The price of Terra Luna Classic is showing a breakout pattern in shorter time frames as the price was successfully held above the $0.00012 key support level. While the LUNC price is up 2% in the past 24 hours to $0.000126, a move above $0.00013 is likely if the price breaks above the local support level of $0.000128.
Terra Classic (LUNC) Price up to $0.00013
In the daily time frame, LUNC price continues range-bound movement and volatility is contained. Interestingly, a squeeze of the Bollinger bands is developing and traders should wait for a breakout above the key of SMA-20 and SMA-50 in the coming days.
LUNC price by daily time frame. Source: TradingView
The RSI is approaching 50 and showing strength for further upward movement in the coming days. A clear bullish divergence pattern has formed with the LUNC price.
A bullish breakout is clearly seen in the 1-hour timeframe, with Bollinger bands and RSI indicating an increase in LUNC price in the coming days. The 24-hour low and high are $0.000123 and $0.000127, respectively. Moreover, the trading volume is close to the current developments in the market.
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Cremation Coin and LUNC DAO burned millions
The Terra Classic community burned 240 million LUNC tokens last week against 284 million LUNC in the previous week. Motivation around the LUNC combustion mechanism is once again declining as only a few projects and validators contribute to the campaign to reduce circulating supply.
Cremation coin sent 11.78 million LUNC tokens to the burn address this week, surpassing the validator Allnodes in the list of the best burners. The project burned 8.3 million LUNC weekly and 3.4 million from the new NFT project. In fact, the project believes its new ETH token will contribute more LUNC burn next week.
Validator LUNC DAO contributed 1.5 million LUNC tokens on Sunday and an unknown also burned 1.48 million LUNC tokens on Sunday.
With the departure of core developer Edward Kim and the removal of Tobias “Zaradar” Andersen from the Joint L1 Task Force developer team, the crypto community is watching Terra Classic closely. Meanwhile, another project plans to participate in the Terra Classic and seeks parameter change for contract implementation in the chain.
Also Read: Gary Gensler Accused of ‘Misrepresentation’ of Crypto Market
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