Terra Luna Classic is preparing for a bullish breakout which might send the price of LUNC up 26%. The remnant of the fallen Terra (LUNA) network dodders at $0.0002927 during the American session on Friday. Its support at $0.0002594 is crucial for a bullish outcome, keeping in mind the building overhead pressure around $0.0002927.
Terra Luna Classic Volume Hits $400 Million Piggy Backing on Binance Token Burn
Terra Luna Classic has become one of the most traded crypto assets in the market in the last three weeks, with its trading volume clocking $400 million. Behind LUNC’s spiking volume is the Binance exchange.
The CEO of the largest cryptocurrency in the world, Changpeng Zhao (CZ), announced a Terra Luna Classic token burn undertaking on September 26. CZ outlined that trading fees (from spot and futures) would be sent to an unrecoverable wallet address – where they will be removed from the token’s circulating supply.
As reported on Thursday, the token burn, scheduled to start every Tuesday, got rid of 5.5 billion LUNC tokens in the week that ended October 3. Another 2.9 billion LUNC tokens were burned in the week that started on October 4 and ended on October 10.
Investors have continued to flock to Binance exchange in droves, hoping to see Terra Luna Classic price lift from the abyss. LUNC price more than doubled its value during week one of the much-publicized token burn processes. From support at $0.00018, LUNC climbed the ladder, tagging $0.00037 to the upside.
The price has since retraced a little. The generally bearish crypto market could have contributed to LUNC’s correction.
Remember, the Consumer Price Index (CPI) in the United States surpassed forecasts for September at 8.2%. This index implies that consumers will continue to bear the weight of inflation – which indirectly impacts investment decisions, especially for risky asset classes like crypto.
Terra Luna Classic Price Prints Key Bullish Pattern
A double-bottom pattern formed on the LUNC/USD eight-hour chart, followed by the confirmation of support at $0.0002594. This bullish pattern often marks the beginning of a trend reversal after a prolonged downtrend – characterized by two price valleys (bottoms).
Investors looking for long positions while trading Terra Luna Classic price are recommended to wait until the token breaks above the pattern’s neckline resistance. It is from this breakout that a 26% bullish move to $0.00037 is foreshadowed.
LUNC/USD eight-hour chart
Investors should not trade oblivious to the ongoing bear market trend. Trade retracements are likely to be frequent, hence the need to take profits whenever possible. If the LUNC price fails to break above $0.00030, declines to the 200-day SMA, purple, could occur. Other targets to the downside lie at $0.00022 and $0.00018, respectively.
Terra Luna Classic Green Token Alternative – IMPT
As investors beef up their involvement in LUNC token burn on Binance, they can consider diversifying their portfolios with a green, sustainable alternative. One promising new coin in this area is the Impact Project (IMPT), a decentralized carbon credits marketplace that began its presale just over a week ago. it has already raised more than $4 million at a price of $0.018 per IMPT.
This price is set to increase soon as the first stage of the sale comes to a close.
Based on the Ethereum blockchain, IMPT provides users with the ability to trade NFT-based carbon offsets while also enabling consumers to shop online with retailers that support green initiatives. At a time when ESG investing is becoming a big thing, it has the fundamentals to perform well.
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