Terra Luna Classic price has done well in the past few days as demand for the community-led token increased. LUNC price jumped to a high of $0.000255, which was about 14% above the lowest level this in October. Similarly, it has done well as the USTC “stablecoin” and Terra’s burn rate continues rising.
LUNC outlook for November
Terra Luna Classic is a leading cryptocurrency that is the remnant of Terra, which collapsed in May this year. It is a community-led protocol that still has a strong market share in the crypto industry. According to CoinMarketCap, LUNC has a market cap of more than $1.6 billion, making it the 38th biggest cryptocurrency in the world.
LUNC price has done relatively well in the past few weeks as investors focus on the rising demand for the coin. Some analysts believe that Terra Luna Classic is now a good meme coin that has a long runway to success.
For one, they cite the rising burn rate that is intended to reduce the overall supply. Over 24.5 billion LUNC have been burned already. According to LUNC Burner, over 7.8 million LUNCs have been burned today alone. This leaves the total circulating supply to about 6.5 trillion.
Still, the number of total LUNC addresses has been in a downward trend in the past few months. There are now 11,631 LUNC holders, which is lower than the peak of 11,846.
Terra Luna Classic price prediction
The four-hour chart shows that the LUNC price has been in a tight range in the past few days. It has remained slightly above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved slightly above the neutral level. LUNC volume has remained substantially lower in the past few days.
Therefore, the Terra Luna Classic price will likely have a bullish breakout in the coming days. If this happens, the next key resistance level will be at $0.00030. A drop below the support at $0.00024 will invalidate the bullish view.