- Terra LUNA Classic price lingers above a stable support area, extending from $0.000308 to $0.000327.
- If bears take control and flip the $0.000279 support into a resistance barrier, LUNC could crash 40% to $0.000169.
- A daily candlestick close above $0.000375 will invalidate the bearish thesis.
LUNA Classic (LUNC) is the new shitcoin and has overtaken Shiba Inu's popularity, becoming a retail favorite. After Binance announced the LUNC burn program on September 26, the altcoin surged 66% and is currently hovering above another stable support level.
LUNA Classic price, Binance burn program, listing rumors
The exchange stated in its announcement that it would “burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address,” the results which will be announced on October 3.
If the results are underwhelming, the altcoin will likely tumble and rebalance the imbalance formed as it rallied 591% between August 20 and September 8.
Furthermore, the rumors of Coinbase and Robinhood listings due to investors signing petitions are unlikely to yield results, ever. The central reason is that Do Kwon, the creator of Terra and LUNC, is being hunted by the Interpol.
Additionally, the initial fallout from the collapse of Terra and LUNA caused a massive implosion in the ecosystem, leading to losses in billions. As a result, US regulators are pushing for a ban on algorithmic stablecoins.
The only solace for LUNC holders is the fact that it is currently sitting above a stable support area, extending from $0.000308 to $0.000327.
LUNA Classic (LUNC) price and technicals are worrying
LUNC price shows a flip of the $0.000308 to $0.000327 support area after five days of trying. This development indicates that the altcoin is in the safe zone and could likely trigger an uptrend. However, the larger ecosystem is still bearish, including Bitcoin price.
Although LUNA Classic price is less correlated to Bitcoin’s moves relative to other altcoins, a sudden sell-off for the big crypto could affect LUNC. Therefore, investors need to pay close attention to today’s Binance announcement; if the burn numbers are less than expectations or underwhelming, bears could take over and trigger a crash.
The first signal of a failing LUNC rally is the breakdown o the $0.000308 to $0.000327 support area. Beyond this barrier, a flip of the $0.000279 support level into a resistance barrier will invalidate the bullish thesis and trigger a 17% crash to the immediate support level at $0.000228.
In dire cases, this meltdown could knock Terra LUNA Classic price down to $0.000169, which is roughly 40% from $0.000279. However, this crash would constitute a 60% loss from the current position.
LUNC/USD 4-hour chart
While things are looking gloomy for Terra LUNA Classic price, investors should note that positive results from Binance’s announcement could trigger an explosive rally. A flip of the $0.000375 hurdle into a support level will invalidate the bearish thesis for LUNC. Such a development could see it retest the peak of the 591% rally at $0.000593. This move would constitute an 83% gain from the current position.
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