Terra Classic (LUNC) price surges 30% after burning 3.1 billion tokens

• Terra Classic burned over 3 billion LUNC in its deflationary push, driving up prices.
• There are positive forecasts that LUNC will continue its growth path.

The price of Terra Classic has increased by 30% after recently burning over 3.1 billion LUNC tokens. This bounce has caught the attention of investors as bullish market trends dominated December. There are now many questions about whether further upward momentum can be expected for LUNC.

The Terra Classic 3.1 Billion LUNC Burn

Terra Classic recently burned 3.1 billion tokens as part of an ongoing effort to reduce LUNC’s circulating supply. This has led to renewed interest in the token, a key factor in the recent price rise.

The system has destroyed 392.84 billion LUNC tokens since May 13, 2022. This has drastically reduced the amount of coins in circulation. The circulating supply now stands at 5.51 trillion LUNC tokens, compared to the total supply of 6.51 trillion.

The recent fire is seen as a calculated attempt to make the token more scarce, which often results in rising prices. The destruction of 3.1 billion tokens last week reinforced growing confidence in LUNC’s market potential.

CNF reported that the token burn event is a directive from the US Securities and Exchange Commission (SEC) as Terraform Labs is ceasing operations. Binance, a leading crypto exchange, also supported the Terra Classic community. combustion 64.47 billion tokens in September.

The price of LUNC is showing signs of an uptrend and is experiencing more than a year 30% Increase in the last 24 hours to trade $0.00017. Within the last week, LUNC rose by 42.46% and in the last month by 100.59%. This is in line with the ongoing bullish rally in the broader digital currency ecosystem.

The recent price action shows LUNC breaking its immediate resistance at $0.000163. As a result, the cryptocurrency could set its sights on the $0.0001 mark next. If the bullish sentiment continues, the price could rise much higher and reach $0.001 in the next few weeks.

What’s next for LUNC?

Technical indicators also support the forecast of further growth for LUNC. The Moving Average Convergence Divergence (MACD) indicator shows a slightly positive trend when the MACD line crosses the signal line.

This difference indicates greater buying pressure, which suggests a continued higher trend. The Relative Strength Index (RSI) is also around 78, suggesting that the asset is in extended buy territory. A continued decline in supply and optimistic market conditions could increase the price of LUNC, potentially pushing it to new highs.

Crypto analyst Candle Calls has speculated that Terra Classic price could reach new highs between $1 and $5. The analyst’s forecast reflects the optimistic sentiment shared by many in the community.

As published in a CNF ArticleThe optimism is driven by expectations of favorable market conditions and developments within the Terra Classic ecosystem.