Terra Classic (LUNC) Price Prediction: Analyst Says $1 and $5 Targets Are in Sight as Binance Burns 1.14 Billion Tokens

• Terra Classic (LUNC) has garnered attention amid market volatility, with popular traders like Candle Calls predicting a significant price surge, potentially reaching $1 and $5.
• Binance also continues its strong support for the LUNC ecosystem, having burned over 64 billion tokens by September.

Amid the current volatility in the cryptocurrency market, Terra Classic (LUNC) has come into the limelight, with popular traders sharing a bullish outlook for the altcoin. Crypto analyst Candle Calls (@candlecalls) shared a chart suggesting a significant upward trend while fueling speculations that the LUNC price can reach new highs.

As of press time, the Terra Classin (LUNC) price is trading 10% down at $0.00008898   amid the broader market correction, with daily trading volumes surging by 66% to $60 million. However, the analyst is predicting a significant price surge of LUNC to $1 and $5.

At the time of Candle Calls’ analysis, Terra Classic (LUNC) was trading at $0.0001014, with the 24-hour chart showing a consolidation phase followed by a sharp rise, hinting at a potential breakout. The price surge reflects increasing investor confidence and buying momentum. Yesterday’s surge came as crypto exchange Binance burned a total of 1.14 Terra Luna Classic tokens as part of the LUNC burn mechanism.

The chart also identified a support level around $0.00008901, offering a solid base for the upward trend, while resistance at $0.00010870 tested the rally’s strength, reported CNF.

My baby $LUNC is getting ready to journey to $1 and then $5 in this Bull Run.

I hope you have this gem? pic.twitter.com/u7wYGJC5aP

— Candle calls #PocketFi Friend. (@candlecalls) September 29, 2024

Candle Calls’ prediction mirrors the bullish sentiment shared by many in the community. Fundamental analysis, favorable market conditions, and anticipated developments within the Terra Classic ecosystem typically drive this optimism.

Binance Continues Terra Classic (LUNC) Burn Initiative

In the latest development, the top crypto exchange Binance has continued with its initiative to burn the Terra Classic (LUNC) tokens, per the CNF report. This also shows the exchange’s commitment to the LUNC community.

LuncLive validator owner, Mr. Diamondhandz, emphasized the significance of Binance’s support on social media platform X, expressing his appreciation to Binance CEO Changpeng Zhao and his team. The validator owner further added:

Binance burned 1,142,098,248.09 LUNC for their monthly burn! Thank you CZ and company for supporting the LunaClassic community since 2022! LUNC to the moon!

Binance has been instrumental in supporting the LUNC ecosystem, burning over 64 billion tokens as of September. The LUNC burn mechanism is vital for reducing the token supply, potentially driving up its price as demand increases. Thus, Binance’s ongoing contributions have positioned it as the largest participant in the LUNC burn initiative.

Binance has also intensified its LUNC burn efforts in recent months, executing six burns in September compared to its earlier once-a-month schedule. This increased activity has sparked speculation within the Terra Luna Classic community that Binance is heightening its commitment to boosting the token’s value.