The Terra Luna Classic Price has risen for five consecutive days, exceeding critical resistance levels as the network approaches its critical 40 billion milestone.
The Terra Luna Classic (LUNC) token rose to a high of 0.00007610 on February 11th, up 56% from this year's lowest level.
LUNC's recent recovery coincides with the performance of most Altcoins that rebounded after bottoming last Monday.
A potential catalyst for Terra Classic prices is the ongoing combustion action in the network. LUNC metric data shows that over 628 million rank tokens have been burned over the past seven days.
These burns have brought the total melting since its establishment to 402.788 billion people. In other words, this figure will exceed the 400 billion level later this month. 6.786 billion Lunk tokens were burned on the chain, with 33.492 billion donated primarily by Terraform Labs to burn wallets.
Binance has become the largest rank burner to incinerate over 700.8 billion tokens. Another top burner is the DFLUNC protocol and LunaticStoken, which burned tokens of 4.52 billion and 1.97 billion, respectively.
Token Burns helps create cryptocurrency value by reducing the number of coins in circulation. The LUNC community hopes that the burning momentum and ridiculous momentum will ultimately help them deal with the Terraclassicusd (USTC) debt crisis and regain its pegs.
The USTC token rose more than 21% on Tuesday to move to $0.01597. This means you'll need to go up 6,100% or more to get back your $1 peg.
LUNC price analysis
Daily Chart reveals that the rank token price was $0.00004690 last week, forming a hammer candle. Hammers are made up of long, lower cores and small bodies, often in a very bullish pattern.
The price of the LUNC exceeds the top of the falling wedge pattern. The wedge has two falling and convergence trend lines, often leading to strong rebounds. It also jumped over the key resistance point of 0.00007140, the lowest swing since September 5th.
So the token could continue to rise as the Bulls outperform their current levels by about 40%, at a Fibonacci retracement level of $0.0001025, at a Fibonacci retracement level of 38.2%. If you fall below support at $0.00005525, the bullish view is invalidated.
