Lunc Price Prediction: Today’s Lunc Price, 5th Jan 2023

The Terra Luna Classic price has risen almost 5% in the previous 24 hours, reaching $0.00016077, while the cryptocurrency market stays flat. Its present position marks a 0.5% weekly decline, a 23% fortnight increase, and a 7% monthly drop.

Whales buying the cryptocurrency after a drop may also have contributed to LUNC’s rise today. The Terra Luna Classic community’s efforts to sustain the ecology and minimise supply could lead to additional benefits in 2023.

Today’s Lunc Price

Luna Classic’s price today is $0.0001574 USD

Terra Luna Classic Price Prediction

LUNC’s chart reveals that it is currently experiencing a minor breakout, with its relative strength index (purple) increasing above 70 in recent hours. This suggests increasing momentum, as does the fact that LUNC’s 30-day moving average (red) has above its 200-day average (blue), creating a “golden cross” that may portend additional increases.

Given that LUNC’s RSI had dropped just below 30 when the market entered 2023, its recent performance suggested that the company was overdue for a surge. But according to this same history, LUNC has fallen back swiftly after each minor rise, and it has been doing so very frequently since September.

In September, a new on-chain tax burn was implemented, which at the time burned 1.2% of all LUNC transactions. As a result, there was a positive assumption that the coin’s supply would gradually decrease over time, driving up the price.

This optimism was strengthened by Binance’s early October declaration that it would start its own burn of all LUNC trading fees. The problem is that initial hopes have now been dashed, in part due to the fact that LUNC’s 6.87 trillion supply has barely been affected by burns to date, and in part due to disagreements within the community on how to proceed.

For instance, a proposal to reduce the on-chain tax/burn to 0.2% was approved in the middle of October. 10% of the taxed value was also sent to a community fund for developers. This was done in an effort to speed up Terra Luna Classic network development, but by slowing the burn rate, it soured investor mood.

Despite disagreements about how to best promote Terra Luna Classic, advancements have been made recently, with a request to form a “task force” tasked with finding methods to advance the network being accepted over the past 24 hours.

The primary driver of LUNC’s surge today is probably the approval of this idea. Naturally, the altcoin’s community still has higher ambitions for it, with many still placing their bets on a steady rise to $1.

More achievable goals have been put up by certain LUNC members for 2023, with some suggesting 100x (almost 10,000%) by the end of the year. The token would then cost approximately $0.016077.

Even with this lesser goal, some significant burning will still be required this year. At the time of writing, 37 billion LUNC had been burned in total, which represents 0.5% of the total quantity in circulation.

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