Terra Luna Classic price surges as LUNC destruction activity intensifies. Bullish momentum could lead to potential breakout
Terra Luna Classic (LUNC) has seen a massive price surge, showing a bullish trend over the past 24 hours. The cryptocurrency is gaining momentum, with prices rising after a week of burn. This upward trend signals the potential for further gains, attracting the attention of traders looking to capitalize on the rebound.
Terra Luna Classic price surges, burn rate rises to $726 million
The price of Terra Classic has surged with the momentum of recent destruction activity, with a single transaction destroying 101 LUNC tokens in the past hour. Today’s destruction totals 15,014,150.70 tokens, with 6,101 tokens destroyed through direct transactions and 15,008,049.70 tokens destroyed through a tax mechanism.
According to LunaMetrics, 320,164,105 tokens have been destroyed in the past seven days, significantly impacting the total supply of LUNC. This increase in destruction activity is likely to improve the token's price dynamics as supply decreases. The destruction schedule remains critical to the altcoin's strategy to restore value to the Terra Classic ecosystem.
LUNC Price Rises Amid Market Correction
In the past 24 hours, the price of LUNC has shown a slight upward trend and is currently trading at $0.00009363, an increase of 2.01%. The price fluctuated greatly, reaching a minimum of $0.00009035 and a maximum of $0.00009714.
Despite the gains, most cryptocurrency market prices appear to be facing a correction. BTC remains above $67,000, while ETH, SOL, and XRP are trending lower, raising concerns among market participants. As the market digests these moves, overall cryptocurrency sentiment remains cautious.
Can the Terra Classic price reach $0.00015 soon?
The Moving Average Convergence Divergence (MACD) indicator showed a positive crossover, suggesting that the bullish momentum is likely to continue in the short term.
Terra Luna Classic price is expected to breakout as market conditions improve. A positive turnaround could see the top altcoin surpass its current resistance at $0.0001. If successful in breaking above this hurdle, the cryptocurrency’s next target could be $0.00012.
If the bullish momentum continues, especially with continued LUNC destruction, the price could reach $0.00015 during the next major move higher.
The recent increase in Terra Classic destruction activity has fueled bullish momentum, with prices rising over the past 24 hours. If positive market sentiment continues, Terra prices could break through resistance and potentially reach $0.00015. Continued destruction remains a key driver of future price performance and ecosystem value.
