The price of Terra Luna Classic (LUNC) remains in a tight range following the recent guilty plea of its founder Do Kwon amid ongoing token burns.
Formation of Inverse Head and Shoulders
On the four-hour chart, LUNC peaked at $0.00007235 in July before pulling back as bullish momentum faded. The neckline of this pattern is at $0.00006440. A move above this level will confirm the bullish price forecast for LUNC and could lead to future gains, potentially reaching the July high of $0.00007235.
Do Kwon's Guilty Plea and the Token Burn Process
The main catalyst for LUNC prices this week was Do Kwon’s decision to plead guilty to wire fraud charges. He faces up to 12 years in prison in the U.S. However, his legal troubles are unlikely to directly impact LUNC since he has had no involvement in the project since its collapse, which is now community-driven. Additionally, over 836 million tokens were burned in the past week, supporting LUNC's long-term outlook.
LUNC Market and Future Prospects
While LUNC's price remains volatile, the existence of the inverse head and shoulders pattern may signal potential growth. However, a drop below the $0.00005960 level could invalidate the bullish outlook for Terra Luna Classic.
In conclusion, the price of Terra Luna Classic is currently in a state of anticipation, reacting to Do Kwon's guilty plea and ongoing token burns. The future of LUNC hinges on market conditions and whether it can confirm its bullish forecast.
