- Luna Classic witnessed a massive burn of 51.7 million LUNC tokens by the Cremation Coin project.
- LUNC is currently trading sideways in a downtrend that started in February 2023.
- LUNC could find support at the 78.6% Fibonacci Retracement at $0.000143, before the token begins its recovery.
Terra Luna Classic (LUNC) witnessed a massive spike in its token burn with the contribution of the Cremation Coin project. The project burned a total of 51.7 million LUNC tokens, one of the largest burn initiatives till date. The token is currently in a downtrend since February.
Also read: Will crypto catch up with the rising S&P 500 after record levels of FUD?
Terra Luna Classic token witnesses massive burn initiative
Cremation Coin, a community-led Binance Smart Chain token aimed at reducing the supply of popular cryptocurrencies with excessively high total supplies, burned 51.7 million LUNC tokens. The project’s focus is to reduce LUNC’s circulating supply, paving the way for the asset’s price to climb higher.
Alright, everyone, we just burned 51.7M #LUNC and 2.1B #CREMAT!!
— Cremation Coin Weekly LUNC Burns (@Cremation_Coin) March 7, 2023
We jumped up from number 17 to number 8 on the #luncdash chart!
Thank you to everyone who supports us! If we work together, we can accomplish anything. I truly believe this. #lunccommunity #luncarmy $lunc pic.twitter.com/R0h3zpwMV8
Typically, with a reduction in circulating supply, if demand increases or remains unchanged, there is an increase in the asset’s price.
LUNC could find support at $0.00014 before recovery
LUNC started 2023 with an uptrend as seen in the LUNC/USDT four-hour price chart below. The trend reversed and Terra Luna Classic made lower highs and lower lows, in its downtrend starting February 2023.
LUNC is currently trading sideways in its short-term downtrend. LUNC price is in a descending channel and below the three Exponential Moving Averages (EMAs) at 50, 100 and 200-days.
Terra Luna Classic token is close to its 78.6% Fibonacci Retracement at $0.000143. The next key support level for LUNC is $0.000133 and $0.000126 where the token spent considerable time in early 2023 and the end of 2022.
LUNC/USDT 4H price chart
As seen in the chart above, LUNC faces two key resistances in its recovery, one at $0.000147 and the other at $0.000158. These levels have acted as support during LUNC’s uptrend, therefore, flipping these resistance levels to support could fuel a bullish thesis for Luna Classic.
The Relative Strength Index (RSI) is currently 33.44, close to the oversold level. LUNC has the potential to recover, it remains to be seen whether the token will make a comeback above resistance at $0.000147.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?