Lunc Price Prediction: Today’s Lunc Price, 22nd March 2023

Luna Classic’s price today is $0.0001271 USD

Terra Luna Classic Price Prediction

LUNC might have underperformed over the last several weeks, but as a result of the current state of its indications, it should perform better overall.

For instance, the coin is clearly oversold as evidenced by the relative strength index’s recent decline below 30 (purple).

Similar to how its price has decreased below both, its 30-day moving average (red) and 200-day moving average (blue) have both decreased.

Hence, even though a rally in the next days need not be very large, technicals alone would indicate one.

The $0.00014 resistance level, which has held LUNC back on a few occasions over the past week, must be broken if a rally is to take place.

More rises in the next weeks are likely if it can regain a sustained position above this price.

Of fact, the current situation suggests that successful advancements in the Terra Luna Classic’s intentions to burn LUNC depend on future rallies.

Although a proposal to re-peg sibling stablecoin USTC (which would require extensive burning of LUNC) was accepted in February, not much has been said since regarding the implementation of this plan.

In addition, a recent proposal to raise LUNC’s on-chain tax burn from 0.2 to 0.8% has failed to obtain a quorum, hence it will not be approved.

Some have viewed this as a sign that attention should now go to developing Terra Luna Classic in a way that boosts its value and attracts genuine users into its ecosystem. This could be seen as a major disappointment for the community.

Developers appear to share this sentiment, as demonstrated by Edward Kim’s blog post from yesterday in which he declared his intention to concentrate on creating machine learning-based applications that could be connected with Terra Luna Classic via Cosmos.

This kind of comment perfectly captures the current state of mind among many Terra Luna Classic developers and contributors, which is why requests to simply increase LUNC’s burn rate haven’t really been taken seriously.

A rapid burn of LUNC’s supply may be disappointed by this once more, but it implies a long-term strategy in which Terra Luna Classic can ultimately regain some of its former utility.

Notwithstanding this development, Binance is still burning LUNC tokens as part of its ongoing destruction of LUNC-based trade fees this month.

50 billion LUNC have already been burned as a result of the exchange restarting its burn, up from 36 billion just a few weeks earlier.

As a result, there is still a strong likelihood that the price of LUNC will increase over the short- and medium-term, with $0.0003 or $0.0004 being a more attainable end-of-year aim.

Naturally, a lot of outspoken LUNC backers are wishing for a rise to $0.10 or even $1 in the near future.

Such large gains will almost probably require a significant increase in LUNC’s burn rate, which may or may not be feasible now that Terra Luna Classic’s utility is gaining more and more support.

But, it would be hasty to fully rule it out given that so many individuals are already concentrating on ways to raise LUNC’s price.

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