Last day token Terra Luna Classic (LUNC) was trading at $0,000070, a few pips below the key support level of $0,000054.
However, the LUNC rate may start to rise amid active token burning. Over the past seven days, the network has destroyed 382,4 million LUNC, bringing the total number of tokens destroyed since launch to over 403 billion. There are currently about 6,49 billion LUNC in circulation.
The number of tokens burned will increase even more this week as Binance conducts a monthly token burn. The exchange has already burned over 70,8 billion LUNC and plans to continue this process.
However, technical analysis points to a bearish scenario for LUNC. Token has already dropped to a key support level at $0,000054, which it failed to break in June 2022, September 2023, July 2024 and this month.
In addition, the price of Terra Luna Classic has formed a descending triangle, a bearish pattern. A drop below the support level at $0,000055 will confirm the descending triangle and indicate further declines.
A break above the downtrend line, on the other hand, would start a rally that could take the price to the 2024 high of $0,0002792. That's about 300% above current levels.
