Rally

Over the weekend, the <a href="https://www.newsbtc.com/analysis/lunc/lunc-300-gains-ath-market-cap/">LUNC price saw some of the most bullish price action</a> that sent its price soaring over 20%. This rally eventually brought the price above $0.0001 after struggling around $0.00009 for the last two weeks. However, the tides seem to be completely changing for the altcoin, as one analyst expects the rally to continue. 
<h2 class="p2" id="prepare-for-the-lunc-price-to-double">Prepare For The LUNC Price To Double</h2> 
<a href="https://www.newsbtc.com/news/lunc-plunges-14-as-sec-scores-knockdown-blow-vs-terraform-labs/">The LUNC price</a>, despite having risen so much, is still showing signs of a continuation. This is evident in the Falling Wedge Breakout that was <a href="https://www.tradingview.com/chart/LUNCUSDT/MuqWZVjS-LUNCUSDT-IDEA/" rel="nofollow">confirmed</a> by crypto analyst Ava Cryptoo on TradingView. This <a href="https://www.newsbtc.com/news/ethereum/ethereum-bearish-falling-wedge/">Falling Wedge Breakout</a> is significant as it often precedes some of the most significant rallies in cryptocurrencies, such as LUNC. 
The price of the altcoin is currently retesting the significant resistance at $0.000115. Now, this level is significant because rejection from this level had initially stopped the LUNC price breakout on Saturday. Now that the price is starting to retest it again, it shows that the bulls are far from done with this altcoin. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/i/MuqWZVjS/" alt="LUNC price chart from Tradingview.com" width="1829" height="923"> 
In a scenario where the LUNC price successfully retests and breaks above this level, then the crypto analyst expects that the price will more than double from its current level. They put the price target for <a href="https://www.newsbtc.com/analysis/lunc/shiba-inu-vs-lunc-burn/">the altcoin</a> as high as $0.00022, and the timeline for this is shown to be a matter of days. However, all of this hinges on the fact that the price makes a “Perfect Retest” and breaks out completely. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/josDjOT2/" alt="LUNC price chart from Tradingview.com" width="3286" height="1530"> 
<h2 class="p2" id="why-is-the-altcoin-rallying-amid-low-market-sentiment">Why Is The Altcoin Rallying Amid Low Market Sentiment?</h2> 
The LUNC price breaking out during such slow market movements suggests an end to the accumulation that happened below $0.0001. In addition to this, Binance carrying out its scheduled LUNC burn contributed to the rise in price that was seen this weekend. 
Binance, the largest crypto exchange in the world, has been committed to <a href="https://www.newsbtc.com/terra-luna/terra-classic-burns-lunc-ustc/">burning LUNC tokens</a> realized from fees in an effort to help reduce its vast supply. The <a href="https://finder.terraclassic.community/classic/tx/9BABA1325604D34CE0A7193ABB2269C41D4889FC55D12A3AFFB37DEFBC825A4A" rel="nofollow">latest burn</a> which took place on February 1 saw approximately 2.1 billion tokens performantly removed from circulation. 
This is the 18th burn that the crypto exchange has carried out, each time removing hundreds of millions to billions of tokens from circulation. Following this burn, the crypto exchange has helped the LUNC burn figure cross the 51 billion threshold. 
A wave of excitement naturally followed the <a href="https://www.newsbtc.com/terra-luna/terra-classic-burns-lunc-ustc/">monthly burn</a> as the price started to rise rapidly. The LUNC trading volume reportedly surged more than 700% at the time, at first triggering a 10% <a href="https://www.newsbtc.com/analysis/lunc/ustc-lunc-to-1/">increase in price</a>. By the time the weekend was over, the LUNC price had already risen more than 20%, and continues to hold on to the majority of its gains.

LUNC Price Rally Is Far From Over Following Falling Wedge Breakout, Analyst Says

목차

NewsBTC

2024년 2월 5일에 게재된 다른 기사

ChatGPT Thinks Dogecoin Price Could Surge 50% in February

Bitcoin reaches highest monthly volume since September 2022

Sohotrn Price Prediction: Elon Musk Inspired SOHOT Explodes 100%, But This New Green Crypto Might...

Stablecoin Market Rallies with Record High USDT Valuation

Cardano (ADA) gears up for a surge as Bitcoin Halving nears, Here’s why

Scammers Exploit Deepfake Technology to Defraud Hong Kong Financial Institution of $25.6 Million

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!