🌖 $LUNC

🌖 How High Can Terra Classic (LUNC) Price Go in Next 90 Days?

Terra Classic (LUNC) price has recorded a notable upswing, climbing 20% over the past week. Following a correction, the broader crypto market is showing signs of recovery. Bitcoin (BTC) trades near $97,000, edging closer to the $100,000 mark. Meanwhile, LUNC stabilizes near key resistance levels, raising speculation on its potential movement in the next 90 days.

🌖 Key Support and Resistance Levels|

Immediate support lies at $0.00008, with additional levels at $0.00006420 and $0.000062. If bulls lose momentum, these levels could act as cushions against downward movement.

Key resistance is seen at $0.000084, followed by $0.00009. A decisive close above these levels could accelerate the move toward $0.0001, marking a 25.16% price increase from current levels.

Terra Classic (LUNC) price remains on an upward trajectory, fueled by the burn initiative and improving market sentiment. If Bitcoin surpasses $100,000, LUNC could gain momentum, pushing toward $0.0001.

🌖 LUNC price rises as total Terra Classic nears a 403B milestone

Terra Luna Classic token rose to a high of $0.00007610 on February 11, up by 56% from its lowest level this year.

LUNC’s recent recovery aligns with the performance of most altcoins, which rebounded after bottoming on Monday last week.

A potential catalyst for the Terra Classic price is the ongoing burning action in the network. LUNC Metrics data shows that over 628 million LUNC tokens have been burned in the last seven days.

These burns have brought the total LUNC burned since inception to 402.78 billion, meaning that the figure will cross the 402 billion level later this month. 67.86 billion LUNC tokens have been burned on-chain, while 334.92 billion were donated to the burn wallet, mostly by Terraform Labs.

Binance has grown to become the biggest LUNC burner, incinerating over 70.8 billion tokens. The other top burners are DFLUNC Protocol and LunaticsToken, which have burned 4.52 billion and 1.97 billion tokens, respectively.

Token burns help to create value for a cryptocurrency by reducing the number of coins in circulation. The LUNC community hopes that the burning and staking momentum will ultimately help to address the TerraClassicUSD debt crisis and help it to regain its peg.

The USTC token rose by over 21% on Tuesday, moving to $0.01597, meaning that it needs to rise by over 6,100% to reclaim its $1 peg.

🌖 LUNC price analysis

The daily chart reveals that the LUNC token price bottomed at $0.00004690 last week, where it formed a hammer candle. A hammer comprises a long lower wick and a small body, and is often a highly bullish pattern.

LUNC price has crossed the upper side of the falling wedge pattern. A wedge has two falling and converging trendlines, often leading to a strong rebound. It has also jumped above the key resistance point at $0.00007140, the lowest swing since September 5.

Therefore, the token will likely keep rising as bulls target the key resistance point at $0.0001025, the 38.2% Fibonacci Retracement level, about 40% above the current level. A drop below the support at $0.00005525 will invalidate the bullish view.

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