The price of Terra Luna Classic has decreased by 4.5% over the last day to reach $0.00017108 as the price of all other cryptocurrencies has decreased by 3% over the same period. Despite this decline, it has gained slightly more than 16% over the past 30 days thanks to continued token burning and a general market recovery.

There is a very reasonable expectation that LUNC will continue to produce strong increases throughout 2023 as long as the aforementioned burns proceed as planned. However, as the present rate is far too slow, it will need to adopt more draconian token burning if the community wants it to return to $1 or above.

Today’s Lunc Price

Luna Classic’s price today is $0.0001771 USD

Terra Luna Classic Price Prediction

The chart of LUNC shows that following a few weeks of rises, the stock is currently experiencing a small drop. Yesterday, its relative strength index (purple) fell below 30, indicating overselling; but, it is now climbing back up toward 40, possibly indicating a recovery.

However, LUNC’s 30-day moving average (red) is higher than its 200-day moving average (blue) and appears to be falling, suggesting that the cryptocurrency may experience greater losses.

Even with a pullback in the works for LUNC, the company is still well-positioned to benefit from sizable rallies this year. This is primarily due to the ongoing burns that are occurring on-chain and on different cryptocurrency exchanges, like Binance.

Out of the 6.87 trillion LUNC that are now in circulation, about 38 billion have been burned as of this writing. Although this may not seem like a lot in terms of the total supply, it will continue to grow as the year goes on, especially in light of the amount of community work put forward to raise the burn rate.

A few weeks ago, Binance temporarily halted burning LUNC trading fees. The next burn was postponed until March of this year, and Binance also permanently changed to burning only 50% of trading fees (instead of 100%).

But now that a proposal has been approved by the Terra Luna Classic validator community, it will be simpler to update LUNC’s transaction cost and burn process. This was put forth in response to Binance’s request for these modifications, and its implementation ought to hasten the return of Binance’s LUNC burn (and at 100%).

This implies that the rate of burning will resume. A request to stop the re-minting of burned tokens was made earlier this month. At the same time, the Terra Luna Classic community is constantly creating suggestions that will lead to a considerably higher burn count (which had been intended to support development work).

One of the more recent suggestions calls for allowing users to voluntarily burn more LUNC when withdrawing incentives.

Simultaneously, there is a growing push among the LUNC community to bring compatibility between Terra Luna Classic and Cosmos, mostly through an update to Terra’s Tendermint architecture. If this goes forward, the network’s utility will be greatly increased, luring more developers and users, which suggests a higher LUNC price.

When taken as a whole, these proposals show how dedicated the LUNC community is to getting Terra Luna Classic back to its former glory. Another indication of this is the fact that a proposal to form a task group to accelerate work on the Terra Luna Classic blockchain was accepted at the beginning of the year.

The Terra Luna Classic protocol will be updated as a result of the recommendation made by this task group, which should lead to Binance restoring complete LUNC burns. Additionally, it’s possible that the same team will present a number of other recommendations as the year goes on, raising the cost of LUNC even further.

Regarding this pricing, the majority of the community is concentrating on a medium-term aim of $0.10, which is not overly optimistic but would call for higher burn rates and greater adoption.

If LUNC does indeed hit $0.10, this would almost probably pave the way for additional increases, perhaps even to $1 and beyond. The wider cryptocurrency would need to return to a full-on bull market, which isn’t going to happen just yet. This, however, is probably some time in the future.

Also Read

ETH Price Prediction: Today’s Ehereum Price, 26th Jan 2023

Ether (ETH), the cryptocurrency that powers the Ethereum blockchain, has fallen more...