Terra Luna Classic (LUNC) Cryptocurrency Price Prediction in October 2022

Terra Luna Classic (LUC) is once again shocking the cryptocurrency market with a rise of more than 15% in the last 24 hours.

Shortly after rising to $0.000296, LUNC retreated slightly to $0.000279 and now needs to rally back to $0.00029.

Will Terra Luna Classic manage to rally to $0.00032 in October? LUNC is available on OKX.

Terra Luna Classic (LUC) – Cryptocurrency Price Prediction

Moments before Terra Luna Classic (LUC) exploded today, I warned members that price was about to do something special in my channel discord official.

Terra Luna Classic traded in a bullish reversal pattern known as a descending widening wedge.

This forms when price rises and retreats inside a falling wedge that has diverging resistance and support trendlines.

Currently, LUNC is trading at $0.000282 but is still up 9.11% as of this morning. This could potentially be a short-term retracement until we see a more positive price continuation.

1664455778 204 Terra Luna Classic LUNC Cryptocurrency Price Prediction in October 2022
LUNC/BUSD – 4 hour time frame.

As we can see, LUNC has comfortably found support around $0.000257 following the recent breakout due to bullish news around Binance which will soon incorporate the 1.2% burn and tax mechanism.

Although a quick breakout took place, LUNC did not quite reach the technical price target of $0.00033.

It is now imperative that LUNC can hold the $0.00028 support level in order to avoid a negative downward continuation and re-enter the widening wedge pattern.

Historically, October and November are strong months for the crypto markets, we could potentially see overall market sentiment shift from extreme fear to neutral or greed.

This would result in an uptrend for bitcoin, which should also bring altcoins such as Terra Luna Classic in its wake. the bitcoin price is up todayjust like LUNC, but it hasn’t come out with conviction yet.

Even though LUNC has been in the limelight once again in the past 24 hours, on a macro scale LUNC has still formed a lower high which is technically bearish.

I speculate that in October we could see the price of LUNC fluctuate between $0.000329 and $0.000257.

LUNC needs to burn more supply

It is essential that Terra Luna Classic continues to burn through more of its still inflated stock of 6,151.07 billion tokens in order to see positive price action going forward.

Recently, more and more market-centric exchanges like Binance have adopted the 1.2% burn and tax mechanism, which is a good start.

Once we see more centralized or decentralized tier 1 and 2 exchanges follow in their footsteps, the supply of LUNC will decrease.

1664455778 894 Terra Luna Classic LUNC Cryptocurrency Price Prediction in October 2022
Source: Terrarity.io

As we can see, the last 30 days of burning LUNC’s total supply is fantastic and almost entirely linear.

As exchanges bring more trading volume for LUNCs and if the Terra Luna Classic community is able to thrive with morale and trust, more LUNC tokens will be burned.

According to Terrarity, it is expected that in 5 years, 8.436% of the total LUNC supply will be burned. This represents a total of 582,197,733,676 tokens, while 0.062% was burned today.

Video analysis of Terra Luna Classic (LUNC)

Crypto markets are still shaky and we are diving even deeper into a crypto winter, which could mean lower crypto prices in the near future.

I remain cautious when deciding whether to invest large amounts of working capital in volatile tokens such as Terra Luna Classic (LUC), which has recently been described as a “community token”.

For more cryptocurrency news, signals and information on upcoming cryptocurrencies, you can join my channel discord.

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Terra Luna Classic (LUNC) Cryptocurrency Price Prediction in October 2022

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