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LUNC price forms a bullish pattern as USTC pumps

LUNC price forms a bullish pattern as USTC pumps
  • Terra Luna Classic price crawled back on Thursday.

  • The number of LUNC holders has been stable.

  • USTC price soared by over 20%.

Terra Luna Classic price crawled back on Thursday as investors reacted to the strong comeback of USTC. It rose to a high of $0.00017, which was slightly above this week’s low of $0.00016. LUNC’s price is about 71% below the highest level this year.

USTC price rebounds

Terra Luna Classic is a community-operated cryptocurrency that is the remnant of Terra’s collapse. It differs from Terra Luna, which was unveiled by Do Kwon as part of Terra 2.0. 

LUNC has been in the spotlight in the past few months as the number of holders has remained steady. Data shows that despite the bad reputation, the number of LUNC holders is at an all-time high. According to LUNC Burner, there are now 12,090 unique addresses in LUNC. This is significantly higher than last month’s low of 11,590.

These buyers are likely attracted to the token for its speculation purposes. These holders believe that the token will stage a major comeback if the broad cryptocurrency market rebounds. There are now over 880 billion bonded tokens, 

Meanwhile, the number of Terra Luna Classic that is being burned is rising. More than 34.2 billion LUNC tokens has been burned since May. As a result, the total supply has been reduced to 6.8 trillion tokens.

Terra Luna Classic price is crawling back as Terra Classic USD stablecoin is rebounding. According to Binance, USTC price has soared by more than 20% in the past 24 hours. It rose to a high of $0.024, which was the highest level since November 11.

USTC is a former stablecoin that was the nerve center of Terra’s ecosystem. Its de-pegging led to the collapse of Terra and its ecosystem, as we wrote here. At the time, USTC holders in DeFi protocols like Anchor Protocol saw their investments evaporate.

LUNC price prediction

LUNC chart by TradingView

The daily chart shows that Terra Luna Classic price has been in a steep sell-off in the past few months. Along the way, the coin has formed a falling wedge pattern that is shown in orange. In price action analysis, this pattern is usually a bullish sign, 

LUNC has moved below the 25-day and 50-day moving averages while the Average True Range (ATR) has dropped, which is a sign of low volatility. Therefore, Terra Luna Classic price will likely have a bullish comeback in December as speculation increases.

How to buy Luna Classic

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