Will the LUNC breakout soon lead to a massive 588% surge?

LUNC is seeking a breakout, staying above resistance while analysts predict a possible 588% increase if momentum strengthens.

More than 405B of LUNC have been burned, with Binance leading the efforts, but 5.45T of tokens remain, limiting the immediate impact on the price.

Technical signals are mixed, with a key resistance ahead; increased volume and buying pressure are crucial for a rally.

The price of LUNC has caught attention by staying above a previous resistance level. Market analysts suggest that a price breakout may be near, with some predicting a potential increase of 588% to $0.0004295. The rising trading volume, combined with ongoing token burns, has fueled speculation about LUNC's next move.

The price of LUNC remains above key resistance

The price of LUNC has stayed above a previous resistance level, indicating a possible bullish momentum. Analysts suggest that if this trend continues, the token could experience a strong upward movement. Trading volume has also shown signs of growth, which is usually a key factor in confirming a breakout.

Massive token burns continue, reducing supply

The Terra Luna Classic community has been actively burning LUNC tokens to reduce the circulating supply. According to recent data, more than 405 billion LUNC and 3.4 billion USTC have been burned since May 2022. At the time of writing, LUNC is valued at $0.00006088, representing a 1.41% increase in the last day and a 7.60% decrease in the last week.

Currently, the largest contributor to the burn mechanism is Binance, which announced a burn of 760 million LUNC. It has also employed transaction fee burning, where the collected fees are used to effect the deflation of LUNC.