Lunc Price Prediction: Today’s Lunc Price, 24th Feb 2023

Terra Luna Classic Price Prediction

The indicators for LUNC point to a potential rebound following a challenging week or so. The currency may in fact launch a recovery after it bottoms out because its 30-day moving average (red) had fallen below its 200-day moving average (blue).

Moreover, LUNC’s relative strength index (purple), which had fallen to just around 30 for a few days, has now risen to 50. As a result, this increasing momentum might portend a stronger rally in the coming day or two.

If LUNC can successfully overcome the resistance level of 0.000167, it might have a longer-lasting rise. A clear break may indicate a move to a more stable level because previous attempts to soar higher than this price have halted recently.

In terms of basics, progress on putting into practice a suggestion that was recently approved by Terra Luna Classic validators may aid in the occurrence of such a break. In specifically, the community has decided to re-peg USTC, the stablecoin that is LUNC’s sibling.

A massive burn of LUNC tokens would be necessary for such a re-peg. If the Terra Luna Classic community is serious about raising the altcoin to its previous heights, a significant increase in burning is undoubtedly necessary. As of now, just 39.4 billion LUNC out of a circulating supply of 5.9 trillion have been destroyed.

The other significant source of LUNC burning is Binance, which will start burning LUNC trading fees again the following month. The exchange had briefly stopped its burning program in anticipation of a change in how the Terra Luna Classic network handles whitelists for its on-chain burn, thus this is once more a significant win for the coin.

Although if initiatives to revive Terra Luna Classic are taking shape (including the recent creation of a task force), it is important to note that there is some tension in the neighborhood.

For instance, several people have spoken out against the aforementioned re-peg idea. With recent SEC investigations against Terraform Labs and stablecoin like BUSD, it appears that the primary argument against it is that it may be legally dangerous.

So, it cannot be assumed that the re-peg plan would be implemented in the way that many LUNC investors anticipate. The Terra Luna Classic community is also tense as a result of other recent incidents, including as a late-January request to stop paying a developer for criticizing several validators.

The SEC’s actions against Terraform Laboratories and Terra founder Do Kwon are accompanied by this conflict. Terra Luna Classic (which has recently grown more decentralized and community-led) may not be directly impacted by them, but LUNC may nonetheless suffer as a result of association.

With so many unknowns, it’s tempting to claim that LUNC won’t do much unless a truly big re-peg or burn proposal is implemented. Until then, the altcoin market may witness a seesaw between recoveries and more dips.

Hence, assuming excellent news, a serious, realistic aim for LUNC at this moment would be somewhere around $0.0002, which the coin may attain in the next weeks. Of course, if a real strategy is implemented, it might wind up reducing the price by a few zeros by the end of 2023.

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