- Terra Classic (LUNC) has surged 20% in the past week, driven by its ongoing burn mechanism and broader market recovery, with Bitcoin nearing $100,000.
- If bullish momentum continues and key resistance levels are broken, LUNC could potentially reach $0.0001 in the coming months.
The cryptocurrency market has been experiencing a strong recovery, and Terra Classic (LUNC) has emerged as a key player in this bullish trend. Over the past week, LUNC has recorded impressive gains, fueled by its ongoing token burn mechanism and positive market sentiment. But how far can LUNC go in the next 90 days?
LUNC’s Recent Performance and Market Trends
Currently, LUNC is trading at $0.00008 after a 10% surge in the last 24 hours. This marks a continuation of its five-day winning streak, where it broke key resistance levels and climbed 20% over the past week. The broader crypto market recovery, led by Bitcoin (BTC) nearing the $100,000 mark, has added to LUNC’s momentum.
The ongoing burn initiative has significantly reduced LUNC’s circulating supply. Over 628 million LUNC tokens were burned in the past seven days alone, bringing the total burned supply to 402.78 billion. Of this, 67.86 billion LUNC were removed through on-chain burns, while 334.92 billion were sent to the burn wallet, mainly by Terraform Labs.
With a circulating supply of approximately 5.51 trillion LUNC, market sentiment remains highly bullish. Investors are now speculating whether LUNC can continue its upward trajectory and reach new highs.
Can LUNC Reach $0.0001?
LUNC’s price action has formed a rising channel, suggesting the potential for further gains. A breakout above the $0.00008 resistance level could pave the way for a 25% rally, targeting $0.0001028.
Technical indicators also support this bullish outlook:
- MACD (Moving Average Convergence Divergence): Trending above the signal line, indicating strong buying momentum.
- RSI (Relative Strength Index): Currently at 78, signaling overbought conditions, which could mean a temporary pullback before further upward movement.
- Green Histogram Bars: Reflect increasing buying pressure, further confirming the bullish sentiment.
If Bitcoin surpasses $100,000, LUNC could experience additional buying pressure, driving its price closer to the psychological level of $0.0001. However, traders should also keep an eye on key support levels at $0.00006420 and $0.000062, which could act as safety nets in case of a market correction.
Conclusion: A Promising Outlook for LUNC
Terra Classic (LUNC) has shown resilience and strong bullish momentum, thanks to its burn mechanism and improving market conditions. With Bitcoin nearing the $100,000 milestone, LUNC could benefit from increased investor confidence, potentially pushing its price toward $0.0001 in the coming months.
While the outlook remains optimistic, traders should monitor resistance levels at $0.000084 and $0.00009, as breaking these could accelerate further gains. As always, market volatility remains a factor, so investors should trade cautiously while keeping an eye on macroeconomic trends and Bitcoin’s performance.
