Terra Classic

Terra

Daily

Coin

<a href="https://bitcoinworld.co.in/price-analysis-luncs-price-surged-market-cap-hit-1-billion-whats-happening/" title="Price Analysis: LUNC’s Price Surged, Market Cap Hit $1 Billion: What’s Happening?" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">LUNC’s price surged and its market cap surpassed the $1 billion market.</li> 
 <li style="font-weight: 400">Bulls continued to dictate the momentum with the Fibonacci extension, suggesting a climb to $0.000016.</li> 
 <li style="font-weight: 400">The 20 EMA flipped the 50 EMA on the daily chart, reinforcing the price increase potential.</li> 
</ul> 
In the last 24 hours, the <a href="https://coinstats.app/coins/terra-luna/">price</a> of Terra Classic (LUNC) has increased by a tremendous 29.45%, according to Coinstats data.&nbsp; 
<figure id="attachment_67308" aria-describedby="caption-attachment-67308" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-67308" src="https://bitcoinworld.co.in/wp-content/uploads/LUNC-Price-Chart-2-483x300.png" alt="" width="605" height="376" srcset="https://bitcoinworld.co.in/wp-content/uploads/LUNC-Price-Chart-2-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/LUNC-Price-Chart-2.png 760w" sizes="(max-width: 605px) 100vw, 605px">
 <figcaption id="caption-attachment-67308" class="wp-caption-text">
 LUNC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
The price increase also affected its market cap which rose above the $1 billion mark.&nbsp; 
LUNC’s price increase came amid growing bullish sentiment in the market.&nbsp; 
However, there was another catalyst that pushed LUNC’s price higher which was the Binance burn. On March 1, Binance burned 2.21 billion LUNC tokens. 
The idea behind the burning is to make the token scarce while boosting the value if demand increases.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/shido-token-dives-over-90-following-a-security-breach/" aria-label="“Shido Token Dives Over 90% Following A Security Breach” (Edit)">Shido Token Dives Over 90% Following A Security Breach</a> 
Furthermore, ‘Vegas’, a prominent member of the Terra community revealed that the number of tokens <a href="https://twitter.com/VegasMorph/status/1763477763690823839">burned</a> in total has crossed 100 billion. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 We have now officially burned <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> more than 100 billion <a href="https://twitter.com/hashtag/Lunc?src=hash&amp;ref_src=twsrc%5Etfw">#Lunc</a>.. thanks to everyone who is actively working to do this. The burns now are coming from everywhere, tax ,cexs,utilities… … <a href="https://twitter.com/hashtag/LFG?src=hash&amp;ref_src=twsrc%5Etfw">#LFG</a> <a href="https://twitter.com/hashtag/TerraClassic?src=hash&amp;ref_src=twsrc%5Etfw">#TerraClassic</a> <a href="https://twitter.com/search?q=%24ustc&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ustc</a> <a href="https://twitter.com/search?q=%24Lunc&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Lunc</a> <a href="https://twitter.com/hashtag/LUNCcommunity?src=hash&amp;ref_src=twsrc%5Etfw">#LUNCcommunity</a> <a href="https://twitter.com/hashtag/BURN?src=hash&amp;ref_src=twsrc%5Etfw">#BURN</a> <a href="https://t.co/84b94Ddudn">pic.twitter.com/84b94Ddudn</a> 
 — Vegas (@VegasMorph) <a href="https://twitter.com/VegasMorph/status/1763477763690823839?ref_src=twsrc%5Etfw">March 1, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h3 id="span-style-font-weight-400-lunc-usd-4-hour-analysis-span">LUNC/USD 4-Hour Analysis</h3> 
The 4-hour LUNC/USD chart showed that bullish momentum began building up around February 23. During that time, bulls camped at the $0.000011 support while pushing the price to $0.000013. 
However, the breakout did not happen until March 1 when LUNC changed hands at $0.000014. At press time, the candlesticks on the 4-hour timeframe were all bullish, indicating that sellers were almost non-existent. 
An assessment of the Relative Strength Index (RSI) showed that the reading was in the overbought region.&nbsp; 
Despite that, it does not seem like LUNC would retrace as the bulls continue to dictate the momentum. 
According to the Fibonacci extension indicator, LUNC has a lot of upside potential.&nbsp; For instance, the 0.618 Fib level was around $0.000016, meaning a pullback might not be significant.&nbsp; 
To the upside, the 3.618 Fibonacci extension was positioned at $0.000028. If buying pressure increases, LUNC’s price might rally toward $0.000030.&nbsp; 
However, a bearish appearance might slow down the uptrend if some traders decide to book profits. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bitcoin-btc-price-touches-64k-nearing-all-time-high-as-halving-approaches/" aria-label="“Bitcoin (BTC) Price Touches $64K, Nearing All-Time High as Halving Approaches” (Edit)">Bitcoin (BTC) Price Touches $64K, Nearing All-Time High as Halving Approaches</a> 
<h3 id="span-style-font-weight-400-lunc-usd-daily-analysis-span">LUNC/USD Daily Analysis&nbsp;</h3> 
For a long while, LUNC experienced selling pressure as shown on the daily timeframe. However, sellers got exhausted around the first few days of February.&nbsp; 
This fatigue laid the grounds for the pump the token was currently experiencing.&nbsp; 
In addition, Coin Edition examined the Exponential Moving Average (EMA). As of this writing, the 20 EMA (blue) had crossed over the 50 EMA (yellow), indicating a bullish trend.&nbsp; 
In the short term, a dearth cross where the 50 EMA flips the 20 EMA could cause LUNC to pull back. 
If this happens, the price could slide toward $0.000012. However, if LUNC closes above both EMAs and the golden cross remains the same, the price might continue to climb. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
#Binance #WRITE2EARN 
The post <a href="https://bitcoinworld.co.in/price-analysis-luncs-price-surged-market-cap-hit-1-billion-whats-happening/">Price Analysis: LUNC’s Price Surged, Market Cap Hit $1 Billion: What’s Happening?</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Price Analysis: LUNC’s Price Surged, Market Cap Hit $1 Billion: What’s Happening?

Table of Contents

ItsBitcoinWorld

Other articles published on Mar 2, 2024

Nigerian government denies $10 billion Binance fine rumor

Breaking: Bitcoin ETFs Saw $1.7B Net Inflow Last Week, Bloomberg Analyst Hints At Fall

Spot Bitcoin ETFs Attract Major Institutional Investors

Blockchain Co Canaan Gets Wall Street’s Confidence with Expected Stock Surge

Why Cardano could be the most decentralized crypto network

Binance’s Major LUNC Token Burn Impacts Crypto Market

Join our free newsletter for daily crypto updates!