The Terra Luna Classic price dropped by 12% in the last 24 hours to $0.00012029 Silvergate Bank liquidation news Sends shockwaves through the cryptocurrency market.
The current price of LUNC means that it is also down 28% in the last week and 35% in the last 30 days, the coin is actually down 16% since the beginning of 2023.
It is in this context that LUNC’s 24-hour trading volume has risen to $100 million, yet given its price direction, it is likely that much of this volume is driven by sellers rather than buyers.
However, with the Terra Luna Classic community continuing to work on ways to boost the price of LUNC, and with the bullish burn continuing, it may only be a matter of time before the coin makes another comeback.
Terra Luna Classic Price Prediction as $100M Trading Volume – What’s Going On?
Like most coins right now, LUNC’s indicators show that it is about to bottom.
Its Relative Strength Index (purple) has dropped to 20 in the past few hours, indicating that it is oversold and should correct to the upside.
Similarly, LUNC’s 30-day moving average (red) has declined significantly below its 200-day average (blue), while its realized price has declined below both.
Again, this suggests that, once the dust settles on this particular market-wide selloff, LUNC should see a recovery rally.
Besides its technicals, there are many reasons to be confident that the coin will again enjoy substantial rallies later in the year.
For one, last month saw the acceptance of a proposal to re-peg LUNC’s sister stablecoin, USTC.
This is overly optimistic for LUNC, because it LUNC tokens will require mass burningLooking at the correlation of the two coins.
And LUNC needs to be massively burned as of today’s date 39.6 billion LUNC has been destroyed out of the circulating supply of 5.9 trillion.
As such, it is critical that the Terra Luna Classic community now participates behind a specific and realistic plan to implement the approved proposal.
Unfortunately, in-fighting within the community likely means that the arrival of a concrete plan may be delayed, with a developer on Terra Luna Classic’s L1 Task Force (which is responsible for development and support) being called over the past few days. A controversial proposal to oust is being seen. network).
it is like this Similar proposal from January to stop payment to another developerIt shows that all is not simple for Terra Luna Classic and its community right now.
But as the above tweet shows, there is little support for the latest divisive proposal, showing how united the Terra Luna Classic community is as a whole.
In fact, the Terra Luna Classic blockchain has seen several significant updates in recent weeks, including an upgrade from last month that introduced the ability for developers to more efficiently change code parameters.
On top of this, Binance has resumed its own burning of LUNC trading fees, with its latest update showing that it had burned over 8 billion LUNC in the months leading up to the end of February.
Given all of these developments, LUNC still has the potential to grow significantly later this year.
Its first potential target is a return to $0.0002 seen in early February, and from there it could return to $0.0004 or even $0.0005 by the end of 2023.
Of course, this all depends on the broader market, but with the Terra Luna Classic community helping to support LUNC’s development, it has all the ingredients needed to make a fix when the time is right.
Is Now a Good Time to Buy a Terra Luna Classic?
LUNC is likely to continue declining in the near term, while it may not experience substantial gains until a definitive plan to reset the USTC is agreed upon and realized.
Because of this, traders may prefer to look to other coins for bigger gains, with a variety of new altcoins showing a lot of potential at the moment.
Accordingly, we have compiled a list of the top 15 cryptocurrencies for 2023 with the best such coins 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.