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Terra Luna Classic Price Prediction as LUNC Surges 3% – Here’s Where LUNC Heads Now?

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Terra Luna Classic Price Prediction as LUNC Surges 3% – Here’s Where LUNC Heads Now?

Source: Trading View

Terra Luna Classic (LUC) price rose to $0.00013313 today as the coin rose 3% in the past 24 hours after a large market-wide rally yesterday.

Despite yesterday’s gains, LUNC’s current price represents a 6% loss over the past week and a 19% decline over the past 30 days, at a time when major tokens (e.g., BTC and ETH) are rising in the same time frame.

However, yesterday’s rally underscores the possibility of further gains for LUNC, which is already up just over 13,000% from its all-time low set in May 2022 of $0.000000999967.

And with plans to re-index the $1 stable sister USTC in the works, it could only be a matter of time before large amounts of LUNC are burned, causing the price of altcoin.

Terra Luna Classic Price Prediction as LUNC Surges 3% – Here’s Where LUNC Heads Now?

LUNC’s chart reveals some promising indicators, with both its Relative Strength Index (purple) and 30-day moving average (red) doing some interesting things right now.

Source: Trading View

Namely, its 30-day average has started to rise sharply towards its 200-day (blue), and if the shorter average exceeds the longer one, the coin could have a breakout.

Similarly, LUNC’s RSI has risen to 70 in recent days, after being below 30 last week, indicating oversold.

Although it has dipped over the past few hours, it is still hovering around 60, indicating decent upward momentum.

The key resistance level for LUNC here is $0.000135: if it can make a clear breakthrough through this price, it could gain even more in the days to come.

Given LUNC’s poor performance over the past week and month, there is an argument that it is currently oversold and undervalued and could therefore rally significantly over the next few weeks.

This suspicion is reinforced by ongoing efforts to burn LUNC and raise its price, with February witnessing the acceptance of a proposal to re-peg LUNC’s sister stablecoin, USTC.

The reason this is bullish for Terra Luna Classic is that it would require the large scale burning of LUNC tokens since LUNC is used to regulate the price of USTC.

As the authors of the proposal write, this would create “a more efficient system for LUNC and USTC that can burn more than the tax rate.”

Burning more is certainly necessary if LUNC is to get even remotely close to its former price, as only 48.6 billion LUNC have been burned to date, out of a circulating supply of around 5.9 trillion.

That’s why the proposal is so important, but a plan to put it into practice has yet to be agreed, which is why LUNC’s award has been so responsive to its acceptance.

Still, the Terra Luna Classic community continues to work on various other proposals to energize LUNC.

This includes a proposal to increase the chain burning tax from its current rate of 0.5% to 0.8%, which will obviously lead to more LUNCs being taken out of circulation.

At the same time, another proposal suggests changing the burn tax split so that 25% (instead of 10%) of what gets burned goes to developer funding.

This would help fund the development of the Terra Luna Classic blockchain, helping to make its ecosystem and applications more attractive to users and projects.

However, as positive as these proposals may be in their intent, they have attracted a degree of dissent, with some validators opposed to the idea of ‚Äč‚Äčincreasing the burning tax rate to 0.8%.

At the same time, it is also proposed to remove a developer from the working group responsible for supporting the growth of the Terra Luna Classic ecosystem.

All of this highlights why LUNC has not been able to recover as strongly as some bearers would have liked and also why his community has not been able to come up with a concrete plan to actually re-anchor the USTC.

Nonetheless, the good news is that the burn rate has increased markedly in recent weeks, with Binance resuming its own trading fee burn and revealing that it had destroyed 8 billion LUNC in the three months to the end of February.

Due to this gradual increase in burning, there is a good chance that LUNC will hit $0.00015 in the next few weeks, with $0.0002 being a slightly more distant target.

From there, it has a real chance of returning to $0.0004 or $0.0005 by the end of 2023, assuming the market continues its apparent rally.

Bigger gains depend on the Terra Luna Classic community rallying behind a specific plan to re-enter the USTC, which could push LUNC up if and when that happens.

Buy Terra Luna Classic now

Alternatives to Terra Luna Classic

LUNC’s prospects for significant gains appear to be limited until a concrete plan to re-anchor USTC is developed and implemented.

In the meantime, traders looking for short-term opportunities may want to consider other coins, as several new altcoins and pre-sale tokens are currently showing promising potential.

If you want to explore these options, the Crypto news The Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, showcasing some of the most exciting promising projects in the crypto space.

The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.

See the 15 cryptocurrencies

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.


Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.