LUNC Price Update: Latest on Terra Luna Classic’s Value
In the past 24 hours, Terra Luna Classic (LUNC) has seen a 12% decline in value, currently standing at $0.00012029. This drop in price was triggered by Silvergate Bank’s liquidation, causing a shock in the cryptocurrency market.
According to its price analysis, LUNC has lost 28% in the last week, 35% in the previous 30 days, and 16% since the start of 2023. Despite a surge in the 24-hour trading volume, which has increased to $100 million, it is most likely driven by sellers rather than buyers.
While the Terra Luna Classic community is working to boost LUNC’s value and the burning process is ongoing, the token may take some time before making a comeback.
Today’s LUNC Price As of 14th March 2023, Terra Luna Classic’s current price is $0.0001329 USD.
Luna Classic Price Prediction While LUNC’s value has taken a hit, there are still promising signs for the coin. The relative strength index (purple) indicates that the coin is oversold and should reverse upwards, as is the case with most coins at the moment. Additionally, LUNC’s 30-day moving average (red) and 200-day moving average (blue) have also decreased, signaling that it will experience a comeback bounce after the market-wide selloff.
Apart from its technical indicators, there are other reasons to believe that LUNC will make big rallies later in the year. For instance, a proposal to re-peg USTC, the sibling stablecoin of LUNC, was approved last month. As the two coins are interdependent, this is positive for LUNC, and it would need a massive burn of LUNC tokens. However, given that only 39.6 billion of the 5.9 trillion LUNC in circulation have been destroyed, a massive LUNC burn is necessary. Thus, the Terra Luna Classic community must unite behind a detailed and practical strategy for the proposal’s execution.
Unfortunately, there has been controversy surrounding Terra Luna Classic’s L1 Task Force. There was a contentious proposal to eliminate a developer, which suggests that the community may delay developing and supporting the network. This comes after a similar suggestion to discontinue paying another developer from January. Despite this, support for the most recent contentious proposal is minimal, demonstrating that the Terra Luna Classic community as a whole is mostly united.
In recent weeks, the Terra Luna Classic blockchain has undergone significant improvements, including an upgrade that allows programmers to modify code parameters more efficiently. Binance has also resumed burning its own trading fees in LUNC, burning more than 8 billion LUNC in the months leading up to the end of February.
With all these changes, LUNC still has the potential to increase significantly this year. Its price is likely to recover to the $0.0002 mark, witnessed at the start of February, and may even reach $0.0004 or $0.0005 by the end of 2023. Although the overall market will have an impact, the Terra Luna Classic community’s support for LUNC’s expansion is all it needs to bounce back when the time is right.