- Terra Luna Classic price has made a slow recovery recently.
- It has risen slightly above the falling wedge pattern.
LUNC price has staged a steady recovery in the past few days as cryptocurrencies continue their recovery. Terra Luna Classic rose to $0.0002, which was the highest level since November 11. It has risen by more than 43% from the lowest level in November, making it one of the top performers in the industry.
Improving metrics for the meme token
Terra Luna Classic has seen some improving metrics despite the fact that it is a flawed cryptocurrency. It is flawed because the original intrinsic value it had worsened when Terra USD lost its peg. Today, USTC trades at less than $0.02 and attempts to regain its peg have been futile.
Despite all this, on-chain metrics show that Terra Luna Classic has had some significant metrics amid the crypto sell-off. First, data shows that the number of LUNC holders has been in an upward trend and now stands at an all-time high of near 12k. This is a significant improvement since the coin had 11,593 in mid-November. An increase in the number of holders is usually a positive thing for any asset.
Meanwhile, additional data shows that the number of Terra Luna Classic being burned or removed from circulation has been rising in the past few months. Over 34 billion coins have been burned, with the amount expected to increase in the coming months. In total, over 6.87 trillion LUNC coins are in circulation. Burning increases a coin’s value by reducing the amount in circulation.
Therefore, with the volume of Terra Luna Classic retreating and with interest in the coin rising, there is a likelihood that the token will keep rising.
However, holders should understand that LUNC and USTC are highly risky cryptocurrencies that have become memes. Also, the overall volume that is being traded is relatively low. Therefore, pumps and dumps are likely to happen. The same is true for ecosystem tokens like Mirror Protocol, Astroport, and Anchor Protocol.
LUNC price prediction
The four-hour chart shows that the Terra Luna Classic price has been in a slow bullish trend in the past few days. A closer look shows that it has moved slightly above the falling wedge pattern. In price action analysis, this pattern is usually a bullish sign. The Relative Strength Index (RSI) has moved above the neutral level of 50.
Therefore, there is a likelihood that the LUNC price will perform well in December. If this happens, the key level to watch will be at $0.00030.
