Terra Luna Classic (LUNC) Price Prediction: Election Win Provides Propulsion, But Can It Be Sustained?

Terra Luna Classic price continued with its newfound uptrend on Wednesday as investors reacted to news of Donald Trump's US election win.

Terra Luna Classic (LUNC) price showed signs of life on Wednesday amid news of Donald Trump’s US election win and the latest token burns by issuer Terraform Labs and exchange Binance.

LUNC was up by 3.5 percent and traded at $0.0000895 at the time of writing, notching its first back-to-back daily gains in November.

The uptrend began on Tuesday as LUNC issuer Terraform Labs burned 251 billion tokens in accordance with a court-sanctioned settlement with the Securities and Exchange Commission (SEC).

The burn took roughly 4 percent of LUNC out of circulation. Meanwhile, Binance also carried out its 27th monthly burn of the token, which saw about 1 billion LUNC removed from the total supply.

However, given LUNC’s massive total supply of 5.45 trillion tokens, these burns have had a negligible impact on the demand-supply balance.

Having said that, the combination of LUNC’s recent headline-grabbing burns and the Donald Trump win is likely to provide some near-term buying pressure to the upside.

However, sustaining the momentum will depend largely on a market-wide sentiment rather than an asset-specific one. Despite their vast differences, many investors are yet to look past LUNC’s ties to the Terra Luna scandal of 2022.

Such a perception presents a hurdle to Luna Classic’s appeal and growth.

Luna Classic price forecast

Terra Luna price pivots at 0.000898, and the upside will prevail if the action stays above that level. This will likely see the establishment of the first resistance at 0.0000905. However, if the buyers strengthen their hold of the market, it could break above that level to test 0.0000910.

On the other hand, moving below 0.0000898 will signal the onset of bearish control. In that case, initial support could come at 0.0000891. However, if the downward momentum strengthens, the price could break below that level and invalidate the upside narrative. Meanwhile, the resulting momentum could send the price lower to test the second support at 0.0000886.