Terra Luna Classic Price Prediction as LUNC Blasts Up 5.6% – Are Whales Buying?
The Terra Luna Classic price has jumped by over 5% in the past 24 hours, reaching $0.00016077 as the cryptocurrency market as a whole remains static over the same timeframe. Its current level marks a 0.5% drop in a week but a 23% gain in a fortnight, with the altcoin down by 7% in a month.
LUNC's surge today has mostly been caused by acceptance of a proposal to build a task force aimed at boosting its growth, although whales buying the altcoin after a dip is likely another factor. And with its community increasing its efforts to support the Terra Luna Classic ecosystem and reduce its supply, it could see further gains as 2023 unfolds.
LUNC's chart shows that it's enjoying a little breakout at the moment, with its relative strength index (purple) rising above 70 in recent hours. This indicates growing momentum, as does the fact that LUNC's 30-day moving average (red) has overtaken its 200-day average (blue), forming a 'golden cross' that could signal further gains.
Based on its recent history, LUNC had been due a spurt, given that its RSI had fallen just below 30 as the market entered 2023. However, this same history has shown that, for every little rally, LUNC has fallen again quickly afterwards, doing so quite regularly since September.
September was notable for the introduction of an on-chain tax burn, which at the time burnt 1.2% of all LUNC transacted. This created a bullish expectation that the coin's supply would steadily decline over time, boosting its price.
Such optimism was reinforced by Binance's announcement in early October that it was introducing its own burn of all LUNC trading fees. The thing is, initial expectations have since been dampened, partly by the fact that burns to date have scarcely dented LUNC's
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