The LUNC price has retreated sharply this week, moving to the lowest level since 2022. Terra Luna Classic dropped to a low of $0.00004745, down by 65% from its highest level in November last year.
The price of Terra Luna Classic (LUNC) has crashed to a near record low as investors sell their coins.
This happened even as the number of tokens being incinerated soared. Data shows that over 1.59 trillion tokens have been burned in the last seven days.
For starters, a token burn is a situation where a cryptocurrency is removed from the market by being dumped in an inaccessible wallet. Other common crypto projects that burn substantial tokens are BNB Coin and Tron.
LUNC price has crashed to a key price, where it struggled to move below in late 2023 and 2024. That is a sign that the price is the lower side of the descending triangle pattern, a popular bearish chart pattern.
The price of Terra Luna Classic has now moved below the 50-week moving average. With LUNC’s demand waning, a strong bearish breakdown is likely. The next reference level is its all-time low, $0.00003555.
A clear LUNC bullish breakout will be confirmed if the coin rises above the upper side of the descending triangle pattern.
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