Terra Luna Classic price rose for five consecutive days and crossed a significant resistance level as the network is near a significant 403 billion milestones.
Terra Luna Classic (LUNC) token reached a high of $ 0.00007610 on 11 February, up to 56% from its lowest level this year.
The recent recovery of LUNC aligns with the performance of most altcoins, which was overturned after being down on Monday last week.
Terra is a burning action in a potential catalyst network for classic value. LUNC Metric data It shows that more than 628 million LUNC tokens have been burnt in the last seven days.
These Burns have brought the total LUNC burnt since the installation of 402.78 billion, which means that the figure will cross the 402 billion level later this month. The 67.86 billion LUNC tokens have been burnt on-chain, while 334.92 billion was donated to Burn Wallet, mostly by Terraform Labs.
Binance has become the largest LUNC burner of more than 70.8 billion tokens. Other top burners are DFLunk protocols and lunaticstocen, who have lit 4.52 billion and 1.97 billion tokens respectively.
Tokens help to create value for a cryptocurrency by reducing the number of coins in burn circulation. The LUNC community hopes that burning and stacking speed will eventually help to address the Terraclassicus (USTC) debt crisis and will help it regain its pegs.
The USTC token rose over 21% on Tuesday, growing to $ 0.01597, which means that it needs to grow more than 6,100% to recover its $ 1 Peg.
LUNC price analysis
The daily chart suggests that the LUNC token price was at $ 0.00004690 last week, where it formed a hammer candle. A hammer has a long short wick and a small body, and often has a very rapid pattern.
The LUNC value has crossed the upper part of the falling wedge pattern. Two fall into a veg and change the trendline, often leading to a strong rebound. It has jumped above the major resistance point at the lowest swing $ 0.00007140 since 5 September.
Therefore, the token will probably continue to grow as bulls target the major resistance point at $ 0.0001025, 38.2% fibonacci at the retracement level, about 40% above the current level. A drop below support at $ 0.0000525 will invalve the view rapidly.
