Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
LUNC Token Price Could Rise 300% Due to Sharp Increase in Demand

LUNC Token Price Could Rise 300% Due to Sharp Increase in Demand

HappyCoinNewsHappyCoinNews2025/03/01 06:55
By:HappyCoinNews

Last day token Terra Luna Classic (LUNC) was trading at $0,000070, a few pips below the key support level of $0,000054.

However, the LUNC rate may start to rise amid active token burning. Over the past seven days, the network has destroyed 382,4 million LUNC, bringing the total number of tokens destroyed since launch to over 403 billion. There are currently about 6,49 billion LUNC in circulation.

The number of tokens burned will increase even more this week as Binance conducts a monthly token burn. The exchange has already burned over 70,8 billion LUNC and plans to continue this process.

LUNC Token Price Could Rise 300% Due to Sharp Increase in Demand image 0

However, technical analysis points to a bearish scenario for LUNC. Token has already dropped to a key support level at $0,000054, which it failed to break in June 2022, September 2023, July 2024 and this month.

In addition, the price of Terra Luna Classic has formed a descending triangle, a bearish pattern. A drop below the support level at $0,000055 will confirm the descending triangle and indicate further declines.

A break above the downtrend line, on the other hand, would start a rally that could take the price to the 2024 high of $0,0002792. That's about 300% above current levels.

 
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

The recent decline in the crypto industry stems from several key factors. First, volatility in the macroeconomic environment—such as the sharp drop in US stocks and global market uncertainty—has weighed heavily on high-risk assets like Bitcoin. Second, an increase in hacker attacks, including a $1.5 billion cryptocurrency theft on February 22, triggered panic and led to over 170,000 liquidations. Third, rising regulatory pressure, such as the SEC’s increased scrutiny of cryptocurrencies in the US and restrictions on trading and mining in some countries, has further undermined investor confidence. Additionally, the market is in a consolidation phase, with many funds buying the dip in the short term but quickly exiting as risk appetite declines. Finally, Bitcoin's failure to break through key resistance levels has led to weak demand and network activity, while ETF outflows have exacerbated the downward pressure. These combined factors have created short-term strain on the crypto market, contributing to its decline. As a result, this edition focuses on Earn-related products.

Bitget VIP2025/02/28 03:33

VIPBitget VIP Weekly Research Insights

Recently, BTC has weakened, altcoins have declined across the board, and trading volume on the Solana blockchain has continued to shrink. Daily transaction volume on Solana has hit new yearly lows, with over $200 million in sell-offs on pump.fun in just over two months since the start of the year. Additionally, the hype surrounding Argentina's president-related memecoin last weekend drained additional liquidity from the Solana network. Adding to investor concerns, a large amount of SOL is set to be unlocked on March 1, exacerbating deteriorating sentiment and leading to a noticeable decline in market wealth effects. Against this backdrop, investors are advised to reduce leverage, manage risk, and reserve funds for potential dip-buying opportunities. This edition highlights several USDT-based, SOL-based, and BTC-based Earn products, offering investors a diverse range of investment options.

Bitget VIP2025/02/21 06:01