🌎 Terra Luna Classic Sees Upside Potential Amid Bull Run

Terra Luna Classic Price Surge: Is There More Upside?

Gradual Price Increase and Analyst Optimism

Terra Luna Classic (LUNC) has experienced a gradual price increase since its August low, sparking optimism among analysts that the token has more room for growth. Recently, LUNC reached $0.000129, its highest point since March this year.

Crypto analysts believe that LUNC’s upside potential is substantial, particularly if the current crypto bull run gains momentum. Miles Deutscher, a prominent analyst, expressed his long position on LUNC, citing factors such as its continued listing on Binance, strong bullish charts, and its “meme appeal.”

Terra Luna Classic’s Token Burn and Supply Reduction

Another potential catalyst for LUNC’s growth is the ongoing token burn, which reduces supply and increases the value of the remaining tokens. According to LUNC Metrics, the network burned 1.34 billion tokens in the last seven days, with a total of over 390 billion tokens burned to date.

This has resulted in a circulating supply of 6.51 trillion tokens. A significant token burn occurred earlier this month when Terraform Labs burned 251 billion tokens as part of a bankruptcy requirement.

LUNC Staking Ratio and Price Chart Analysis

The LUNC staking ratio has risen from its 2022 lows, approaching 16%, indicating that many investors are holding onto the token for the long term. The daily chart shows that Terra Luna Classic has formed a cup and handle pattern, with the upper side at $0.000129, a pattern known for signaling bullish continuation.

Based on the depth of the cup, the coin could rise to $0.0002055, approximately 75% above its current level. This target is slightly above the 38.2% Fibonacci Retracement level at $0.00020.

Key Indicators Supporting the Bullish Outlook

Further supporting the bullish outlook is LUNC’s movement above the 50-day and 100-day moving averages. The Relative Strength Index is also climbing, reflecting sustained bullish momentum.

However, a drop below the 100-day moving average at $0.000095 would invalidate the bullish view.