While the price of all other cryptocurrencies has fallen by 3% in the past day, Terra Luna Classic’s price has dropped by 4.5% to $0.00017108. Despite this fall, due to ongoing token burning and a broader market recovery, it has increased by little more than 16% over the past 30 days.
As long as the aforementioned burns go as planned, it is extremely likely that LUNC will continue to yield significant gains into 2023. If the community wants it to recover to $1 or higher, however, it will need to adopt more punitive token burning because the current rate is just too sluggish.
Price of a Lunc today:
The current price of Luna Classic is $0.0001771 USD.
Today’s Luna Classic: 01 $ 0.0001771 DATE
Price forecast for Terra Luna Classic
The LUNC stock chart reveals that after a few weeks of gains, the stock is currently experiencing a slight decline. Its relative strength index (purple), which showed overselling yesterday, is presently moving back up around 40, perhaps signalling a recovery.
Though it appears to be declining, LUNC’s 30-day moving average (red) is higher than its 200-day moving average (blue), indicating that the cryptocurrency may suffer bigger losses.
Even though LUNC is expecting a drop, the company is still in a good position to profit from significant rallies this year. This is mostly because of the ongoing burns on the blockchain and on other cryptocurrency exchanges, including Binance.
Approximately 38 billion of the 6.87 trillion LUNC currently in use had been consumed as of the time of this writing. Even though this might not seem like much in terms of the total supply, it will only increase over the course of the year, especially considering how much community effort has been put forward to increase the burn rate.
Binance briefly stopped burning LUNC trading fees a few weeks ago. The following burn was delayed until March of this year, when Binance permanently changed to burning only 50% (instead of 100%) of trading fees.
But now that a plan has been accepted by the Terra Luna Classic validator community, updating LUNC’s burn and transaction cost process will be less difficult. This was proposed in response to Binance’s request for these changes, and if it is implemented, Binance’s LUNC burn (at 100%) should return sooner.
This suggests that the burning rate will pick back up. This month, a request was made to halt the re-minting of burned tokens. The Terra Luna Classic community is continuously coming up with ideas that will result in a significantly higher burn count (which had been intended to support development work).
Allowing users to voluntarily burn more LUNC while reducing incentives is one of the more recent recommendations.
At the same time, there is a growing movement within the LUNC community to make Terra Luna Classic and Cosmos compatible, mostly through an update to Terra’s Tendermint architecture. The network’s utility will be significantly boosted if this goes forward, drawing more developers and users, which predicts higher LUNC pricing.
These ideas demonstrate the LUNC community’s commitment to restoring Terra Luna Classic to its former splendour when taken as a whole. Another sign of this is the acceptance of a proposal to set up a task group to quicken the development of the Terra Luna Classic blockchain at the start of the year.
The suggestion given by this task group will result in a modification to the Terra Luna Classic protocol, which should result in Binance recovering entire LUNC burns. As the year progresses, it’s also feasible that the same panel will offer a lot of other recommendations, increasing the price of LUNC even more.
The majority of the community is focusing on a $0.10 target for this pricing, which is not excessively optimistic but would necessitate higher burn rates and increased adoption.
If LUNC really does reach $0.10, this would almost certainly open the door for further gains, possibly going all the way to $1 and beyond. It would be necessary for the overall cryptocurrency market to resume a full-fledged bull market, which isn’t likely to happen anytime soon. However, this is most likely in the far future.
