Although he does not believe Terra LUNA Classic (LUNC) will surpass the $1 price point, Michaël van de Poppe expressed his short-term bullish sentiment for the token. Here are the details…
Michael van de Poppe reveals bullish forecast for LUNC
Renowned crypto analyst Michaël van de Poppe said in a tweet on Sunday that LUNC is showing strength. He stated that the token can claim the $0.00045 price point. “LUNC is showing strength because another breakout has occurred,” the analyst said. He also used the following statements:
Currently resistance, breakout and resistance being support = long zone. Otherwise, I would be looking for a long position of around $0.0003 for a potential game. If $0.0036 is broken, I assume we will see $0.0045.
Request 02 – $LUNC
This one shows strength, as another breakout has happened.
Currently into resistance, breaking and flipping = long zone.
Otherwise, I'd be looking at long around $0.0003 for a potential play.
If $0.00036 breaks, then I assume we'll see $0.00045. pic.twitter.com/A2PlxKrMrC
— Michaël van de Poppe (@CryptoMichNL) October 2, 2022
Analyst: It will never exceed $1
It is worth noting that at the end of August, van de Poppe expressed his belief that the token will never exceed the $1 price target set by the community. According to the analyst, the reason for this was simple math. However, van de Poppe’s sentiments did not deter the LUNC community. Since then, as cryptokoin.com reported, the LUNC community has been imposing a 1.2 percent tax burn on all on-chain transactions. It also forced Binance to burn all trading fees from LUNC trading activity. Thus, they plan to reduce the token supply from 6.9 trillion to 10 billion dollars.
TerRarity.io data shows that it currently burns about 3.4 billion LUNC in a week. LUNCBurner data shows that the tax burned 53.4 million LUNC today. Both platforms log an average of 300 million LUNC burns daily. Although data on the highly anticipated Binance burn has not yet been released, the expectation caused the token price to rise significantly over the weekend. Binance’s first data on burn will be announced tomorrow.
Currently, the Terra Luna Classic is changing hands at $0.000326, down 6.4 percent. The cryptocurrency dropped by $0.000317 while it was as high as $0.0003505 on a daily basis. Still, the coin has gained 66 percent in the last 7 days. A week ago, the price of the coin was around $0.000209.
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