Terra Luna Classic price has dropped 4.5% in the past 24 hours, falling to $0.00017108 as the broader cryptocurrency market declines 3% in the same time frame. Despite this slide, it remains up just over 16% in the past 30 days, helped by ongoing token burns and an overall market rally.
With the aforementioned burns continuing rapidly, it is very truly expected that LUNC will continue to post significant gains during 2023. However, if his community wants him back to $1 or more, he will have to adopt more drastic symbolic burns, since the current pace is far too gradual.
Terra Luna Classic Price Prediction as LUNC Surges 16% in 30 Days, $1 LUNC Incoming?
LUNC’s chart indicates that it is currently undergoing a small correction after a few weeks of gains. Its relative strength index (purple) fell below 30 yesterday, signaling oversold, but it is rising towards 40, potentially suggesting a recovery.
On the other hand, LUNC’s 30-day moving average (red) is above its longer-term 200-day average (blue) and looks set to fall, meaning further losses are potentially in store for the altcoin.
Still, even with a correction on the charts for LUNC, it remains well positioned to take advantage of meaningful rallies this year. This is mainly due to the ongoing burns occurring on the chain and various crypto exchanges, such as Binance.
At the time of writing, some 38 billion LUNCs were burned, out of a total circulating supply of 6.87 trillion. This may not seem too high compared to the total supply, but it will continue to increase as the year progresses, especially given the community effort put into increasing the burn rate.
LUNC had received a blow a few weeks ago, when Binance Temporarily Stopped Burning LUNC Trading Feesdelaying the next burn until March this year and also permanently switching to burning only 50% of trading fees (instead of 100%).
However, the Terra Luna Classic validator community has now voted in favor of a proposal that will make it easier to upgrade LUNC’s transaction fees and burning mechanism. This was proposed in response to Binance requesting these changes, and their introduction should mean that it will reintroduce its LUNC burning (and 100%) sooner rather than later.
This suggests that burning will return to its previous rate. At the same time, the Terra Luna Classic community is constantly churning out proposals that will lead to much more burns, including a proposal from earlier this month to stop the reminding of burnt tokens (which was intended to support the work of development ).
Other recent proposals include one that proposes the ability to allow users to voluntarily burn additional LUNCs when withdrawing rewards.
At the same time, there is a growing movement within the LUNC community to introduce interoperability between Terra Luna Classic and Cosmos, largely through an update to Terra’s Tendermint framework. If this goes ahead, it will greatly increase the usefulness of the network, attracting more developers and users, which in turn implies a higher LUNC price.
Together, these proposals indicate how absolutely focused the LUNC community is on restoring Terra Luna Classic to something like its former heights. Further indicators of this fact are that the start of the year also saw the acceptance of a proposal to create a working group to stimulate development on the Terra Luna Classic blockchain.
This is the same working group that put forward the proposal that will now see updates to the Terra Luna Classic protocol that should see Binance reintroduce full LUNC burns. And it’s probably the same team that will come up with many more proposals throughout the year, further increasing the price of LUNC.
As for that price, much of the community is focused on a mid-term goal of $0.1, which isn’t that unrealistic, but would require further burn increases and more adoption.
Assuming LUNC reaches $0.1, it would almost certainly open the door for further upside, including to $1 and above. However, this is likely far in the future and would require the broader cryptocurrency to return to a full bull market, which is unlikely to happen at this time.
Classic alternatives to Terra Luna
If you’re looking for other high-potential crypto projects besides LUNC, we’ve listed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Discussion Team.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
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