Terra Luna Classic (LUNC) Gains Traction Following a Significant Weekly Token Burn of 320 Million LUNC

Terra Luna Classic's price has climbed alongside the increasing burn activity. Over 320 million LUNC tokens were removed from circulation this past week.

Terra Luna Classic (LUNC) price is up slightly in the past 24 hours as the token continues to burn at a rapid pace. This burn activity is seen by traders as a positive sign for LUNC price. As the supply of the token shrinks, investors are left anticipating increased price pressure that could fuel an upward trend. This burn event, coupled with growing interest in the Terra Classic ecosystem, has contributed to a surge in LUNC’s price over the past 24 hours, making it a key focus in the cryptocurrency market.

Recent Burn Activity Boosts LUNC’s Price Momentum

Terra Luna Classic’s price has climbed alongside the increasing burn activity. Over 320 million LUNC tokens were burned from the total supply this past week. According to data from LUNC.TECH, 15 million LUNC were burned today alone, both through direct burns and tax mechanisms. This increased burn rate has played a key role in the token’s price performance. Reducing the supply often leads to higher demand, which can drive prices up. Terra Classic’s strategic token burn initiative is a central part of its plan to restore value and stability to its ecosystem.

In the past hour, there have been a total of 101.00 $LUNC tokens burned and 1 transactions.

TODAY BURNED

By TX: 6,101.00

By TAX: 15,008,049.70

Total: 15,014,150.70

Website: https://t.co/q4WijVKbSr#luncarmy #lunc

Key Support and Resistance Levels to Watch

At press time, LUNC is trading at $0.00009278, reflecting a 1.47% increase in the last 24 hours. However, the token is down by 1.06% over the past week. As you can see from our LUNC price chart, the token price is attempting to break through a key resistance level following a recent rally.

If we take a closer look at the 1-day chart, we can see that LUNC dropped to a low of $0.000089 and a high of $0.000097. This price range could serve as a crucial zone for LINC’s upcoming price movement.

If LUNC fails to break past the resistance at $0.000097, we could see a price retracement. However, if the token price manages to cross this resistance level, it could trigger a stronger bullish move.

On the support side, the price recently dipped to a low of $0.000091 before recovering. If LINC drops below this support, the next level could be around $0.000090.

Technical Indicators Signal Bullish Momentum

The 1-day RSI for Terra Luna Classic currently reads 57.59, which indicates balanced market sentiment. This means the asset is neither overbought nor oversold, pointing to a stable trading environment. Furthermore, the 1-day MACD is trading above the signal line, which is a key indicator of potential bullish momentum in the short term.

The information presented in this article is for informational and educational purposes only. It does not constitute financial advice or an offer to sell or buy any cryptocurrency. It’s crucial to conduct your own research, considering the highly volatile nature of the cryptocurrency market, and consult with a qualified financial advisor before making any decisions.

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