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Terra Classic (LUNC) has shocked many observers as its price jumped 61% to hit $0.0002614 in an ongoing epic rally.
Terra Classic typically witnesses massive price surges, especially since its valuation tanked to mimic that of a meme coin mid-last year. This impressive push has sparked a new round of projections, including the possibility of the token reclaiming the resistance point at $0.0003.
The $0.0002701 is the highest price LUNC has recorded thus far this year, propped by a 228% growth in trading volume to $1,243,337,369. LUNC is currently trading at $0.0002636.
Terra Classic (LUNC) Bullish Triggers
Though Terra Classic’s market capitalization has soared by 62.17% to $1,532,019,488, there is generally more room to grow, provided there will be more consistency in its key triggers. One of these is the LUNC token burn spearheaded by Binance.
With the exchange recently incinerating 3,903,522,969.89 LUNC, the scarcity sentiment of the altcoin intensified, forcing more traders to go on a buying spree. The burning of LUNC by Binance aligns with one of the project’s plans to restore its value in its long-term push.
While the latest Binance LUNC burning was significant, The Crypto Basic has a series of records where the trading behemoth helped burn off its extremely large LUNC stockpile.
Besides this burning, the Terra Classic ecosystem has seen its vote of confidence boosted by the liquidity injection into TerraClassicUSD (USTC) by Terra Classic Labs. This capital investment proves the Terra tokens are worth investing in overall.
According to market experts, another key trigger is the current market outlook, with Bitcoin hitting its best price for the year and the emergence of the altcoin season.
Potential Timeline for $0.0003 Milestone
For a digital currency whose All-Time High (ATH) is $119.18, community members argue that a retest of $0.0003 or higher price levels is a matter of when, not if.
Should LUNC bulls sustain the ongoing rally riding on the highlighted triggers, another 14% jump in price will help the token clear another zero and set it on a path to new price discoveries for the year.