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Most Dastardly Stalls and Burns: LUNC’s Curious Case

BBG News

Dear reader, allow me to regale you with the most recent developments in the realm of Terra Luna Classic, a token of such intrigue that one might liken it to the plot of a Gothic novel. Our hero, LUNC, has found itself ensconced in a precarious position, hovering above a support level as crucial as the heart of a maiden in distress. As the weekly burn rate has soared, akin to the flames of a bonfire at a ball, a key community vote has commenced, casting a shadow of uncertainty upon our tale.

As of Wednesday, LUNC was trading at the princely sum of $0.000060, a figure so minuscule it may cause one to question the sanity of those who dabble in such pursuits. Yet, the token has plummeted by over 66% from its December high, a drop as sudden as a lady fainting at the sight of a spider.

Despite the burning of more coins than one could shake a stick at, LUNC continued its descent, much like a carriage rolling down a hill without a driver. According to LUNC Metrics, over 727 million tokens were burned in the past seven days, leaving naught but ashes and whispers in their wake. These burns have brought the total number of tokens destroyed since inception to over 407 billion, a figure so large it could fill the pockets of every gentleman in England.

Most of this week’s burns came from the Luna Foundation Guard, a group as mysterious as the Phantom of the Opera. They burned over 211 million tokens on Wednesday, and incinerated more than 1.7 billion TerraClassic USD tokens. Such actions have left many wondering if we are about to witness the greatest comeback in #Crypto history. Stay tuned! 💎🤲🏻 #LuncBurn #Binance @cz_binance

Terraform Labs established the Luna Foundation Guard to support the growth of the Terra ecosystem, particularly its stablecoin. One can only hope that their efforts will not be in vain.

LUNC price has remained as stagnant as a pond in winter after some users proposed a phased approach to establish an on-chain liquidity for the USD Coin (USDC). The goal is to set up USDC/LUNC liquidity pools to improve on-chain liquidity, provide decentralized finance utility, reduce reliance on centralized exchanges, and create arbitrage opportunities. Additionally, the pair would help generate tax volume and increase the burn rate. One can only hope that these measures will not lead to a fate worse than death.

LUNC price technical analysis

The daily chart reveals that Terra Luna Classic has stalled at a key support level, one that has held firm like a castle wall against the onslaught of the enemy. This suggests that bears are hesitant to push LUNC lower at current levels, much like a suitor hesitates before declaring his love for a lady.

LUNC remains below the 50-day moving average and the descending trendline connecting the swing highs since Jan. 19. This indicates the formation of a descending triangle, a popular bearish continuation pattern, as ominous as a storm cloud on the horizon.

More downside would be confirmed if the price breaks below the horizontal support that connects the lowest level since July 2024. A break beneath that zone could push LUNC to the next key support at $0.000047, approximately 22% below the current level, a fall as precipitous as a lady’s reputation after a scandal.

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2025-04-02 19:37

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