An analysis of traders’ behavior reveals they are bullish on $LUNC
. Data from the Coinglass #liquidationmap shows traders have opened more longs than shorts on the daily and monthly timeframes. However, in the weekly timeframe, there are more sellers than buyers.

This may be due to the overhead resistance at $0.000095, which has suppressed the price for the last four months. Nevertheless, with Bitcoin hitting a new all-time high, things could be different this time, and #LUNC✅ could breach this resistance.

Additionally, LUNC’s open interest (OI) dropped by 2.3% while the price increased by 8.6% in the last 24 hours, signaling that traders are closing their short positions in profit. When they do this, traders tend to open long positions. Hence, Terra Luna Classic price could witness increased volume in the coming days, which could fuel its rally beyond $0.000095 resistance and move toward $0.00028.
#AltCoinRush

#LUNC✅ price has been consolidating inside an ascending triangle since July 2024. However, it is inching near the apex of the triangle and will soon have to decide.

Ascending triangles are generally bullish continuation structures, and once the price breaks above the upper horizontal resistance, it usually rises by a measure move.

Once the $LUNC
price breaks the $0.000095 resistance, the asset is likely 81% to $0.0001680, with an occasional stop around $0.00012. If the bullish pressure is maintained, the #TerraLunaClassic price could surge higher and test the first high established after the 2022 crash.

Conversely, a break below the lower trendline support would signal market weakness. LUNC price would drop lower and find further support around the $0.000069 and $0.00005435. This would invalidate the current bullish thesis.

Following the non-reactive price after a major LUNC and $USTC
burn, the community is looking for other methods to boost prices besides reducing the supply.
#BTCBreaks80KATH

Despite the substantial reduction in circulating supply, the market reaction has been restrained. $LUNC
price saw an increase of 3%, while $USTC
price rose by 1.70%, according to CoinMarketCap data.

Analysts attribute the limited price movement to the overall large supply of these tokens, as the recent burn represents only a fraction of the total amount in circulation.

‘It’s a good thing that supply is down, but since there are still billions still in circulation it’s doubtful this will have much effect on prices,’ said a market analyst. This relative calm suggests that although burns can cut down on supply, token utility and consumer appetite are needed for more significant gains.

While the immediate price impact was limited, technical indicators suggest the possibility of a future uptrend. Analysts have identified a “falling wedge” pattern on LUNC’s price chart, a formation that typically signals a bullish reversal. This pattern forms when prices oscillate between converging trendlines, often hinting at a potential breakout.

Support levels for #LUNC✅ are currently around $0.000083572, where strong buying interest has been observed. Resistance within the pattern is gradually decreasing, pointing to diminishing bearish sentiment.

If LUNC breaks through the upper trendline, some analysts believe it could aim for a target price around $0.0001, potentially setting the stage for further gains if market conditions align.
#BIOProtocol

The new tax proposal comes after previous token burns that were supposed to decrease the total supply of $LUNC
and in turn boost the asset’s price. In the last burn cycle, Binance burned more than 1.048 billion #LUNC✅ , taking the total burned tokens by the community to about 137 billion.

Concurrently, 49,472.28 LUNC were burned in a single transaction on the network recently. These ongoing burn initiatives show that the community is committed to decreasing the supply and increasing the value of LUNC.

Moreover, #TerraLunaClassic has gone further to expand their ecosystem whereby they have delegated 30 million LUNC to VegasMorph which now puts Terra Classic delegation at 990 million LUNC. This delegation is part of wider efforts to defend the validators and other important participants of the network.

In early July, the #TerraClassic Foundation also delegated another 30 million LUNC to hexxagon_io, which operates and manages Galaxy Station and Galaxy Finder.

The #TerraLunaClassic community has continued to support the ecosystem with additional burn initiatives and tax reforms. Binance has also been contributing to the burn efforts. In its 27th batch of $LUNC
burns, Binance recently eliminated over 1 billion tokens from circulation. With these contributions, the total #LUNC✅ burned by the community now stands near 137 billion.

Furthermore, the community recently approved a new tax proposal aimed at simplifying transactions on the #TerraClassic blockchain.

This “Reverse Charge” tax mechanism is designed to streamline how taxes are deducted, making it easier for both users and developers to engage with the platform. These community-driven efforts demonstrate an ongoing commitment to boosting LUNC’s value, though the path to $1 remains uncertain.
#FedRateStrategy