By Mark Ackman
After staying at the $0.00025 support level, Terra Luna Classic suddenly rose to $0.00037. Over the past few weeks, its underperformance disappointed investors, who were taking heavy losses.
But insight from the four-hour chart shows that a 26 percent upward move can be in the cards for Terra Luna Classic.
Binance Burn for Terra Luna Classic Gains Popularity
For the Terra Luna Classic token, Binance is a lead player in the burn process. As of now, efforts by the exchange are providing results, with about 8.5 billion tokens that are being removed from the crypto’s entire supply.
In the second week of the burn, 5.5 billion Terra Luna Classic tokens were removed from circulation. This happened during the cycle from September 26 to October 1, and in the week that followed, around 2.9 billion tokens were removed.
As one of the biggest crypto exchanges in the world, Binance is looking to help Terra Luna Classic curb its high supply with weekly schedules for burning tokens.
These will begin every Tuesday and last for a week, and the cycles will continue until further notice. The first began on October 3, followed by one on October 11. As of now, details of the third will come on October 17.
After Changpeng Zhao, the Binance CEO, made the announcement, the price for LUNC tokens rose by 68 percent in just a day. After having doubled its value in less than a week’s time, Terra Luna Classic made a jump from $0.00018 to $0.00037.
Terra Luna Classic Set to Make Bull Run towards $0.00037
After holding on to a support level of $0.00025, Terra Luna Classic is preparing a bullish run. In the past few weeks, the token has tested this critical range twice, which makes it a fantastic opportunity to help the token jump to $0.00037.
After the token dipped back to $0.00025, it helped Terra Luna Classic fulfill the double-bottom pattern that can be improved in further sessions. Once such a pattern starts appearing on the charts, analysts expect a trend reversal.
Traders Should Wait To Go Long on LUNC
Because of a predicted trend reversal, crypto traders may be looking forward to going long on the Terra Luna Classic. However, it’s important that they wait until prices manage to break past the neckline. Once they do so, it will help them avoid potential bull traps.
Nevertheless, it’s likely that the LUNC token will see some resistance at the $0.00030 level. Although this may be a profit target for some investors, more bullish investors are looking to reach $0.00037.
Meanwhile, bearish traders are probably anticipating a pullback from the congestion at the $.00030 point. Because of this, they’re predicting that LUNC will go back to testing its $0.00025 level.