Lunc Price Prediction: Today’s Lunc Price, 21st March 2023

Terra Luna Classic Price Prediction

The chart of LUNC shows some encouraging indicators, with the 30-day moving average (red) and relative strength index (purple) currently behaving in an intriguing manner.

The 30-day average has started to rise sharply towards the 200-day average (blue), and if the shorter average surpasses the longer one, the coin might be about to break out.

Similar to how LUNC’s RSI increased to 70 in recent days from 30 in the previous week, signalling overselling.

It has decreased over the last three hours, but it is still close to 60, showing some good rising momentum.

The important resistance level for LUNC at this time is $0.000135; if it can successfully break through this level, it may see additional increases in the days ahead.

There is a case to be made that given how poorly LUNC has done over the previous week and month, it is currently oversold and undervalued and might thus experience a significant rally in the coming weeks.

This belief is supported by continued efforts to devalue LUNC and drive up its price, including the ratification of a plan in February to re-peg USTC, the stablecoin that is LUNC’s sibling.

This is good news for Terra Luna Classic since it would necessitate a significant burn of LUNC tokens, which are used to control the price of USTC.

That would produce “a more effective mechanism for LUNC and USTC that can burn more than the tax rate can,” according to the proposal’s authors.

Since just 48.6 billion of the approximately 5.9 trillion circulating LUNC have been destroyed to date, additional burning is unquestionably required if LUNC is to return even remotely close to its previous pricing.

The idea is crucial for this reason, but a strategy for putting it into action still has to be decided upon. As a result, the proposal’s acceptance has had a significant impact on LUNC’s pricing.

But, the Terra Luna Classic community is still working on a number of other ideas to help LUNC.

Included in this is a suggestion to raise the on-chain burn tax from its present level of 0.5% to 0.8%, which will undoubtedly result in the removal of additional LUNC from circulation.

Another proposal at the same time involves modifying the burn tax split so that developers would receive 25% (instead of 10%) of the money generated by burning.

This would support Terra Luna Classic’s blockchain’s development and increase the appeal of its ecosystem and apps to consumers and projects.

Even though the intention behind such suggestions may be great, there has been some opposition, with some validators disagreeing with the idea of increasing the burn tax rate to 0.8%.

A developer’s removal from the task team overseeing the expansion of the Terra Luna Classic ecosystem is also being proposed at the same time.

All of this demonstrates why the LUNC community hasn’t been able to come up with a workable plan to really re-peg USTC, as well as why the currency hasn’t been able to recover as strongly as some holders may have desired.

But, there is some good news in that Binance has resumed its own burn of trading fees and has revealed that it burned 8 billion LUNC in the three months prior to the end of February, indicating that the burn rate has undoubtedly grown in recent weeks.

There is a fair probability that LUNC might hit $0.00015 in the next weeks as a result of this gradually increasing burning, with $0.0002 being a slightly more distant goal.

Assuming the market maintains its current recovery, it has a real probability of rebounding to $0.0004 or $0.0005 by the end of 2023.

Further gains are contingent upon the Terra Luna Classic community uniting behind a specific plan to re-peg USTC, which, if and when it occurs, may send LUNC soaring.

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