Terra Luna Classic Price Forecast – When is the Next Binance Token Burn?
Terra Luna Classic is preparing for a bullish move to $0.00037 after holding firmly at the $0.00025 support. Over the last few weeks, its performance continued to disappoint investors, as they counted losses from $0.00037. However, insight from a double-bottom that recently formed on the four-hour chart indicates a 26% move upward may be on the cards.
Binance exchange is taking center stage in Terra Luna Classic (LUNC) token burn process. The exchange’s efforts appear to bear fruit, with almost 8.5 billion tokens being wiped from the crypto project’s supply. The second week of the burn process, which started on September 26 and ended on October 1, saw 5.5 billion LUNC tokens erased from existence. Similarly, the week ending on October 8 removed approximately 2.9 billion tokens from the supply.
The largest crypto exchange company has pledged to help Terra Luna Classic reduce its bloated supply with weekly token burn schedules – starting every Tuesday until further notice. A similar token burn program commenced on Tuesday, the 11 and is expected to continue until Monday, the 17.
Terra Luna Classic price rallied roughly 68% in 24 hours after Binance CEO Changpeng Zhao (CZ) announced. LUNC jumped from $0.00018 to $0.00037 on October 1 after doubling its value in less than a week.
LUNC is in the process of strengthening its bullish outlook from support at $0.00025. This critical area has been tested twice in the last three weeks, making it a formidable springboard to another substantial jump aiming for $0.00037.
Terra Luna Classic price retracement to $0.00025 completed a double-bottom pattern that may be validated in the upcoming sessions. A trend reversal is usually expected when this pattern appears on the chart.
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