The price of Terra Classic (LUNC) has experienced a significant increase, pushing its market cap over $1 billion. This surge is mostly due to a bullish market momentum, with technical indicators like the Fibonacci extension suggesting a possible rise to $0.000016. An important technical development on the daily chart shows the 20 EMA surpassing the 50 EMA, further supporting a positive outlook for LUNC’s price.
In the last 24 hours, Terra Classic has seen a remarkable 29.45% price increase, according to CoinMarketCap. This rise has not only raised its market cap but has also highlighted the growing bullish sentiment among investors. Adding to the optimistic trend, Binance conducted a significant burn of 2.21 billion LUNC tokens on March 1, aiming to reduce supply and potentially increase the token’s value amidst rising demand. This burning event is part of a larger strategy within the Terra community, where over 100 billion tokens have been burned, as revealed by ‘Vegas’, a prominent member of the community.