- Terra Luna Classic price has staged a strong recovery.
- Mirror Protocol’s MIR and Anchor Protocol’s ANC have recovered.
Terra Luna Classic price has jumped sharply in the past few days. It rose to a high of $0.0001585, the highest level since December 16. It has jumped by more than 30% from the lowest level this month, making it one of the top cryptocurrencies.
Mirror Protocol and Anchor Protocol rises
LUNC price has jumped in the past few days after a recent airdrop by Binance. In a note published last week, Binance, the biggest exchange in the world, said that it had completed the second round of LUNA distribution to LUNC and TerraClassicUSD. According to the distribution plan, Binance will then carry out the next distribution in June 2023.
LUNC crypto price has also recovered because of the recent surge of Mirror Protocol and Anchor Protocol prices. MIR has jumped by more than 150% in the past 24 hours while ANC has rallied by over 40% in the past 24 hours. Despite being dead platforms, Mirror and Anchor Protocol’s tokens have seen their market cap jumped to over $40 million.
It is unclear why these tokens have jumped. A likely reason is the recent Binance airdrop to USTC. Further, USTC stablecoin price has risen in the past few days. It has risen by more than 15% from its lowest level in December. Still, it remains significantly lower than the equilibrium level of $1.
Terra Luna Classic price has also risen as the volume of token burn has jumped sharply in the past few months. Data compiled by Terrarity shows that over 36 billion LUNC have been burned in the past few months. And the number is increasing. A rise in LUNC token burns means that the supply is being reduced.
Another reason for the rally is unverified rumours that Coinbase had authorized a major purchase of LUNC. A tweet said that the company wanted to buy LUNC worth over $245 million. This is unverified and highly unlikely.
Terra Luna Classic price prediction
My last LUNC price forecast did not work out. In it, I predicted that the token would resume the bearish trend. Instead, the token continued rising and is now a few points below the key resistance point at $0.00015. It has formed an inverted head and shoulders pattern, which is usually a bullish sign.
LUNC’s 50-day and 25-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level. Therefore, because of the inverted H&S pattern, the coin will likely continue rising as buyers target the resistance at $0.00017.
