Lunc Price Prediction: Today’s Lunc Price, 15th Feb 2023

Terra Luna Classic Price Prediction

LUNC’s signs show that it is now in a selloff, which may last for a few days. Its relative strength index (purple) has plummeted below 40 and may continue to decline, while its 30-day moving average (red) has slipped below its 200-day moving average (blue).

In other words, LUNC’s technicals indicate further short-term declines. This is especially true if the altcoin drops below the amount of support it currently enjoys at $0.00016, which is suddenly appearing to be a serious possibility.

Although it is expected that the coming days will be challenging for LUNC and the larger cryptocurrency market, fundamentals point to significant price increases for LUNC and stablecoin (USTC) in the future.

This optimism is largely attributable to a recent proposal to re-peg USTC to $1, which was approved. This is really positive for LUNC since, even if the specifics haven’t been worked out, a re-peg would call for a massive burn of LUNC tokens.

The agreed plan, according to its writers, mandates that the community and its creators “create a more efficient mechanism for LUNC and USTC that can burn more than the tax rate can.”

This is highly promising news because, with only 39 billion LUNC burned thus far, the burn rate will need to be drastically increased if the community wants to significantly reduce the 6.87 trillion LUNC circulating supply.

Of course, making such a dent remains the community’s core and most important objective. For instance, the Terra Luna Classic protocol was updated last month to include whitelists for its on-chain tax burn, allowing Binance to resume its own internal burn of LUNC trading fees.

Additionally, KuCoin announced the return of LUNC staking last week, with the exchange staking nearly 47.8 billion LUNC. In addition to removing LUNC from circulation, this will encourage more individuals to interact with the ecosystem of the coin.

Even with this level of development, there is still some strife within the Terra Luna Classic community, with a contentious proposal to stop paying developer Jacob Gadikian last month due to his alleged “attacking and slandering validators on the Luna Classic Blockchain.” This proposal is still up for vote and serves as a reminder that participants and developers frequently disagree on the best approach to move Terra Luna Classic and LUNC forward.

However, LUNC’s overall longer-term outlook is still favorable. In the upcoming few months, it might be anticipated to rebound to $0.0002, with a surge to $0.0003 being feasible by the second half of the year.

Realistically significant gains hinge on the re-peg USTC proposal’s acceptance and successful implementation. It is possible that LUNC will lose one, two, or perhaps more of its decimal places if this suggestion is carried out properly.

Also Read

ETH Price Prediction: Today’s Ethereum Price, 15th Feb 2023

Most major cryptocurrencies, including Bitcoin and Ethereum, have seen their prices fall...