Over the past day, the price of Terra Luna Classic has dropped by 1.5%, to $0.00015486. This is in line with a small drop in the price of all cryptocurrencies. Even with this bump, it has gone up by 5% in the last week and 20% in the last two weeks, even though it has gone down by 11% in the last 30 days.
Recent changes in the price of LUNC have been caused by both internal disagreements about how to best serve Terra Luna Classic’s ecosystem and a negative mood on the market. But it looks good for 2023 because token burns are still happening and will likely get worse soon.
Related:Â Lunc Price Forecast: Today’s Lunc Price, January 11, 2023
Price of a Lunc today:
the current price of Luna Classic is $0.0001675 USD.
Date: January 1, 2019 Price: $0.0001675 Advertisement
Price prediction for Terra Luna Classic
The chart of LUNC is still in a precarious place since the coin could technically go up or down. Its relative strength index (in purple) is hovering around 40, which shows that selling pressure may continue before the price bottoms out.
The 30-day moving average (red) is near the 200-day moving average, just like LUNC (blue). Again, this shows that it might go down even more before it goes up in a coordinated way.
Even with this technical uncertainty, LUNC is in a good place to benefit from big rallies this year. This is mostly because of the ongoing burns that are happening on-chain and on different cryptocurrency exchanges, like Binance.
Over 37.1 billion of the 6.87 trillion LUNC that are in circulation have already been burned. Even though this may not seem like a lot compared to the total amount, it will continue to grow as the year goes on, especially considering how much work the community is doing to increase the burn rate.
For example, the Terra Luna Classic community is always thinking of ways to burn more LUNC. One of these is a plan to stop making burned tokens again (which had been intended to support development work).
Other ideas that have come up recently include giving users the option to burn more LUNC while withdrawing rewards.
When taken all at once, these proposals show how committed the LUNC community is to lowering its supply and raising its price. Also, in the past few days, a plan to create a task force with the goal of speeding up development on the Terra Luna Classic blockchain was approved.
Related: Binance stops transactions after a hack, and the price of BNB goes down.Â
LUNC’s long-term growth will be helped by more development because it will allow LUNC to attract more users and make its network easier to use.
Because of this, there is a good chance that the price of LUNC will go up a lot this year. A 10-fold increase would bring the price to $0.0017.
