach new highs, projecting a staggered increase that could eventually lead to a price of $0.001391, a 1,134% rise from its current level.

This bullish sentiment is echoed in various market analyses, which predict that LUNC could surpass the $0.000200 mark in the near future, driven by sustained Binance support and ongoing network improvements.

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