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LUNC Price: #TerraClassic Eyes 26% Gains On Binance Periodic Token Burn Event
Over the past two months, the $LUNC price has gradually increased in anticipation of the upcoming LUNC burn by Binance, which is set to occur in two days. Today, #TerraLunaClassic (LUNC) is trading at $0.00011, reflecting a 3.5% decrease in the last 24 hours and a 1% decrease over the past week.
LUNC Price Analysis: Bullish Setup May Trigger a 26% Upside in the Short Term
The #LUNC✅ price rebounded after a reversal following the March general market rally. Since April 15, the asset has been forming an ascending triangle chart pattern, considered bullish with a 63% probability of breaking to the upside and a 37% chance of breaking downward.
The 200-day moving average is slightly above the current LUNC price, offering some resistance but not enough to push it down significantly. Terra Luna Classic’s price could quickly overcome this resistance with positive news.
If the price breaks upward from the ascending triangle pattern, LUNC could see a 26% increase, reaching $0.000151.
In an inverse scenario, the LUNC price may find support around $0.00009, a level it tested twice in the past six months. The Moving Average Convergence Divergence (MACD) indicator is trending upward and is nearing neutral mark. Additionally, both the LUNC price action and the MACD are moving in the same upward direction, indicating an overall bullish market sentiment for Terra Luna Classic.
This upward trend in the #MACD suggests strengthening bullish momentum, reinforcing the possibility of a positive price movement. If the LUNC price breaks above its current resistance levels, it could trigger a significant rally. However, if the price fails to hold, it might find stability at the $0.00009 support level, potentially setting the stage for future upward movements
