LUNC price surges 30% after burning 3.1 billion tokens

The price of Terra Classic (LUNC) has seen a significant increase recently, riding the wave of a broader cryptocurrency market rally. This rally has caught the attention of investors as bullish market trends prevailed in December. LUNC’s momentum is further strengthened by increasing token burning, with 3.1 billion tokens removed from circulation. This drop in supply could support continued price growth as investor interest in LUNC increases.

LUNC price surges 30% after burning 3.1 billion tokens

Terra Classic has seen a significant increase in value, with the price skyrocketing by 30% following a recent token burn of over 3.1 billion tokens. The burn, part of ongoing efforts to reduce the circulating supply of LUNC, has sparked new interest in the token.

A total of 392.84 billion LUNC tokens have been burned since May 13, 2022, significantly shrinking the coin’s circulating supply. There are currently 5.52 trillion LUNC tokens in circulation, compared to the total supply of 6.51 trillion.

The recent destruction is seen as a strategic move to increase the token’s scarcity, which often leads to a price increase. The 3.1 billion tokens burned last week contributed to growing optimism about LUNC’s market potential.

Can Terra Classic price reach $0.01 in 2024?

In the last 24 hours the LUNC Prize has witnessed a significant price increase, showing signs of an uptrend. Terra Classic price is currently at $0.0001631, up more than 30% during the US trading session. This increase highlights larger positive momentum as the cryptocurrency hit an intraday high of $0.0001627 earlier today.

Recent price movements suggest that LUNC could be close to breaking its immediate resistance at $0.000163. If this value is exceeded, the cryptocurrency could set its sights on the $0.0001 level. Sustained bullish momentum could push the price even higher and potentially reach $0.001 in the coming days.

Technical indicators also support the idea of ​​further growth for LUNC. The Relative Strength Index (RSI) is around 78, indicating that the asset is overbought. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a slightly bullish trend as the MACD line moves above the signal line. This divergence suggests increased buying pressure, strengthening the case for a continued bullish move.

LUNC’s recent surge, fueled by the destruction of 3.1 billion tokens, highlights the market’s growing confidence. Continued supply reduction and bullish market conditions could push LUNC’s price further higher and potentially reach new highs.

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