Lunc Price Prediction: Today’s Lunc Price, 7th Feb 2023

Luna Classic’s price today is $0.0001864 USD

Terra Luna Classic Price Prediction

According to LUNC’s indicators, the token could need to decline a little bit before rising once more. Its relative strength index (purple), which just dropped to almost 30, teeters on the edge of the 50 level, indicating that it has entered a selling phase.

LUNC’s 30-day moving average (red) has started to decline towards its 200-day average concurrently (blue). Investors can start to anticipate future rises once this decline reaches or drops below the longer-term average.

It appears that $0.00018 may be the critical support level at the moment in terms of resistance and support levels. The likelihood of further losses increases if LUNC drops below this price, yet a decline to this level might also signal the start of a rebound.

LUNC’s current resistance level is $0.00019, which suggests that a break through of this level could signal additional rises.

Owners of LUNC have several reasons to be upbeat in the long run when considering the wider picture.

The Terra Luna Classic community is primarily focused on lowering the supply of LUNC and raising its value. It has now been decided to re-peg the sister stablecoin USTC to $1, which will probably boost the price of LUNC in the upcoming days and weeks.

The accepted idea would probably necessitate a sizable burn of LUNC tokens, while specifics need to be worked out. One of the key benefits, according to the proposal’s authors, would be “creating a more efficient system for LUNC and USTC that can burn more than the tax rate can.”

As a result, anticipate an increase in LUNC burning in the not too distant future. Out of the 6.87 trillion LUNC that are now in circulation, only about 38.6 billion have been burned thus far, indicating that there is still much work to be done.

In relation to burning LUNC, the Terra Luna Classic protocol saw an update in the last few weeks that added whitelists for its native on-chain tax burn. Such whitelists can exempt particular parties from the on-chain burn, a move that Binance had requested in order to resume its own consistent burning of trading fees.

Again, all of this points to a significant expansion of the LUNC burn as the year goes on, with many holders hanging out for returns to the $0.001 and $0.01 levels (or beyond).

Interra Luna Classic community strife, such as the current plan to stop paying developer Jacob Gadikian for allegedly “attacking and slandering validators on the Luna Classic Blockchain,” could thwart efforts to achieve these goals.

Even though losing one developer might not spell the end for the Terra Luna Classic network, it can discourage other developers from participating. It also makes it more likely that the community won’t agree on a strategy for putting the aforementioned re-peg proposal into action, which was approved without a clear and firm timeline.

Despite this, LUNC is a company to keep an eye on in 2019 and has a chance to be a major winner in 2023.

Also Read

ETH Price Prediction: Today’s Ethereum Price, 7th Feb 2023

The cryptocurrency markets have seen massive swings in recent weeks, with Bitcoin...