Terra Luna Classic (LUNC) shocks the crypto market once again as it surged over 15% in the last 24 hours.
Shortly after pumping back to $0.000296, LUNC bounced back slightly to $0.000279 and now has to retest $0.00029.
Will Terra Luna Classic reset back to $0.00032 in October? LUNC is available on OKX.
Terra Luna Classic (LUNC) Cryptocurrency Price Prediction.
A little while before the Terra Luna Classic (LUNC) broke out today, I warned members that the prize was going to do something special on my official discord channel.
Terra Luna Classic was trading within a bullish reversal known as an expanding descending wedge.
This is formed when price recovers and retraces within a descending wedge that has diverging trendline resistance and support.
LUNC is currently trading at $0.000282, but is still up 9.11% since this morning. This could potentially be a short-term retracement until we see more positive price continuation.
LUNC/BUSD – 4 hour time frame.
As we can see, LUNC has comfortably found support around $0.000257 after a recent breakout due to bullish news surrounding Binance soon to integrate 1.2% burn and tax mechanics.
While there was a predatory breakout, LUNC fell just short of the technical price target of $0.00033.
It is now imperative that LUNC can hold the $0.00028 support level to prevent a negative continuation to the downside and re-enter the expanding wedge pattern.
Historically, October and November are strong months for crypto markets, we could potentially see the entire market sentiment shift from extreme fear to neutrality or greed.
This would result in an upward trend for Bitcoin, which should drag altcoins like Terra Luna Classic along with it. Bitcoin price is on the rise today along with LUNC, but has yet to break out with conviction.
While LUNC has been back in the spotlight in the past 24 hours, on a macro level LUNC still made a lower high that is technically bearish.
I speculate that we will see the LUNC chop price between $0.000329 and $0.000257 in October.
LUNC has to burn more resources
It is very important that Terra Luna Classic continues to burn more and more of its ever-inflating supply of 6,151.07b tokens in order to see positive price action going forward.
More recently, more major centralized exchanges in the market, such as Binance, are introducing a 1.2% tax tax and mechanics, which is a great start.
Once we see more centralized or decentralized tier 1 and 2 exchanges follow suit, LUNC supply will drop.
As we can see, the last 30 days of burning for the total supply of LUNC looks fantastic and is almost completely linear.
As the exchanges bring in more business volume for LUNC, and if the Terra Luna Classic community can thrive with morale and confidence, more LUNC tokens will be burned.
According to Terrarity, 8.436% of the total LUNC supply is predicted to be burned in 5 years. That's a total of 582,197,733,676 tokens compared to 0.062% burned today.
 Crypto Price Prediction October 2022){kind=link}
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