The Terra collapse was no less than a nightmare for every crypto enthusiast, which created a ripple of fallouts. This also triggered the famous 2022 bear market that slashed the Bitcoin price below $16,000. However, the platform came up with multiple revival plans, including the burn mechanism, which induced confidence within the token. Ever since the start, the LUNC price has been facing bearish heat, which compelled it to drain by over 90%.
The Terra Classic price demonstrated a strong comeback with over a 200% upswing and despite the bearish attacks, the token continues to remain within the bullish range, aiming to breach the levels not visited in the past couple of years. The platform is constantly trying to reduce the tokens in circulation by constantly burning the tokens. The latest burn of over 3.1 billion tokens is believed to have ignited the latest price surge.
The burning mechanism has whipped out over 390 billion LUNC tokens to date, bringing down the supply to 5.5 trillion from 6.5 trillion. The LUNC price has been rising over 40% since the start of the month and over 120% throughout November. With the bullish market sentiments piling up while the traders becoming optimistic, are there any chances of the LUNC price hitting $1 in the upcoming bull run?
The historical price pattern of LUNc suggests the token has triggered a recovery phase and, with a 30% rise, may reach the neckline of the Adam & Eve pattern. The pattern often signals a bullish turn after the completion of the pattern. The price has triggered a strong rise and as the supertrend has turned bullish, the bulls are expected to have a strong grip over the rally. The indicator has shifted from the bearish that it began at the start of the year, signifying the bullish continuation hereafter.
Secondly, the on-balance volume remains elevated before the start of the year, suggesting a huge rise in the trader’s attention. Now that the market sentiments have turned bullish, the Terra Classic price is also expected to follow the trend and breakout of the neckline and reach levels above $0.00025. However, after reaching these highs, the price is expected to drop and restest the neckline, followed by a massive breakout beyond $0.0003.
If the bulls maintain strength above these levels, then the LUNC price may climb beyond $0.00035, which could lay down a path beyond $0.0004.
