Terra Luna Classic Price Prediction as Addresses and Burn Rises

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Ter­ra Luna Clas­sic price has been in a strong down­ward trend in the past few weeks as the cryp­to mar­ket recoiled. LUNC declined to a low of $0.00013 on Novem­ber 8. At its low­est point, Luna Clas­sic was down by about 77% from its high­est point in Sep­tem­ber. Its mar­ket cap has plunged to about $970 mil­lion, mak­ing it the 43rd biggest cryp­tocur­ren­cy in the world.

LUNC burn rate increased

Ter­ra Luna Clas­sic, the rem­nant of Ter­ra, has become a pop­u­lar cryp­tocur­ren­cy in the past few months despite the col­lapse of the ecosys­tem. It has also done rel­a­tive­ly bet­ter than Ter­ra 2.0, which is the ver­sion sup­port­ed by Do Kwon. 

One rea­son for its pop­u­lar­i­ty is the ongo­ing burn rate. Burned cryp­tocur­ren­cies are placed in a vault that can­not be accessed. In Novem­ber, over 18.4 bil­lion LUNC coins were burned. That was a big increase than the 18.3 bil­lion burned in Octo­ber and 4.2 bil­lion burned in Sep­tem­ber. In total, over 28.2 bil­lion LUNC coins have been burned.

Anoth­er impor­tant cat­a­lyst for Ter­ra Luna Clas­sic is that the num­ber of address­es has been increas­ing. They rose to more than 11,851 in Novem­ber, which was much high­er than the 11,615 at the end of Octo­ber this year. This is notable because cryp­tocur­ren­cies went through tur­moil in Novem­ber fol­low­ing the col­lapse of FTX and Alame­da Research.

Terra Luna Classic price forecast

The dai­ly chart shows that the LUNC price crashed hard in Novem­ber. As it pulled back, the coin formed a falling wedge pat­tern. In price action analy­sis, this pat­tern is usu­al­ly a bull­ish sign. With the wedge near­ing its con­flu­ence lev­el, there is a like­li­hood that the coin will stage a come­back in the com­ing days.

Ter­ra Luna Clas­sic price has moved below the 25-day and 50-day mov­ing aver­ages while the MACD has moved below the neu­tral lev­el. There­fore, I sus­pect that the coin will like­ly resume the bull­ish trend. If this hap­pens, the next key resis­tance lev­el to watch will be at $0.00030. A drop below the sup­port at $0.00012 will inval­i­date the bull­ish view.

Terra Luna Classic



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