The price of Terra Luna Classic has increased by an astonishing 18% in the last 24 hours, reaching $0.00020387, following advances yesterday for the cryptocurrency market as a whole. At this point, it has increased by 30% over the previous 30 days, primarily due to a reduction in market bearishness and a commensurate rise in market bullishness.
As the market continues to improve throughout the year, LUNC is anticipated to exhibit more upward volatility, with the altcoin profiting from community efforts to lower its supply. However, because members of this same community frequently disagree about how to best support the Terra Luna Classic ecology, it is not certain that LUNC will fully recover.
Today’s Lunc Price
Luna Classic’s price today is $0.000195 USD
| DATE | Luna Classic | USD |
|---|---|---|
| Today | 01 |
$ 0.000195
|
Terra Luna Classic Price Prediction
The chart of LUNC demonstrates a strong increase in momentum. Its relative strength index (purple) has increased from below 30 two days ago to over 70 at this point, indicating significant buying pressure that may last for a short bit longer.
A promising golden cross is poised to form between the coin’s 30-day moving average (red) and 200-day moving average (blue), which could indicate a huge breakout.
In fact, the fact that LUNC has surpassed $0.0002 and reached its highest level since November lends credence to this idea (i.e. before the FTX collapse). It may have further gains in store for it in the near future now that it has overcome this resistance level.
Additionally, given that the Terra Luna Classic community is continually looking for methods to suggest ways to lower its supply and raise its price, it is likely that LUNC will benefit in the long run.
This includes a recent suggestion to anchor the price of (sister stablecoin) USTC at $1, which would probably boost the value of LUNC. This is due to the fact that such a re-peg would demand a big, extensive burn of LUNC tokens.
Right now, it appears that this plan will be approved. This is a very positive development that partially explains today’s surge by LUNC.
There have been further suggestions in recent weeks, some of which have been approved. The Terra Luna Classic protocol has been updated to add whitelist functionality for its native on-chain tax burn. In essence, these whitelists have the power to exempt specific parties from the on-chain burn, a modification that Binance had asked for in order to resume its own regular burning of trading fees.
As a result, LUNC burning is probably going to start accelerating once more. Out of the 6.87 trillion LUNC in circulation as of this writing, about 38.5 billion had been burned.
Additionally, the Terra Luna Classic community participates in initiatives to increase the network’s usefulness. This provides suggestions for enhancing compatibility between Terra Luna Classic and Cosmos, primarily through an upgrade to Terra’s Tendermint implementation.
All of these developments suggest that over the medium to long term, the price of LUNC will increase. Although $0.0002 is a fine place to start, the community will undoubtedly be looking toward $0.001, then $0.01, and so on.
These improvements may be imminent, but it’s important to note that continuous strife within the Terra Luna Classic community may make them more difficult to achieve. Even though this disagreement is largely in the background, it might potentially worsen if efforts to drastically raise the price of LUNC fail and the community begins to disagree on other strategies.
For example, at the end of January, a fresh proposal was made that would stop paying developer Jacob Gadikian, ostensibly because he had “attacked and slandered validators on the Luna Classic Blockchain.”
With regard to this idea, voting is still open. If accepted, Gadikian would effectively be banned from contributing to Terra Luna Classic, which would be detrimental to LUNC in that it would discourage developers from working on its network.
Despite these reservations, LUNC’s future appears to be rather promising. The re-peg plans appear to be gaining support and momentum, and if they are approved, they might serve as the impetus for a significant increase in the altcoin’s price.
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