Terra Luna Classic Token Shows Signs of Recovery
The Terra Luna Classic (LUNC) token is hinting at a potential turnaround. After plummeting over 90% from its peak, the token has found a strong support level at $0.00005385.this suggests that LUNC might be on the verge of a bullish breakout.
A key factor driving this optimism is the token burn milestone. The network has burned over 406 billion LUNC tokens. In the past week alone, more than 280 million tokens were incinerated. This burn activity is largely due to Terraform Labs, following a U.S. bankruptcy court order.
Binance, the leading crypto exchange, has also been actively burning LUNC. It has destroyed over 71 billion tokens in the last three years. This consistent support from major players is a positive sign.
Additionally, more LUNC holders are staking their tokens. The staking ratio has climbed to 15.85%, its highest since November 2024. A high staking ratio during a price downturn is typically a bullish indicator.
The weekly price chart reveals that LUNC has formed a quadruple bottom at $0.000054. This is a bullish reversal pattern. If the price breaks above this level, it could surge to $0.0001797, an 180% increase from current levels.
LUNC was originally known as Luna, created by Terraform Labs. After the UST stablecoin de-pegged in May 2022, Luna’s value crashed. A hard fork led to the creation of Terra 2.0 and the new LUNC token.
