The price of Terra Luna Classic (LUNC) has decreased by 4% over the last 24 hours, and by 5% over the past week, currently standing at $0.00012616. This places LUNC among the underperforming and undervalued coins, as it has also decreased by 27% over the past 30 days and by 13% over the year.
Despite this, the LUNC community is striving to enhance its ecosystem and attract more users in the long term, aiming to restore the coin’s value to pre-May 2022 levels. The technical indicators suggest that LUNC is oversold, with the relative strength index falling below 30, and its 30-day and 200-day moving averages decreasing.
While a rally is expected to occur soon, the coin must surpass the resistance level of $0.00014, which has hindered its progress in the past week. Additionally, the success of Terra Luna Classic’s proposal to burn LUNC hinges on future rallies, as previous plans to re-peg the sibling stablecoin USTC have yet to be implemented.
Although recent proposals to raise LUNC’s on-chain tax burn and increase its burn rate have failed to obtain approval, the LUNC community remains focused on developing the coin’s utility and attracting more users. Binance continues to burn LUNC tokens as part of its ongoing destruction of LUNC-based trade fees, increasing the possibility of a short- and medium-term rise in the coin’s price.
While reaching $0.0003 or $0.0004 by the end of the year is a more attainable goal, some LUNC enthusiasts hope for larger gains, possibly even reaching $0.10 or $1 in the near future. However, achieving such heights would require a significant increase in LUNC’s burn rate, which may or may not be feasible given the current state of Terra Luna Classic’s utility.