The price of Terra Luna Classic (LUNC) has been rising for five consecutive days, surpassing a crucial resistance level as it approaches the 403 billion token burning milestone.
Price Increase and Resistance Levels
The LUNC token price reached $0.00007610 on February 11, up by 56% from its lowest level this year. This recovery aligns with the performance of most altcoins that rebounded after bottoming last week.
Token Burning and Its Impact
A key driver for the potential rise of Terra Classic's price is the ongoing token burning on the network. Metrics data shows that over 628 million LUNC tokens were burned in the last seven days. The total amount of tokens burned is approaching 402.78 billion. Projects like Binance, DFLUNC Protocol, and LunaticsToken have been actively involved in burning billions of tokens, reducing the circulating supply.
LUNC Price Trend Analysis
The daily chart reveals that the LUNC token price bottomed at $0.00004690 and formed a hammer candle, which is often a bullish pattern. LUNC price has crossed the upper side of the falling wedge pattern and a key resistance point at $0.00007140. The token is expected to continue rising towards the resistance point of $0.0001025, which is about 40% above the current level.
The LUNC community hopes that burning and staking will help address the TerraClassicUSD debt crisis and restore its peg.
