- Luna Classic price appears ready for a breakout after weeks of horizontal consolidation.
- LUNC could surge 10% to breach the $0.000135 resistance level.
- A daily close below the immediate support at $0.000120 could invalidate the altcoin’s bullish thesis.
Luna Classic price (LUNC) has been trading horizontally for weeks after a rejection from a crucial resistance level. The consolidation came amid growing overhead pressure coupled with general market FUD that prevented LUNC from riding the alt season. However, the recent burn event seems to have stirred things up for the altcoin and now a breakout seems imminent.
Burn alert! 1,612,903,453 #LUNC ($203,000) burned to Luna Burn Wallet!https://t.co/EcWejVgy5P#BurnLunc #LuncArmy
— LunaBurnTracker (@LunaBurnTracker) April 1, 2023
A total of 1,612,903,453 LUNC worth $203,000 at the time of the transaction was taken out of Luna Classic’s market supply forever on April 1, courtesy of Binance. The move solidified the giant exchange’s position as the highest contributor to the Terra Classic burn expedition with over 30.5 billion LUNC tokens burned.
Luna Classic price readies for a 10% breakout
Luna Classic price appears ready for a 10% breakout after weeks of consolidation. The newly found momentum is attributed to Binance’s move to reduce the total supply of LUNC. On April 1, the leading crypto exchange by trading volume sent 50% of the trading fees generated from LUNC spot and margin trades in March to the community burn wallet.
If LUNC bulls take advantage of the pump, Luna Classic price could break above the descending trendline and kickstart a rally north. A decisive flip of the resistance offered the downtrend line into a support could pave the way for 10% gains for LUNC. This move would deliver the altcoin to the $0.000135 resistance level.
If buyer momentum grows above this level, Luna Classic price could attempt to reclaim the March 17 highs around $0.000141 by overcoming the 50-day Exponential Moving Average (EMA) at $0.000137. In highly bullish cases, LUNC could continue northbound towards the 100-day and the 200-day EMAs at $0.000154 and $0.000188, respectively.
LUNC/USDT 1-day chart
Conversely, if LUNC bulls are unable to increase momentum, Luna Classic price could fail to break above the downtrend line, leading to a continued downtrend. This could see the altcoin lose the immediate support level at $0.000120, thereby invalidating the bullish thesis.
A continued downtrend could see Luna Classic price drop lower to collect sell-side liquidity around the psychological $0.000117 support level.
Traders should probably take advantage of the current dip in Luna Classic price to acquire LUNC at affordable rates before the breakout begins.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
US SEC may declare XRP a 'commodity' as Ripple settlement talks begins
The US SEC is considering declaring XRP as a commodity in the ongoing settlement talks with Ripple Labs. FOX News reports suggest Ethereum's regulatory status remains a key reference for XRP’s litigation verdict.
Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause
Cardano price stabilized above $0.70 after posting another 5% decline in its 3rd consecutive losing day. Multiple ADA derivatives trading signals are leaning bullish, but the US trade war impact outweighs the positive shift in inflation indices.
Stablecoin regulatory bill receives green light during Banking Committee hearing
The US Senate Banking Committee voted on Thursday to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish proper regulations for stablecoin payments in the country.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.