Terra Luna Classic Price Prediction as $70 Million Trading Volume Rushes In – Can LUNC Recover in 2023?

The price of Terra Luna Classic is down 3% over the past 24-hours to $0.00016896 as the broader cryptocurrency market is down 0.5%. Its current levels represent a 7% drop in one week, yet LUNC remains up 18% over the past 30 days, partly aided by a mini-recovery in the market and ongoing efforts to reduce altcoin supply. .

LUNC’s decline comes amid an increase in its 24-hour trading volume to over $70 million today, up from over $60 million last week. However, it is likely that much of this additional volume has been recorded as part of today’s selloff, as buyers trying to offload LUNC as the Terra Luna Classic community continues to argue that things How to take forward

Terra Luna Classic Price Prediction as $70M Trading Volume – Can LUNC Recover in 2023?

The chart for LUNC shows that traders may prefer to hold on a bit until the altcoin ends its decline. Its relative strength index (purple) has dropped to 30 in the past few hours, and it probably won’t stop until it gets closer to 20.

Meanwhile, LUNC’s 30-day moving average (red) is likely on the verge of breaking below its 200-day average (blue). This means that it may be a few more days (or weeks) until the current decline bottoms out.

One of LUNC’s problems right now is that its community is constantly debating how to proceed with the Terra Luna Classic, with discrimination and malfeasance between the various factions. For example, last week also saw a new motion seeking to stop payments to developer Jacob Gadikian, apparently “Attacking and Slandering Validators on the Luna Classic Blockchain,

Basically, if accepted, this proposal would mean that Gedikian is effectively blacklisted from contributing to the Terra Luna Classic. This is too bad for LUNC, as it suggests that its community is not collaborative and united enough to arrive at a clear, effective plan to restore LUNC’s price, while also encouraging other developers to join the network. Will do away with contributing to ongoing development.

Beyond such divisions, there is continual work to produce updates that have a beneficial effect on the Terra Luna Classic. This includes a recent proposal to reset the price of USTC to $1 again, which will have huge positive implications for the price of LUNC.

Other encouraging proposals have been passed recently, including an update to the Terra Luna Classic blockchain allowing whitelisting to be added to its native on-chain tax burn. Binance made this request so that it could be freed from on-chain burn, and so that it could resume its regular burn of trading fees (something that had temporarily ended at least until March). .

Thanks to this proposal, LUNC burning is likely to pick up speed again. around, as in writing 38.2 billion LUNC have been burned so far (out of a total circulating supply of 6.87 trillion), this total is expected to increase significantly as the year progresses.

on top of this, The Terra Luna Classic community continues to come up with proposals that will increase the number of burnsIncluding Proposal to enable users to voluntarily burn additional LUNCIf they want

There are also efforts to improve the general usability of the Terra Luna Classic network. This includes proposals to increase interoperability between Terra Luna Classic and Cosmos, including through updates to Terra’s implementation of Tendermint. Needless to say, interoperability will inevitably increase the size of the Terra Luna Classic’s ecosystem, which can only be good for LUNC’s price.

Assuming the community can rally behind this and unite around positive resolutions, there is every chance that LUNC will make a big profit this year.

For example, if the plan to re-peg the USTC is accepted, it would mean a massive burnout of the LUNC. In turn, the prices in the market could move to $0.1 or more.

Of course, this is a best-case scenario, and it is assumed that the market will also continue its usual recovery over the past few weeks. However, with the community working so hard to produce viable plans to restore LUNC, it’s a scenario that grows increasingly likely with each passing week.

Terra Luna Classic Buy Now

Should I buy the Terra Luna Classic now?

While LUNC’s recovery could take several months (if not longer), traders have the option of looking at coins with strong prospects in the short (as well as the long) term. Accordingly, we have listed the top 15 cryptocurrencies for 2023, as analyzed by 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.}