The price of Terra Luna Classic has decreased by 1.5% during the last day, falling to $0.00015486 amid a small decline in the price of all cryptocurrencies. Although this blip, it has now increased by 5% over the past week and by 20% over the past two weeks, despite declining by 11% over the past 30 days.
Recent price volatility for LUNC has been caused by a combination of internal dispute about how to effectively serve Terra Luna Classic’s ecosystem and unfavorable market sentiment. However, it appears to have a good 2023 because token burns are still happening and are probably going to get worse soon.
Today’s Lunc Price
Luna Classic’s price today is $0.0001776 USD
| DATE | Luna Classic | USD |
|---|---|---|
| Today | 01 |
$ 0.0001776
|
Terra Luna Classic Price Prediction
The chart of LUNC is still in a precarious situation, with the coin technically capable of both increasing and declining. Its relative strength index (purple) is circling around 40, indicating that selling pressure may persist before the price bottoms out.
Similar to LUNC, the 30-day moving average (red) is hovering near the 200-day moving average (blue). Again, this signals that it might experience additional drops before experiencing a concerted rally.
Despite this technical uncertainty, LUNC is well-positioned to benefit this year from big rallies. This is primarily due to the ongoing burns that are occurring on-chain and on different cryptocurrency exchanges, like Binance.
Out of the 6.87 trillion LUNC that are currently in circulation, over 37.1 billion have been burned so far. Although this may not seem like a lot in terms of the total supply, it will continue to grow as the year goes on, especially in light of the amount of community work put forward to raise the burn rate.
For instance, the community for Terra Luna Classic is constantly coming up with ideas to burn more LUNC. Among these is a current proposal to stop re-minting burned tokens (which had been intended to support development work).
Other recent suggestions include the notion of giving users the option to voluntarily burn more LUNC while withdrawing rewards.
These proposals show how dedicated the LUNC community is to lowering its supply and raising its price when taken all at once. Additionally, over the previous few days, a proposal to form a task force with the intention of accelerating development on the Terra Luna Classic blockchain was accepted.
The longer-term expansion of LUNC will ultimately be supported by increased development since it will enable LUNC to draw in more users and increase the usability of its network.
As a result, there is a good potential that LUNC will experience significant price growth this year, with a 10x increase bringing the price to $0.0017.
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