In the most recent day, the price of Terra Luna Classic fell by 1.5% to $0.00015486, along with a little decline in the cost of all cryptocurrencies. After this dip, it has already grown by 5% in the past week and by 20% in the previous two, despite falling by 11% during the previous 30 days.
A combination of internal disagreement over how to best serve Terra Luna Classic’s ecosystem and bad market sentiment has recently resulted in price volatility for LUNC. Token burns are still occurring and are certainly going to get worse soon; therefore, 2023 seems to be a good year.
Price of a Lunc today:
The current price of Luna Classic is $0.000183 USD.
Related:Â Lunc Price Prediction: Lunc Price Today, January 13, 2023
Today’s ATE Luna Classic USD price is $0.000183.
Price forecast for Terra Luna Classic
With the coin technically capable of both growth and decline, the LUNC chart is still in a dangerous position. Indicating that selling pressure may continue before the price bottoms out, its relative strength index (purple) is hovering around 40.
The 30-day moving average (red) is lingering close to the 200-day moving average, similar to LUNC (blue). Once more, this suggests that it may face further dips before a sustained rally.
Despite this technical ambiguity, LUNC is well-positioned to gain from significant rallies this year. This is mostly because of the ongoing burns on the blockchain and on other cryptocurrency exchanges, including Binance.
Over 37.1 billion of the 6.87 trillion LUNC that are now in use have been burned. 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.
For instance, the Terra Luna Classic community is always thinking of new ways to burn more LUNC. A recent suggestion to stop re-minting burned tokens is one of them (which had been intended to support development work).
The idea of allowing users to voluntarily burn more LUNC while extracting incentives is another new concept.
When combined, these ideas demonstrate how committed the LUNC community is to reducing its supply and raising its price. A proposal to establish a task force with the aim of speeding development on the Terra Luna Classic blockchain was also approved over the past several days.
Increased development will ultimately benefit LUNC’s longer-term growth since it will allow LUNC to attract more users and improve the usefulness of its network.
Related: Lunc Price Forecast: Today’s Lunc Price, January 11, 2023
With a 10x gain pushing the price to $0.0017, there is a fair chance that LUNC will see significant price growth this year.
