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- LUNC shows strong momentum as RSI and price breakouts suggest a potential massive rally, according to an analyst.
- An influencer reveals 39 million USTC tokens were burned from TFL wallets, intensifying excitement around LUNC.
The Terra Classic (LUNC) cryptocurrency is gaining traction among analysts and influencers as it shows symptoms of a potential breakout. According to a tweet by famous crypto analyst Javon Marks, LUNC’s latest price movements have shown substantial strength following a breakout retest.
Analyst and Influencer Fuel Speculation of a LUNC Bull Run
Marks observed that both the price action and the Relative Strength Index (RSI) are remaining steady, indicating the likelihood of a huge rebound.
In his analysis, Marks estimates a target price of $0.000593 for LUNC, reflecting a potential 567% increase from current levels. This prediction has prompted debate in the crypto world over whether this is the beginning of a huge bullish run for the token.
Adding this hopeful perspective, crypto influencer Mr. Diamondhandz1 added gasoline to the fire by tweeting that 39 million USTC tokens have been destroyed. According to the tweet, the burns came from TFL (Terraform Labs) wallets, which has increased interest in the LUNC ecosystem.
BOOM! 39 MILLION $USTC has been burned and data shows they are from TFL wallets! 🤯
Things are heating up for $LUNC! Keep your eyes on #LunaClassic! 🔥💎🤲🏻 #Crypto #Binance pic.twitter.com/gxiEumhHZw
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) September 11, 2024
The burn mechanism is crucial to the LUNC tokenomics since it tries to reduce circulating supply while potentially increasing the value of the remaining tokens. Mr. Diamondhandz1 underlined that these developments are heating up the LUNC market, generating excitement among both dealers and holders.
At the time of writing, LUNC is trading at around $0.00008361, up 1.65% over the last 24 hours. Trading volumes have also increased, with a daily volume of $16.07 million, indicating rising interest and activity in the coin.
The introduction of this upgrade has already had a favorable impact on the values of Terra LUNA and LUNC tokens, with market participants factoring in the anticipated gains.
Furthermore, the principal developer of Terra Luna Classic has made substantial progress on another important project: the Tax2Gas update.
As we previously highlighted, this upgrade is critical because it automates the calculation of burndown taxes, which makes it easier to administer decentralized apps (dApps) on the network. The update is still being tested, but it promises to make the process easier for developers, perhaps leading to more comprehensive dApp integration and adoption in Terra Classic.