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Will the Terra Classic Price Crash As The Shuttle Bridge Shuts?

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2 months ago

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The Terra Classic price crawled back on Tuesday, November 5, reaching an intraday high of $0.000086. This LUNC recovery happened after Terra announced that it had permanently closed the Shuttle Bridge and burned the remaining tokens.

Terra Classic Price Reacts to Shuttle Bridge Closure

In an X post, Terra announced that it had permanently closed the Shuttle Bridge interface. This closure led to the burning of the remaining LUNC and USTC tokens in the bridge. A token burn happens when tokens are moved to a discrete address that cannot be accessed. 

The closure happened a few months after the developers opened the bridge to facilitate the redemption of the existing wrapped tokens. Precisely, the bridge helped users to send their LUNC and USTC bridged to Ethereum, BNB Chain, and Harmony back to Terra Classic. 

Terra Bridge X PostTerra Bridge X Post
Terra Bridge X Post

The opening of the Shuttle Bridge was part of the Terraform’s Chapter 11 bankruptcy proceedings, a few years after its collapse. As part of the settlement with the Securities and Exchange Commission, Terraform Labs had to burn the remaining tokens.

Terra Luna Classic Price Is At Risk

The LUNC price formed a double-top pattern around $0.00025 earlier this year, which explains why it has dropped by 65% from its highest level in March. The neckline of this pattern was at $0.000087, where it was trading on November 5. 

Terra Luna Classic price has remained below the 78.6% Fibonacci Retracement level. Most importantly, it has remained below the 50-day Weighted Moving Average indicator and the Ichimoku cloud.

The LUNC token has formed two bearish chart patterns. It has created a rising wedge, which is made up of converging higher lows and higher highs. In most periods, this pattern leads to a breakdown, especially when the two lines are nearing their confluence.

Terra Luna Classic has formed a bearish pennant chart pattern consisting of a long vertical line and a triangle-like pattern. 

Therefore, the combination of a double-top pattern, rising wedge, and bearish pennant means that the token will have a bearish breakdown in the near term. If this happens, the next reference level to watch will be $0.000054, its August lows, and 38% below the current level.

Terra Luna Classic PriceTerra Luna Classic Price
LUNC price chart | Source: TradingView

On the flip side, a move above the crucial resistance level at $0.00011, its highest swing in September, will invalidate the bearish view. If this happens, it will rise to the next key resistance level at $0.00013, its highest level in May.

Frequently Asked Questions (FAQs)

Odds are that the end of the Shuttle Bridge will lead to a bearish breakdown since it has formed a bearish pennant and a rising wedge pattern.

Technicals point to more Terra Luna Classic sell-off in the next few weeks. If they are accurate, the coin may drop by 38%.

Based on our technical analysis, the initial support and resistance levels to watch will be at $0.0000054 and $0.00011

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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.





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LUNC

LUNC Price Shoots 30% After 3.1 Billion Token Burn

Published

3 weeks ago

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December 3, 2024

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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.

LUNC Price Shoots 30% After 3.1 Billion Token Burn LUNC Price Shoots 30% After 3.1 Billion Token Burn
Source- LUNC Burn

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 Price Shoots 30% After 3.1 Billion Token BurnLUNC Price Shoots 30% After 3.1 Billion Token Burn
LUNC Price Chart: TradingView

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.

Frequently Asked Questions (FAQs)

The LUNC price shot up by 30% due to a recent burn of 3.1 billion tokens.

A total of 392.84 billion LUNC tokens have been burned since May 13, 2022.

The circulating supply of LUNC is 5.52 trillion tokens, down from 6.51 trillion.

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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.





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LUNC price

Terra Luna Classic Price Prediction After Weekly Burn of 320 Million LUNC

Published

2 months ago

on

October 22, 2024

By


Terra Luna Classic (LUNC) Price has surged significantly, showing a bullish trend over the past 24 hours. The cryptocurrency is witnessing increased momentum, increasing its price after a weekly burn. This upward trend signals the potential for further gains, drawing attention from traders looking to capitalize on the rally. 

Terra Luna Classic Price Surged As Burn Rate Increases To 726 Million

Terra Classic price surged as the recent burn activity gained momentum, with 101 LUNC tokens burned in the last hour across one transaction. Today’s burn volume stands at 15,014,150.70 tokens, with 6,101 tokens burned through direct transactions and 15,008,049.70 through tax mechanisms.

According to LunaMetrics data, a remarkable 320,164,105 tokens were burned in the past seven days, significantly impacting LUNC’s overall supply. This increased burning activity may improve the token’s price dynamics as the supply shrinks. The burning initiative remains vital to altcoin’s strategy of restoring value to the Terra Classic ecosystem.

LUNC Price Gains Momentum Amid Market Correction

Over the past 24 hours, the price of LUNC has shown a slight bullish movement, currently trading at $0.00009363, marking a 2.01% increase. The price experienced fluctuations, with the low reaching $0.00009035 and the high peaking at $0.00009714.

Despite these gains, most crypto market prices appear to be facing a correction. BTC remains above the $67,000 level, while ETH, SOL, and XRP have exhibited downward trends, raising concerns among market participants. The overall crypto sentiment remains cautious as the market digests these movements.

Can Terra Classic Price Reach $0.00015 Soon?

The Moving Average Convergence Divergence (MACD) indicator shows a positive crossover, suggesting bullish momentum might continue in the near term.

Terra Luna classic price is poised for a potential breakout as market conditions improve. A positive shift could see top altcoin surpass its current resistance level of $0.0001. If it successfully cross this mark, the next target for the cryptocurrency may be $0.00012. 

If the bullish momentum continues, especially with the ongoing LUNC burn, the price could reach $0.00015 during the next significant rally. 

Terra Classic Price Prediction After Weekly Burn of 320 Million LUNCTerra Classic Price Prediction After Weekly Burn of 320 Million LUNC
Terra Classic Price Chart: TradingView

The recent increase in Terra Classic’s burn activity has fueled bullish momentum, with price gains seen over the past 24 hours. If the positive market sentiment continues, the Terra price could surpass resistance levels and potentially reach $0.00015. The ongoing burns remain a key driver for future price performance and ecosystem value.

Frequently Asked Questions (FAQs)

The burn reduces the circulating supply of LUNC, which can drive price increases due to scarcity and growing demand.

LUNC’s current resistance level is $0.0001, which, if broken, could lead to further price gains.

If the current bullish momentum continues, LUNC could reach $0.00015 during the next significant market rally.

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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.





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