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Everything You Need to Know about the Terra Classic Price — Are There Chances of Recovery?

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Terra Classic Price
Terra Classic Price

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The falling wedge pattern is a bullish reversal pattern, and it appears that Terra Classic is aggressively trading through it. Over the course of the past day and a half, the bulls have been picking up steam once again, and buyers have begun to step in to try to slow down the decline.

Is There Any Chance That Terra Classic’s Price Will Reach $0.0003?

According to CoinMarketCap, the price of Terra Classic was $0.000285 and the cryptocurrency currently has a market capitalization of $1.63 billion.

The predicted 1.2% supply burning mechanisms have not been implemented, and the fear, uncertainty, and doubt (FUD) surrounding Do Kwon has led to a further decline in price, which has reduced investor appetite. As a result, trading activity on the Binance platform has decreased marginally.

Understanding Things from a Technical Standpoint

At a preliminary glance at LUNC’s technical graph on CoinMarketCap, LUNC is trading within a pattern that looks rather bullish, despite the fact that gloomy news has been released.

The fact that LUNC’s price is consistently being rebuffed by the 20-day moving average has been brought to the attention of industry professionals. This particular form of recoil is preventing LUNC from beginning a fresh upswing.

A descending triangle was contained within the falling wedge, and it is evident that it has been successfully broken through by Terra Classic.

The next challenge consists in overcoming the falling wedge pattern’s resistance trendline, which is located at $0.000273. If this is accomplished, the subsequent price objective on the technical chart is $0.000335, which would represent a gain in price of around 25.15% compared to the current levels.

There is a possibility that we may lose the support around $0.000254 if Terra Classic’s price structure breaks down within the falling wedge pattern. This would increase the likelihood that we will have to go back to $0.000236.

CEX Behemoths Rely on the Burning Mechanism

In spite of the recent drop in price, there is some positive news to report, and that is the fact that a big centralized exchange known as MEXC has decided to implement further burn in addition to their existing 1.2% burn.

A bigger quantity of LUNC supply will be burned after other centralized exchanges also include the 1.2% burning processes.

According to Terrarity, a total of 3,967,138,030 LUNC has been used, which accounts for just 0.0574% of the available supply.

Is Terra Classic Going To Recover This Year?

Terra Classic is one of the cryptocurrencies that has seen one of the highest rates of growth for 2022. In spite of this, there is still the chance that there is significant upward potential from here.

In the event that LUNC is successful in breaking out of the falling wedge formation, considerable bullish momentum to the upside may follow. Keep in mind that September is traditionally regarded as one of the most bearish months of the year; therefore it is customary to observe a downward trend here and rejections at resistance levels.

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