Terra Luna Classic (LUNC) shocks the crypto market once again as it pumps over 15% in the last 24 hours.
Shortly after pumping back up to $0.000296, LUNC retraced slightly down to $0.000279 and must now retest $0.00029.
Will Terra Luna Classic recover back to $0.00032 in October? LUNC is available on OKX.
Terra Luna Classic (LUNC) Crypto Price Prediction
Moments before Terra Luna Classic (LUNC) broke out today I had warned members the price was about to do something special in my official discord channel.
Terra Luna Classic had been trading within a bullish reversal pattern known as a broadening descending wedge.
This is formed when the price rallies and retraces within a descending wedge which has diverging resistance and support trendlines.
Currently, LUNC is trading at $0.000282 but is still up by 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 comfortably found support around the $0.000257 following the recent breakout due to the bullish news around Binance who will soon be integrating the 1.2% burning and taxing mechanics.
Whilst a rapacious breakout occured, LUNC didn’t quite hit the technical price target of $0.00033.
It is now imperative that LUNC can hold the $0.00028 support level in order to prevent negative continuation to the downside and from entering the broadening wedge pattern once again.
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 would result in an uptrend for Bitcoin which should also drag altcoins such as Terra Luna Classic up with it. The Bitcoin price is up today alongside LUNC but yet to break out with conviction.
Even though LUNC has been in the limelight once again these past 24 hours, on the macroscale LUNC has still formed a lower high which is technically bearish.
I speculate that October we may see the price of LUNC chop between $0.000329 and $0.000257.
LUNC Must Burn More Supply
It is crucial that Terra Luna Classic continues to burn more of its ever so inflated supply of 6,151.07b tokens in order to see positive price action for the future.
Recently, more major centralized exchanges in the market such as Binance are onboarding the 1.2% tax burn and mechanics which is a great start.
Once we see more tier 1 and tier 2 centralized or decentralized exchanges follow in their footsteps, the supply of LUNC will come down.
As we can see the last 30 days of burning for the total LUNC supply looks fantastic and is almost completely linear.
As exchanges bring in more trade volume for LUNC and if the Terra Luna Classic community is able to thrive with morale and confidence more LUNC tokens will be burnt.
According to Terrarity, it is predicted that in 5 years 8.436% of the total LUNC supply will be burnt. This is a total of 582,197,733,676 tokens compared to the 0.062% that has been burnt today.
Terra Luna Classic (LUNC) Video Analysis
The crypto markets are still shaky and we are still plunging deeper into a crypto winter which could mean lower crypto prices in the near future.
I would remain risk averse when making decisions around throwing 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 around the next big crypto you can join my discord channel.