Terra Luna Classic (LUNC) Crypto Price Prediction October 2022
Terra Luna Classic (LUNC) shocks the crypto market once again as it pumps over 15% in the last 24 hours.
Shortly after pumping back to $0.000296, LUNC retreated slightly to $0.000279 and now needs to retest $0.00029.
Will Terra Luna Classic bounce back to $0.00032 in October? LUNC is available on OKX.
Terra Luna Classic (LUNC) Crypto Price Prediction
Moments before the Terra Luna Classic (LUNC) broke out today, I had warned members that the prize was about to do something special in my official discord channel.
Terra Luna Classic had been trading within a bullish reversal pattern known as an expanding descending wedge.
This is formed when price rises and retraces within a descending wedge that has diverging resistance and supporting trend lines.
Currently, LUNC is trading at $0.000282, but is still up 9.11% since this morning. This could potentially be a short-term retracement until we see more positive price continuation.
As we can see, LUNC found comfortable support around $0.000257 after the recent breakout due to the bullish news surrounding Binance, which will soon integrate 1.2% burn and fee mechanics.
While a violent breakout occurred, LUNC did not quite reach the technical price target of $0.00033.
It is now crucial that LUNC can hold the $0.00028 support level to prevent negative continuation to the downside and from re-entering the expanding wedge pattern.
Historically, October and November are strong months for the crypto markets, we could potentially see the entire market sentiment shift from extreme fear to neutrality or greed.
This will result in an uptrend for Bitcoin which should also pull altcoins such as Terra Luna Classic up with it.
Although LUNC has been in the spotlight again in the last 24 hours, on the macro scale LUNC has still formed a lower high which is technically bearish.
I speculate that October we may see the price of LUNC cut between $0.000329 and $0.000257
LUNC needs to burn more supply
It is imperative that Terra Luna Classic continues to burn more of its ever-inflated supply of 6,151.07b tokens to see positive price action for the future.
Recently, several large centralized exchanges in the market, such as Binance, have adopted 1.2% tax burn and mechanics, which is a great start.
As we see more centralized or decentralized Tier 1 and Tier 2 exchanges follow in their footsteps, the supply of LUNC will decrease.
As we can see, the last 30 days of burning for the total LUNC supply looks amazing and is almost completely linear.
As exchanges bring in more trading volume for LUNC and if the Terra Luna Classic community is able to thrive with morale and confidence, more LUNC tokens will be burned.
According to Terrarity, it is predicted that in 5 years, 8.436% of the total LUNC supply will be burned. This is a total of 582,197,733,676 tokens compared to 0.062% that has been burned today.
Terra Luna Classic (LUNC) video analysis
The crypto markets are still volatile and we are still plunging deeper into a crypto winter which could mean lower crypto prices in the near future.
I will remain risk averse when making decisions to throw large sums of working capital into volatile tokens such as Terra Luna Classic (LUNC), which has recently been described as a “community-based token”
For more of the latest crypto insights, signals and information surrounding the next big crypto, join my discord channel.
