Terra Luna Classic Price Prediction as $400 Million Trading Volume Comes In
Terra Luna Classic is preparing for a bullish breakout which might send the price of LUNC up 26%. The remnant of the fallen Terra (LUNA) network dodders at $0.0002927 during the American session on Friday. Its support at $0.0002594 is crucial for a bullish outcome, keeping in mind the building overhead pressure around $0.0002927.
Terra Luna Classic has become one of the most traded crypto assets in the market in the last three weeks, with its trading volume clocking $400 million. Behind LUNC’s spiking volume is the Binance exchange.
The CEO of the largest cryptocurrency in the world, Changpeng Zhao (CZ), announced a Terra Luna Classic token burn undertaking on September 26. CZ outlined that trading fees (from spot and futures) would be sent to an unrecoverable wallet address – where they will be removed from the token’s circulating supply.
As reported on Thursday, the token burn, scheduled to start every Tuesday, got rid of 5.5 billion LUNC tokens in the week that ended October 3. Another 2.9 billion LUNC tokens were burned in the week that started on October 4 and ended on October 10.
Investors have continued to flock to Binance exchange in droves, hoping to see Terra Luna Classic price lift from the abyss. LUNC price more than doubled its value during week one of the much-publicized token burn processes. From support at $0.00018, LUNC climbed the ladder, tagging $0.00037 to the upside.
The price has since retraced a little. The generally bearish crypto market could have contributed to LUNC’s correction.
Remember, the Consumer Price Index (CPI) in the United States surpassed forecasts for September at 8.2%. This index implies that consumers will continue to bear the weight of inflation – which indirectly impacts investment
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