Terra Luna Classic (LUNC) has experienced a gradual rise in value over the past two months, primarily attributed to the expectation of a token burn planned by Binance within a short upcoming period. At the present moment, LUNC is traded at $0.00011, showing a 3.5% decrease in the last 24 hours and a 1% drop over the previous week. The recent decline was in response to the broader market rally witnessed in March, after which LUNC's price recovered and initiated the formation of an ascending triangle pattern starting from April 15.

Analysis of LUNC and Price Forecasts

The presence of an ascending triangle pattern in LUNC's price chart is typically viewed as a bullish indication, with a 63% probability of breaking upwards and a 37% chance of breaking downwards. The 200-day moving average is positioned slightly above the current price, serving as a resistance level. Nevertheless, favorable developments like the impending token burn event could assist LUNC in surpassing this resistance.

In the scenario where LUNC breaks above the ascending triangle pattern, it could witness a 26% increase, reaching roughly $0.000151. Conversely, if the price fails to break upwards, it might retest the $0.00009 level, a level previously tested twice within the last six months.

The Moving Average Convergence Divergence (MACD) indicator for LUNC is displaying a bullish trend and nearing the neutral threshold, indicating a strengthening bullish momentum. The alignment of price action and MACD in an upward trend suggests an overall positive market sentiment towards Terra Luna Classic. This bullish trend in MACD could potentially trigger a significant surge if the price breaches the current resistance levels, raising the likelihood of an upward breakout. However, failure to achieve the expected breakout could result in price stabilization at the support level of $0.00009, setting the stage for future upward movements.

Factors Contributing to the Expected Price Rise

The major driver behind the recent strength in LUNC's value is the anticipation among investors for the impending Binance token burn. Historically, token burns in the cryptocurrency market have been viewed as bullish drivers due to the supply reduction and potential increase in token value. The LUNC community is optimistic about the impact of the upcoming token burn on the token's price.

The on-chain token burns for LUNC are steadily increasing, with an average daily burn of 178 million LUNC tokens. Currently, the total remaining supply of LUNC stands at approximately 6.8 trillion tokens. Enthusiasts are eagerly anticipating the Binance burn event, foreseeing a significant reduction in the token supply.