The Terra Classic price has seen a significant surge, aligning with the broader November crypto rally. A key driver behind this bullish momentum is the rising number of LUNC token burns, which reduce supply and fuel investor optimism. With strong market interest and technical indicators pointing upward, traders are eyeing a potential 170% rally for the token.
LUNC Burns Drive Terra Classic’s Growth
Recent efforts to burn LUNC tokens have played a critical role in Terra Classic’s price momentum. Binance recently burned 1 billion LUNC tokens, reigniting market interest. In addition, the Terra Classic Foundation has implemented a strategy to allocate 50% of trading fees toward token buybacks and burns. This approach aims to lower the circulating supply and boost demand.
In the past seven days, 393 million LUNC tokens were burned. Since May 2022, a total of 389.25 billion tokens have been removed from circulation. However, the current supply remains high at 6.51 trillion tokens, with a total supply just above 6.52 trillion.
Can Terra Classic Reach $0.0003?
Over the past month, LUNC price has climbed more than 30%, signaling renewed investor confidence. Currently trading at $0.0001092, the token has experienced slight fluctuations, ranging from $0.0001071 to $0.0001128 in the last 24 hours. Despite minor dips, the coin has maintained an upward trend.
Breaking the current resistance at $0.00019 could pave the way for a rally to $0.00025. Sustained momentum may even push the token toward the highly anticipated $0.0003 mark, representing a 170% price increase.
Bullish Indicators Strengthen Outlook
Technical indicators support the bullish case for LUNC. The Moving Average Convergence Divergence (MACD) has shown a bullish crossover, with the MACD line positioned above the signal line. This trend highlights growing positive sentiment in the market.
Moreover, the recent burns and active trading volume have reinforced optimism. If the cryptocurrency maintains its current trajectory, breaking key resistance levels could result in substantial gains.
Conclusion
The Terra Classic price rally is supported by reduced token supply and rising market participation. While resistance at $0.00019 presents a hurdle, the token’s bullish indicators and strong investor interest suggest a potential 170% rally. Keep an eye on market movements as LUNC continues to gain traction in the crypto space.
