While the overall market has increased by a similar percentage, the price of Terra Luna Classic has increased by 1.5% in the past day to hit $0.0001648. Due to the SEC’s moves against Terraform Labs and declining market confidence, it has already fallen 8.5% over the past 30 days and 6% over the last week.
Despite recent drops, the Terra Luna Classic community is coming together around plans to boost the altcoin’s price, so LUNC is probably going to increase again soon.
After a difficult week or so, the signs for LUNC indicate a potential recovery. Because the currency’s 30-day moving average (red) was lower than its 200-day moving average, it may in fact start to rebound after it bottoms out (blue).
In addition, the relative strength indicator (purple) for LUNC has now increased to 50 from its previous low of just around 30 for a few days. Therefore, this gaining traction might herald a more robust rally over the next day or two.
Terra Luna Classic Price Prediction
LUNC may experience a more sustained rise if it can effectively overcome the resistance level of 0.000167. Recent efforts to soar higher than this price have failed, so a clear break may signal a shift to a more stable level.
In terms of the fundamentals, the implementation of a proposal that has recently been accepted by Terra Luna Classic validators may help to facilitate the occurrence of such a break. Particularly, the stablecoin that is LUNC’s sister, USTC, has been re-pegged by the community.
For such a re-peg, a significant burn of LUNC coins would be required. Burning must surely significantly increase if the Terra Luna Classic community is serious about returning the altcoin to its prior levels. Only 39.4 billion of the 5.9 trillion LUNC in circulation have been eliminated as of this writing.
Today’s Lunc Price
The burning of LUNC also comes from Binance, which will resume burning LUNC trading costs the following month. This is yet another important victory for Terra Luna Classic because the exchange had temporarily halted its burning programme in anticipation of a change in how the Terra Luna Classic network manages whitelists for its on-chain burn.
There is some tension in the area, even though efforts to revive Terra Luna Classic are beginning to take shape (including the recently formed task group).