The Terra Luna Classic price has dropped by 1.5% to $0.00017113 in the last 24-hours as the market is down by about 0.5%. Its drop comes when its 24-hour trading volume exceeds $60 million, with the altcoin also down 1.5% in a week, but up 1.5% over the past 14 days.
However, the trading volume of $60 million actually represents a decline of more than 80% since January 14, when 24-hour volume exceeded $380 million and when the LUNC price reached $0.00019 . As such, it appears that market interest in altcoins may be waning, with the Terra Luna Classic community currently embroiled in infighting regarding how best to promote the coin’s development.
Terra Luna Classic Price Prediction as $60M Trading Volume – Can LUNC Reach $1 in 2023?
LUNC’s chart confirms suspicions that it is in the midst of a downtrend that is not yet fully done. Specifically, its 30-day moving average (red) continues to trade below its 200-day average (blue), implying that LUNC price will not return to a sustained rise to the 30-day low.
Meanwhile, the Relative Strength Index (purple) for LUNC remains below 50. This is a recovery from the position a few days ago, yet it signals that the altcoin still lacks the necessary buying momentum to propel it further.
For the time being, the LUNC is plagued by community infighting over whether to pursue the Terra Luna Classic. Not only have validators and developers argued over how much LUNC to burn and how much to re-mint, but the past few days have seen a new proposal calling for an end to payments to developer Jacob Gadikian, Obviously “Attacking and Slandering Validators on the Luna Classic Blockchain,
Needless to say, it’s not a good look. This raises suspicions that the Terra Luna Classic community may not be united enough to coalesce around a conclusive plan to restore the price of LUNC, and it could potentially lead to other developers fearing trouble and hardship. Will prevent you from joining the network.
That said, there have been some positive developments in Terra Luna Classic land in recent days and weeks. These raise hopes that something effective can be done to boost the price of LUNC.
Recently, a proposal has been passed that updates the Terra Luna Classic blockchain to add whitelisting to its native on-chain tax burn. Binance made this request so that it could be freed from the on-chain burn, and so that it could resume its regular burn of trading fees (something it had temporarily stopped until at least March). .
Thus, the LUNC burn can get back on track with some 38 billion LUNC burned to date (out of the total circulating supply of 6.87 trillion). This total is likely to grow rapidly in the near future, especially if other exchanges follow Binance’s lead in launching their own LUNC burn.
At the same time, The Terra Luna Classic community is constantly coming up with proposals that will result in a higher number of burns.Including Proposal to enable users to voluntarily burn additional LUNC Withdrawal of prize.
In addition, there is now a drive with the community to create interoperability between Terra Luna Classic and Cosmos, largely through updates to Terra’s Tendermint implementation. If it goes ahead, it will help Terra Luna Classic attract more developers, more dapps, and more users, not to mention higher prices for LUNC.
Given all this continued activity, there’s every chance that LUNC could post significant gains this year. And for many in its community, $0.1 appears to be the lofty goal on which most people are setting their collective vision.
If LUNC reaches $0.1, with the aid of an extended burn program and improving market conditions, it could potentially generate enough momentum to push it higher. Of course, considering that it has a supply of around 6.87 trillion LUNC, it still has a long way to go, but there is no doubt that almost everyone within the Terra Luna Classic circle, especially the altcoin, is rooting for such a high. focused on restoration.
Should I buy the Terra Luna Classic now?
While LUNC may be due for a drop in the short term, there are other altcoins with promising prospects in the market right now. Thus, if you are looking for other potentially high-reward crypto projects besides LUNC, we have listed the top 15 cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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