Terra Luna Classic Price Prediction as LUNC Pumps 13% in 24 Hours – $1 Soon?
The Terra Luna Classic price has risen by 13% in the past 24 hours, reaching $0.00018137 following news of the latest Binance LUNC burn. Its current level marks a 12% rise in the past week, while the coin is down by 17% in the last 30 days, amid community wrangling over how best to support its future growth.
The past couple of days have witnessed the emergence of a new proposal to increase the share of LUNC burns going to a community pool for developers. While the idea behind this is to bootstrap development and attract greater adoption, certain Terra Luna Classic validators and community members have come out against it, making it uncertain as to whether it will be accepted.
LUNC has gained momentum in the past few hours, with its relative strength index (purple) rising as high as 80, before sinking below 70 and then creeping up again.
Perhaps more promisingly, LUNC's 30-day moving average (red) has crossed over its 200-day (blue), forming a so-called golden cross. This may indicate a breakout rally of sorts, something which LUNC has been waiting for since early (and mid-) November.
The main reason for today's rally is that Binance revealed the results of its latest LUNC burn, with the exchange taking close to 6.4 billion LUNC out of circulation in the past month. That it has done this has provided LUNC holders and investors with a dose of optimism, with the altcoin rising by as much as 19% today in response to the news.
To date, Binance has burned 13.7 billion LUNC, while the overall burn count for LUNC (including its on-chain burn tax) now stands at 35.3 billion.
Nonetheless, the total LUNC in circulation remains as high as 6.87 trillion, with the amount burned so far representing only 0.5% of the larger number. As such,
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