What’s in Store for Terra Luna Classic?
As the crypto bears battered LUNC to a shocking 35.3% monthly deficit, the #LUNCcommunity is now looking for ways to reduce the coin’s overprinted supply. This rejuvenation plan is heavily boosted by Binance, which eliminated 62 billion tokens from circulation.
This accounts for almost 50% of all burned LUNC coins, now piling up to 125 billion $LUNC . The community burn efforts cut down the supply to 5.46T; the maintained scarcity has yet to see price appreciation from LUNC. Even though the efforts didn’t bring an immediate price impact, the altcoin’s Chaikin Money Flow (CMF) spiked to 0.38 as of press time, serving as a strong money inflow signal.
In contrast, other important on-chain factors like the Relative Strength Index (#RSI ) pointed to an overbought condition at above 70 on the one-hour technical charts. Crypto traders should consider the coin’s forthcoming price volatility, as the widening Bollinger Bands suggest hefty price fluctuations.
As of press time, #LUNC✅ trades at $0.00007108, slightly rebounding from the weekly lows of $0.00006035. This barrier marked a new three-month low for LUNC, retracing back to the levels of October 25, 2023. As most indicators remain bearish, #TerraLunaClassic ’s push to $0.0001 will be likely met with severe resistance.
