Terra LUNA Classic Price Prediction as Community Revises Burn Tax – Can LUNC Reach $100?
The Terra LUNA Classic (LUNC) price has failed to push to the north of its 21DMA and is reversing lower, despite the community revising the token’s burn tax.
LUNC was last trading just below $0.0001050, having spent failed four a fourth successive day to break above its 21DMA.
The revision to LUNC’s burn tax failed to lift sentiment, probably because the burn rate itself remains unchanged at 0.5%.
The just-passed proposal changed around slightly what happens to those burned tokens.
LUNC’s Oracle Pool will now receive 10% of burned tokens. Beforehand, this 10% had gone to “rewards”.
As the broader crypto market struggles, the Terra LUNC Classic price remains at risk of experiencing further.
The macro backdrop has been a headwind for crypto prices this month. Recent data, including the latest Core PCE report released on Friday, points to sticky high inflation in the US.
Here is Powells favourite inflation gauge.
PCE Core Service Less Housing MoM up almost 0.6%
TOO much.. End of discussion pic.twitter.com/yEBlWeV1MA
— Andreas Steno Larsen (@AndreasSteno) February 24, 2023
That has forced investors to pare back on Fed rate cut bets. A subsequent rise US bond yields and the US dollar has hammered altcoins, LUNC included.
The Terra LUNA Classic price is down 34% so far this month, and down over 60% from March’s $0.00002550 highs.
And bearish technicals suggest that the sell-off could be far from over.
Chat analysis suggests the Terra LUNA Classic bears are very much in control of the market right now.
The 21DMA has acted as strong resistance going all the way back to late March. And the Terra LUNA Classic price has subsequently formed a clear downtrend.
The March low, which LUNC broke below in mid-April, also acted as strong resistance
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