Home
News
- 1 The project can buy back and burn LUNC tokens.
- 2 The trial project will be launched within two days, priming LUNC for a bullish breakout.
Terra Classic, (LUNC tokens) are being burnt in a special crypto-supply slashing project via buybacks. Cremation Coin is a project launched to reduce excess supplies of crypto currencies. The trial project is presently burning LUNC tokens. The innovative project can buy back and burn LUNC at half the selling price of each NFT. Cremation Coin disclosed a massive burn of 30.6 million LUNC within a week’s time.
The project is centered on the Terra Classic blockchain and the newly released NFT initiative will be focused on burning LUNC tokens. This massive burning may positively affect LUNC price. The price is primed for a rally in the coming days. The project is on trial as of now and is set to launch within a couple of days. Millions of LUNC tokens are burned on a weekly basis, with a corresponding pattern observed on a weekly time-frame.
The Monoscope
LUNC forms a consolidating pattern from mid-March. The current price is extremely bearish as it floats way below the EMA ribbon. The volume remains minimal and shows vacating investors. The price is unable to break out of the 0.236 level of Fib Retracement. The price could turn bullish once the burning of LUNC nullifies the bearish trend. A flat OBV suggests a neutral market.
The market for Terra Classic is stagnant. The CMF sharply falls to the negative region suggesting that a bearish trend is prevailing. The MACD continues under a narrow positive divergence and records buyer action. The RSI moves flat near the half line to suggest dormant investors with selling pressure.
The Microscope
In the 4 hour time frame, LUNC price shows prolonged consolidation and a range bound movement. The CMF fell, trying to reach the negative zone, indicating bearish momentum. The RSI moves about the 50-range mirroring inactive investors and a dormant market. The entwined MACD lines signal ambiguity in the market.
Conclusion
LUNC token burn can positively affect the price of Terra Classic. The new innovative NFT project – Cremation Coin – buys back and burns LUNC tokens on a weekly basis. More than 30 million tokens have been burned till now. Price action shows that LUNC is unable to break out of a consolidation phase. The price could soon test the support and prepare for an uptrend.
Technical levels
Support levels: $0.000145 and $0.000139
Resistance levels: $0.000120 and $0.000115
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
