Terra Luna Classic Price Prediction as LUNC Turns Green – Here's Where LUNC is Headed Now
The terra luna classic price has risen by 1.5% in the past 24 hours, reaching $0.0001648 as the wider market rises by a similar percentage. It has now fallen by 6% in a week and by 8.5% in the last 30 days, as a mixture of the SEC's actions against Terraform Labs and struggling investor sentiment pulls it down.
Despite recent falls, LUNC is likely to rally again in the near future, with the Terra Luna Classic community coalescing around proposals for boosting the altcoin's price.
LUNC's indicators suggest that it may be due a rebound after a difficult week or so. Its 30-day moving average (red) had dropped below its 200-day (blue), and once it bottoms the coin may indeed mount a recovery.
In addition, LUNC's relative strength index (purple) has bounced up to 50, after having spent a couple of days sinking to just below 30. As such, this rising momentum may hint at a bigger rally to come in the next day or so.
If LUNC can decisively break through the resistance level of 0.000167 it could see a more sustained increase. Previous recent attempts to rise higher than this price have stalled, so a clear break may signal a move to a more stable level.
In terms of fundamentals, what may help such a break occur is progress on implementing a proposal that was recently passed by Terra Luna Classic validators. In particular, the community has adopted a plan to re-peg LUNC's sister stablecoin, USTC.
Such a re-peg would require a large-scale burn of LUNC tokens. So far, only 39.4 billion LUNC out of a circulating supply of 5.9 trillion has been burned, so a big increase in burning is certainly required if the Terra Luna Classic community is serious about restoring the altcoin to its former levels.
The other big source of LUNC burning is
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