- Summary:
- Luna Classic price was previously boosted by a court-sanctioned burn of 4% of LUNC token, and Trump's win just brought in new propulsion.
Terra Luna Classic price continued with its newfound uptrend on Wednesday as investors reacted to news of Donald Trump’s US election win. LUNC was up by 3.5 percent and traded at $0.0000895 of this writing, registering its first successive daily gains in November. The uptrend began on Tuesday as LUNC issuer Terraform Labs burned 251 billion tokens in compliance with a court-sanctioned settlement with the Securities and Exchange Commission (SEC).
The burn mechanism cut off about 4 percent of LUNC from circulation. Meanwhile, Binance conducted its 27th monthly burn of the token, in which it removed approximately 1 billion LUNC from circulation. However, LUNC’s massive total supply of 5.45 trillion tokens means that these burns have little impact on the demand-supply balance.
That said, the combination of LUNC’s latest headline-grabbing burns and the Donald Trump win is likely to provide propulsion to the upside in the near-term. However, sustaining the momentum will largely depend on a market-wide rather than asset-specific sentiment. Despite their wide differences, many investors haven’t gotten over LUNC’s links with the Terra Luna scandal of 2022. Such a perception presents a stumbling block to Luna Classic’s appeal and growth.
Luna Classic price forecast
Terra Luna price pivots at 0.000898, and the upside will prevail if the action stays above that level. That will likely see the establishment of the first resistance at 0.0000905. However, if the buyers strengthen their hold of the market, it could break above that level to test 0.0000910.
On the other hand, moving below 0.0000898 will signal the onset of bearish control. In that case, initial support could come at 0.0000891. However, if the downward momentum strengthens, the price could break below that level and invalidate the upside narrative. Meanwhile, the resulting momentum could send the price lower to test the second support at 0.0000886.
