Analysts Sees Terra Luna Classic Price Surging 480% as Burn Rate Rises
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One analyst expects that the Terra Luna Classic
price could soar 480% in the near term as the burn rate continues rising
Terra Luna Classic price has remained under pressure in the past few days, as it retreated by 10.95% from its highest level this week. LUNC, the remnant of the collapsed Terra network, was trading at the psychologically important support level at $0.00010. One analyst believes that the token could stage a strong comeback and surge by at least 480% soon.
Crypto Analyst Delivers A Bullish Terra Luna Classic Price Forecast
Terra Luna Classic has lagged behind some popular cryptocurrencies like Bitcoin and Solana which have more than doubled this year. It remains in a deep bear market after falling by over 60% from its highest level this year as demand weakened.
LUNC Technicals Point To More Gains
Terra Luna Classic’s technicals are supportive of a strong bullish breakout. On the daily chart, it has formed an ascending regression channel and is being supported by the 50-day and 100-day moving averages.
The coin’s Market Value to Realized Value (MVRV) Z-score has moved to about 2.7 and is near its highest level since April. While this could be a sign that it is overvalued, it still has more room to hit $4.6, its highest level this year.
The question here is ? ✨️
1. Why are analysts still bullish on Terra Luna Classic?
Analysts point to its strong technicals, including the formation of a falling wedge chart pattern and the fact that it remains above the 50-day moving average.
2. How high can the LUNC price soar in the short term?
The Terra Luna token could rise to $0.00013, if it exits the current range. A break above that level could see it rise to the year-to-date high.
3. Why is the LUNC burn rate important?
Token burns are important because they reduce the number of tokens in circulation, bringing more value to the remaining ones.