Cryptocurrency Terra Luna Classic (LUNC) has had an interesting performance over the last few weeks. After losing 1.5% in the last 24 hours, LUNC is trading at around $0.0001221. The cryptocurrency is currently under a great amount of pressure due to resistance from the seller congestion along a descending trendline. In order to break this stagnation, LUNC will require a significant amount of pumping from its investors.

The Terra Luna Classic network also has a large circulating supply, resulting in difficulty to sustain an uptrend in its price. Data from CoinGecko shows that the circulating supply holds around 5.9 trillion while its total supply stands at 6.9 trillion. In order to combat this inflation in supply and demand, the largest cryptocurrency by trading volume, Binance, has agreed to burn up to 52.5 billion tokens. This would involve Binance transferring 1.612 billion tokens to the burn address, significantly decreasing the circulating supply. Apart from that, the exchange has changed their token burn schedule from weekly to monthly.

Despite the effort from Binance and the Terra Luna Classic community, it remains to be seen if the price will reach its previous heights of $1. Bulls have attempted to break through the seller congestion multiple times, however it has been unsuccessful so far. The SuperTrend indicator still indicates a bearish trend as of now. The next LUNC target could be at $0.0002 if the bulls manage to overpower the seller congestion. If aside from this, buyers are not able to go above the 50-day Exponential Moving Average (EMA), then support at $0.00012 would continue to be the bottom.

In conclusion, the future of Terra Luna Classic (LUNC) is still unpredictable. There is still a great amount of downward pressure, making things difficult for investors to make a profit in the short term. Binance is slowly starting to burn the tokens and decrease the circulating supply in an attempt to balance out the supply and demand dynamics, yet it is too early to tell how things would play out. The crypto market and its performance is always unpredictable, and the same goes for Terra Luna Classic.



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