Over the weekend, LUNC price saw some of the most bullish price action, sending the price up over 20%. This rally eventually took the price above $0.0001, after struggling around $0.00009 for the past two weeks. However, the tides appear to be completely changing for the altcoin as one analyst expects the rally to continue.
Prepare for the LUNC price to double
The LUNC price, despite rising so much, is still showing signs of continuation. This is clearly seen in the Falling Wedge Breakout that was there confirmed by crypto analyst Ava Cryptoo on TradingView. This Falling Wedge Breakout is important because it often precedes some of the major rallies in cryptocurrencies, such as LUNC.
The altcoin’s price is currently retesting significant resistance at $0.000115. Now this level is significant because rejection from this level had initially stopped the LUNC price breakout on Saturday. Now that the price is starting to test it again, it appears that the bulls are far from done with this altcoin.
Source: Tradingview.com
In a scenario where LUNC price successfully retests and breaks above this level, the crypto analyst expects the price to more than double from current levels. They estimate the price target for the altcoin at $0.00022, and the timeline for this appears to be a matter of days. However, all of this depends on the price making a “Perfect Retest” and breaking out completely.
Token price climbs to $0.000114 | Source: LUNCUSDT on Tradingview.com
Why is Altcoin Rising Amid Low Market Sentiment?
The breakout of LUNC price during such slow market movements suggests an end to the accumulation that took place below $0.0001. Additionally, Binance conducting its planned LUNC burn contributed to the price increase seen this weekend.
Binance, the world’s largest crypto exchange, has committed to burning LUNC tokens realized with fees in an effort to help reduce its massive supply. The last burn which took place on February 1, successfully removing approximately 2.1 billion tokens from circulation.
This is the 18th fire the crypto exchange has carried out, each time removing hundreds of millions to billions of tokens from circulation. After this burn, the crypto exchange helped the LUNC burn figure cross the 51 billion threshold.
A wave of excitement naturally followed the monthly burn as the price began to rise rapidly. LUNC trading volume reportedly increased by more than 700% at the time, initially causing a 10% price increase. By the time the weekend was over, LUNC price had already risen more than 20% and is retaining most of its gains.
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