Lunc Price Prediction: Today’s Lunc Price, 17th Nov 2022

Terra Luna Classic (LUNC) is now trading at $0.00017357, down 2.5% over the last day and over 30% over the last week. The reductions occur as the effects of FTX’s collapse continue to drag on the broader market, and as LUNC’s early-September enthusiasm failed to endure during a volatile time for crypto.

A 1.2% tax burn was approved by the Terra Luna Classic community back in September, and Binance promptly introduced its own independent burn on all trading fees generated in LUNC. Due to market-wide issues and a subsequent vote to lessen the tax burn, LUNC has steadily declined since September. This was the altcoin’s greatest level since the infamous TerraUSD (UST) collapse in May.

Even with continuous burning, LUNC is likely to keep sliding for the foreseeable future as a result of the market’s current turmoil caused by FTX’s bankruptcy.

Today’s Lunc Price

Luna Classic’s price today is $0.0001783 USD

Terra Luna Classic Price Prediction

On the LUNC chart, a coin is in a downward trend and is almost oversold as the relative strength index (purple) has fallen below 30. Similarly, its 30-day moving average (red) is decreasing even more in comparison to its 200-day average (blue).

Indicator decreases like these would often indicate the impending arrival of a turnaround and recovery. However, there’s still a risk that LUNC may continue to decline for some time because the market is still likely to experience the consequences of FTX’s collapse (such as contagion effects and knock-on failures).

Despite continued LUNC token burns, such drops are likely to occur. Only 0.4% of the whole 6.9 trillion LUNC supply, or slightly over 27 billion, have been consumed up to this point.

The Terra Classic community will undoubtedly need to exert more effort if it hopes to significantly influence the supply of LUNC and, consequently, its price.

Some members of this community have urged other exchanges to introduce their own fee burns in order to follow Binance’s example, but none did. And while one minor blockchain game developer has proposed plans to burn as much as 2.5 trillion LUNC in the far future, this ambition is predicated on the premise that a game that has not yet been created would prove to be extremely successful (which is far from guaranteed).

The altcoin has little in the way of a fundamental use case (post-Terra collapse), therefore burns are likely to continue making a minimal difference to LUNC’s overall supply. As a result, it’s difficult to imagine it climbing significantly or dramatically higher in the near future.

In fact, it’s more likely that LUNC will decline more in the upcoming weeks and months given the ongoing nature of the FTX issue (which occurred in the midst of a bear market and a worldwide macroeconomic slowdown).

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