Terra Luna Classic Crypto Price Prediction
Terra Luna Classic (LUNC) is ravenously charging through a bullish reversal pattern known as a falling wedge. Over the past 24 hours, the bulls have picked up again and buyers are starting to move in to slow the fall.
Will Terra Luna Classic retake the $0.0003 price level?
Terra Luna Classic (LUNC) Price Estimate
At the time of writing, Terra Luna Classic (LUNC) is trading at $0.000265 according to Coinmarketcap and now has a market cap of $1.63 billion.
Trading volume has fallen off a bit on the Binance exchange as the expected 1.2% supply burn mechanisms were not implemented and FUD surrounding Do Kwon led to a further decline in price reducing investor appetite.
Despite the bearish news, Terra Luna Classic is trading within a fairly bullish-looking pattern.
As we can see, LUNC is constantly being rejected on the 20-day moving average, and this kind of pullback prevents LUNC from taking another uptrend.
Residing within the descending wedge was a descending triangle that we can see Terra Luna Classic (LUNC) has now broken through.
The next hurdle is to break through the resistance trend line of the falling wedge pattern at $0.000273. If this is achieved, the next technical price target is $0.000335, which would result in a price increase of about 25.15% from current levels.
If Terra Luna Classic loses its price structure within the descending wedge pattern, there is a chance that we could lose the $0.000254 support, which would make another visit to $0.000236 likely.
Major CEX adopts burning mechanism
Some good news despite the recent price drop is that a large centralized exchange known as MEXC is adopting additional burn on top of their current burn of 1.2%.
When more centralized exchanges also integrate 1.2% burning mechanisms, we will see a greater amount of LUNC supply burning. According to Terrarity, 3,967,138,030 LUNC have been burned, which is only 0.0574% of the total supply.
Terra Luna classic video analysis
Terra Luna Classic has been one of the fastest growing cryptocurrencies for 2022. I still think we can see strong upside potential from here.
If LUNC can break out of the falling wedge pattern, we could see strong bullish momentum to the upside. Remember that September is notorious for being an extremely bearish month, so seeing a downtrend here and rejections at resistance is usually normal.
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