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The price of Terra Luna Classic has increased to $0.00017240 today, with the coin gaining 7.4% in the last 24 hours. The spike has been caused by anticipation around the next Binance Burn update, with the exchange reporting today how much LUNC has burned since last November.
Despite today’s rally, LUNC is up only 4% over the past 30 days. However, if the update from Binance reveals the larger number of burn counts that many are expecting, then LUNC could see further gains in the coming days.
Terra Luna Classic Price Prediction 7.4% As LUNC Explodes – Where Is LUNC Now?
LUNC’s indicators suggest that now could be a great time to buy. Its Relative Strength Index (purple) has bounced from below 50 to 70 over the past few hours, indicating some very strong buying momentum.
Encouragingly, LUNC’s 30-day moving average (red) has started moving towards its 200-day average (blue). It staying below the longer term average could mean that there is still a lot of time left before this rally runs out of steam.
If LUNC can break the $0.0000175 resistance, the rally could move to new levels. It temporarily broke this level this morning, yet it pulled back down, suggesting it may still be a bit too early for a breakout.
But as mentioned above, Binance is ready to update Its LUNC burn calculation happened today, If it reveals a larger total, it could lead to another surge in LUNC price, potentially pushing it through its current resistance level.
Regardless, LUNC has seen several positive developments in recent weeks that suggest it is only a matter of time before the coin sees some big gains. Notably, the Terra Luna Classic community last month passed a plan to rebrand LUNC’s sister stablecoin, USTC.
As we noted earlier, a re-peg LUNC tokens will need to be burned in mass, which in turn would cause the price of LUNC to skyrocket. Given that the recent growth has been achieved on the back of burning 39.6 billion LUNC (out of a circulating supply of 5.9 trillion), burning a large amount of coin can actually increase its price.
Most recently, the Terra Luna Classic blockchain did an update last night that introduced a number of positive changes. This includes the ability for developers to change code parameters more easily, while observers have simply noted that the update testifies to the cohesion and unity of the Terra Luna Classic community.
In fact, this update counters concerns that the community may be too divided to make real progress, given Conflict over the aforesaid re-peg proposal as well as Proposal to stop payment to some developers, The update shows that despite occasional differences, Terra Luna Classic is moving towards a common goal overall.
Thus, some holders have become very confident that the price of LUNC will experience a huge increase this year. Some supporters are even eyeing $1, which would be an increase of over 500,000% from its current price.
A more realistic target for LUNC at this point in time would be somewhere around $0.0002, which the coin could reach over the next few weeks assuming good news from Binance. From there, it may consider reducing by one or two decimal places by the end of the year.
LUNC is not the only coin with exciting prospects at the moment, there are many other high potential tokens available to investors. For this reason, we have compiled a list of 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.
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