The Terra Luna Classic price dropped to $0.00012616 today, representing a 4% drop in the last 24 hours and a 5% drop in the last week.
Additionally, LUNC is also down 27% over the past 30 days, as well as down 13% since the beginning of the year, unlike most other major cryptocurrencies.
This makes LUNC a significantly underperforming and low-value token, yet its community continues to work on plans to promote its ecosystem and attract users to it, with a long-term goal of May 2022. Somewhere before the collapse had to return its value.
Terra Luna Classic Price Prediction – What are the chances of LUNC reaching $1 in 2023?
LUNC may have underperformed over the past few weeks, but that means its metrics are now in a position where, all other things being equal, it should rally.
For example, its Relative Strength Index (purple) has dropped to 30 over the past few days, indicating that the coin is largely oversold.
Similarly, its 30-day moving average (red) has declined below its 200-day average (blue), while its price has declined below both.
Thus, the technicals alone would indicate a rally in the coming days, even if such a rally is not particularly large.
If a rally is to take place, it is vital that LUNC breaks the $0.00014 resistance level, which has held it up on a few occasions in the past week.
If it can return to a stable position above this price, further gains are likely in the coming weeks.
Of course, as things stand, it looks like future rallies will depend on meaningful developments in Terra Luna Classic’s plans to lit the LUNC.
while february brought Approval of proposal to re-peg sister stable USTC ,which would require a massive LUNC burn), not much has been heard lately in terms of the plan materializing.
Meanwhile, a recent proposal to increase LUNC’s on-chain tax burn to 0.8% (from 0.2%) failed to reach a quorum, meaning it will not be accepted.
This can be regarded as a major disappointment to the community, yet others have interpreted it as a sign that the focus should be on developing Terra Luna Classic in a way that maximizes its usefulness. and draws real users into its ecosystem.
That seems to be the sentiment among developers Edward Kim is publishing a blog tomorrow In which they announced that they will focus on building machine learning-based applications that can be integrated with Terra Luna Classic through Cosmos.
Summarizing his new goals, Kim wrote the following:
In short, I am flipping the script and creating a new identity for myself to align with a vision where I can have the greatest impact. I’m a machine learning scientist building an app-chain utility for LUNC connected via IBC. My personal goal and contribution to this community has shifted to driving a recovery narrative that draws on the identity and strength of Cosmos, Terra Classic, and my own personal experience.
Such a statement encapsulates the mood among many developers and contributors to Terra Luna Classic at the moment, which is why proposals to increase LUNC’s burn rate haven’t really been accepted.
Again, this may be a disappointment to anyone looking to quickly burn through a supply of LUNC, yet it suggests a long-term plan in which the Terra Luna Classic may eventually return to something like its former usefulness.
Yet, even with this development, the LUNC token burn continues, with Binance continuing to slash LUNC-based trading fees this month.
thanks to the restoration of the burning of the Exchange, some 50 billion LUNC has been burned so far, up from 36 billion just a couple of weeks ago.
Thus, there is still a good chance that LUNC price will move higher in the short and medium term with $0.0003 or $0.0004 being a more realistic end-year target for the coin.
Of course, many vocal LUNC supporters are expecting a rise to $0.10 or even $1 in the near future.
Such massive gains will almost certainly depend on some substantial increase in the LUNC’s burn rate, which may or may not be possible now as momentum builds behind developing the utility of the Terra Luna Classic.
But with so many people now focused on ways to raise the price of LUNC, it’s too early to dismiss it entirely.
Is Now a Good Time to Buy a Terra Luna Classic?
While LUNC is very undervalued, it may not see major growth unless Terra Luna Classic sees significant growth and/or an increase in its burn rate.
Meanwhile, traders looking for short-term opportunities may want to consider other coins, as several new altcoins and presale tokens are currently showing promising potential.
If you are interested in exploring these options, cryptonews The Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, featuring some of the most exciting up-and-coming projects in the crypto space.
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.