Lunc Price Prediction: Today’s Lunc Price, 27th Dec 2022

The Terra Luna Classic price has grown by 5% in the last 24 hours, reaching $0.00013703, while the overall cryptocurrency market has barely moved. LUNC moved up briefly today, but at its current price, it still represents a loss of 17% over the past week and 10% over the past month.

The erratic swings of LUNC over the past few weeks have been brought on by a combination of unfavorable investor sentiment and persistent efforts by the community to drive up its price through burns.

This time, the increase is being attributed to a plan to undo a recent decision to re-mint 50% of all burns (for a developer/community fund), making holders of LUNC happy that the altcoin can resume its path toward significantly lowering its supply.

Today’s Lunc Price

Luna Classic’s price today is $0.0001551 USD

Terra Luna Classic Price Prediction

The chart of LUNC appears to be showing a “bullish reversal.” This indicates that one of its indications has changed from bearish to bullish, defying another indicator that has been indicating bearish movement for several days.

In this instance, LUNC’s relative strength index (purple) has rocketed up to about 70, signalling significant momentum and purchasing pressure. This has happened at the same time that its 30-day moving average (red) is significantly lower than its 200-day average (blue), suggesting that LUNC has reached a bottom and is currently rising upward.

The community is voting on a new plan that would undo the decision to transfer 50% of all LUNC burns to a community development pool, which is the primary reason for today’s protest. The likelihood that this new plan will be approved raises the likelihood that the supply of LUNC will decline sharply in the long run.

In the long run, it appears that members of the Terra Luna Classic community are anticipating a rise to $1.

Other Terra Luna Classic community members have made less optimistic estimates, with Luna Classic HQ, for example, suggesting a target of $0.0045 by the year’s end. Even this would require a rise of more than 3,000% over the following few weeks, which appears unattainable given the position of the market.

Needless to say, token burns will continue to be the primary mechanism for a LUNC rally. Binance disclosed that it burned 6.4 billion LUNC in November alone, bringing the total amount destroyed to 36.3 billion.

There is considerable optimism that this aggregate burn count will climb greatly in the upcoming year given that the community looks to be uniting behind a plan to boost the on-chain burn rate. Of course, it will take some time before the market notices a significant change in the price of LUNC given that 6.78 trillion of them are still in use.

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