LUNC Price Shoots 30% After 3.1 Billion Token Burn

Terra Classic (LUNC) price has experienced a significant surge recently, riding the wave of a broader cryptocurrency market rally. This upswing has caught the attention of investors as bullish market trends dominate December. LUNC’s momentum is further strengthened by increased token burns, with 3.1 billion tokens removed from circulation. This reduction in supply may support continued price growth as investor interest in LUNC intensifies.

LUNC Price Leaps 30% After Huge 3.1 Billion Token Burn

Terra Classic has experienced a significant surge in value, with its price shooting up by 30% following a recent token burn of over 3.1 billion tokens. The burn, part of ongoing efforts to reduce the circulating supply of LUNC, has sparked renewed interest in the token. 

Since May 13, 2022, a total of 392.84 billion LUNC tokens have been burned, significantly shrinking the coin’s circulating supply. Currently, there are 5.52 trillion LUNC tokens in circulation, down from the total supply of 6.51 trillion.

The recent burn is seen as a strategic move to increase the token’s scarcity, often leading to price appreciation. The 3.1 billion tokens burned in the last week have contributed to the growing optimism surrounding LUNC’s potential in the market.

Can Terra Classic Price Hit $0.01 In 2024?

In the last 24 hours, the LUNC price has experienced a notable price increase, showing signs of an upward trend. The Terra Classic price is currently at $0.0001631, marking a more than 30% gain during the U.S. trading session. This surge highlights a larger positive momentum, as the cryptocurrency reached a daily high of $0.0001627 earlier today.

The recent price action suggests that LUNC could be on the verge of breaking through its immediate resistance level of $0.000163. If it surpasses this, the cryptocurrency may target the $0.0001 mark. Continued bullish momentum could push the price even higher, potentially reaching $0.001 in the coming days.

Technical indicators also support the idea of further growth for LUNC. The Relative Strength Index (RSI) stands at around 78, signaling that the asset is overbought. Meanwhile, the Moving Average Convergence Divergence (MACD) reveals a slightly bullish trend as the MACD line moves above the signal line. This divergence suggests increased buying pressure, strengthening the case for continued upward movement.

LUNC’s recent surge, fueled by the 3.1 billion token burn, highlights growing market confidence. Continued supply reduction and bullish market conditions could push LUNC’s price further, potentially reaching new highs.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.