Home Correction trading Terra Luna Classic price prediction with $400 million trading volume

Terra Luna Classic price prediction with $400 million trading volume

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Terra Luna Classic is bracing for a bullish breakout that could send LUNC’s price up 26%. The rest of the Terra Fallen Network (LUNA) stands at $0.0002927 during Friday’s US session. Its support at $0.0002594 is crucial for a bullish outcome, bearing in mind the overhead pressure around $0.0002927.

Terra Luna Classic Volume Hits $400 Million Thanks to Binance Token Burn’s Piggy Backing

Terra Luna Classic has become one of the most traded crypto assets in the market over the past three weeks, with trading volume reaching $400 million. Behind LUNC’s peak volume is the Binance exchange.

The CEO of the world’s largest cryptocurrency, Changpeng Zhao (CZ), announced a Terra Luna Classic token burning business on September 26. CZ indicated that trading fees (both spot and forward) will be sent to an unrecoverable wallet address – where they will be removed from the token’s circulating reserve.

As reported on Thursday, token burning, which was scheduled to begin every Tuesday, dumped 5.5 billion LUNC tokens in the week ending October 3. An additional 2.9 billion LUNC tokens were burned in the week that started on October 4 and ended on October 10. .

Investors continued to flock to the Binance exchange in droves, hoping to see the price of Terra Luna Classic rise from the abyss. LUNC price more than doubled in value during the first week of the high-profile token burning processes. From the support at $0.00018, LUNC climbed higher, marking $0.00037 on the upside.

The price has since fallen slightly. The generally bearish crypto market could have contributed to LUNC’s correction.

Recall that the consumer price index (CPI) in the United States exceeded the September forecast at 8.2%. This index implies that consumers will continue to bear the brunt of inflation – which has an indirect impact on investment decisions, especially for risky asset classes like crypto.

Classic Terra Luna Price Prints Key Bullish Pattern

A double bottom pattern formed on the LUNC/USD 8-hour chart followed by confirmation of support at $0.0002594. This bullish pattern often marks the beginning of a trend reversal after an extended downtrend – characterized by two price valleys (bottoms).

Investors looking for long positions while trading the price of Terra Luna Classic are recommended to wait for the token to break above the pattern’s neckline resistance. It is from this breakout that a 26% upside move to $0.00037 is announced.

Eight-hour LUNC/USD chart

Investors should not trade disregarding the current bear market trend. Trade retracements are likely to be frequent, hence the need to take profits whenever possible. If the LUNC price does not break above $0.00030, declines to the 200-day SMA, purple, could occur. Other downside targets lie at $0.00022 and $0.00018 respectively.

Alternative to the classic green Terra Luna token – IMPT

As investors increase their involvement in burning LUNC tokens on Binance, they may consider diversifying their portfolios with a green and sustainable alternative. A promising new coin in this arena is the Impact Project (IMPT), a decentralized carbon credits market that began presale just over a week ago. it has already raised over $4 million at a price of $0.018 per IMPT.

This price should increase as soon as the first stage of the sale closes.

Based on the Ethereum blockchain, IMPT offers users the ability to trade NFT-based carbon offsets while allowing consumers to shop online from retailers that support green initiatives. At a time when ESG investing is gaining momentum, it has the fundamentals to perform well.

Visit IMPT now