During the week token Terra Luna Classic (LUNC) has risen 8,73% to its highest since March 2024. Some cryptocurrency analysts believe that the asset has potential for further growth, especially amid the bull market.
One of the popular experts, Miles Deutscher, said that he is a long-term holder of LUNC because he believes in the asset. Among the reasons for his optimism, the analyst noted the strong bullish price charts, the appeal of the token as a meme, and the fact that LUNC is still traded on the exchange Binance .
Another potential catalyst for Terra Luna Classic growth, analysts say, is the ongoing token burn, which reduces the supply and increases the value of the remaining assets. According to LUNC Metrics, the network has burned 1,34 billion tokens over the past seven days.
So far, over 390 billion tokens have been destroyed, leaving 6,51 trillion in circulation.
LUNC's staking ratio has also risen from its 2022 low and is now approaching 16%, indicating that many investors believe in the asset's potential.
LUNC chart
The daily chart shows that Terra Luna Classic is in a bullish trend after the asset bottomed at $0,000054 a few months ago. Technical indicators show that token could rise to $0,0002055, which is about 75% higher than the current level.
