Terra Luna Classic (LUNC) Token Has Potential For Further Growth, Especially Amid The Bull Market

During the week token Terra Luna Classic (LUNC) has risen 8,73% to its highest since March 2024. Some cryptocurrency analysts believe that the asset

Cryptocurrency Terra Luna Classic (LUNC) has shown impressive gains over the past week, surging by 8,73% and reaching its highest price since March 2024. This price increase has sparked optimism among cryptocurrency analysts, who believe that the asset has potential for further growth, especially within the context of the bull market.

One prominent expert, Miles Deutscher, has expressed his long-term support for LUNC, stating that he is a believer in the asset. Among the reasons for his optimism, Deutscher highlights the bullish priceチャート, the meme appeal of the token, and its continued listing on the exchange Binance.

Another potential catalyst for Terra Luna Classic growth, as noted by analysts, is the ongoing token burn, which aims to reduce the supply and, consequently, increase the value of the remaining assets. According to LUNC Metrics, the network has burned an impressive 1,34 billion tokens over the past seven days.

To date, over 390 billion tokens have been销毁, leaving a circulating supply of 6,51 trillion.

Indicating optimism from a different angle, LUNC's staking ratio has also risen from its 2022 low, currently approaching 16%. This increasing participation suggests that many investors believe in the asset's potential for appreciation.

LUNC price chart. Source: TradingView

On the daily chart, we can observe that Terra Luna Classic is in a bullish trend, following a bottom at $0,000054 a few months ago. Technical indicators suggest that the asset could rally to the next resistance level at around $0,0002055, which would mark an increase of about 75% from the current price.