Home - Altcoins - Terra Luna Classic Price Prediction as LUNC Falls-Time to Buy the Dip?

James Carter

February 13, 2023

Terra Luna Classic Price Prediction as LUNC Falls-Time to Buy the Dip?

The price of Terra Luna Classic has decreased by 3.5% in the last twenty-four hours. There have been rumblings that the SEC may take legal action against Paxos and the BUSD stablecoin, which has contributed to a general decline across the market. Currently trading at $0.00016228, LUNC has experienced a loss of 10% in the past week and 8.5% over the past 30 days. The altcoin’s market capitalization fell below $1 billion over the course of the weekend.

LUNC’s 24-hour trading volume has also dropped from $500 million at the beginning of the month, when its price rose to $0.0002057, to around $60 million. This is a big drop from the $500 million it saw at the start of the month. This drop in liquidity makes it more likely that LUNC will drop quickly again, but its long-term outlook is better because work is still being done to re-peg it to USTC.

Predictions for the price of Terra Luna Classic as LUNC’s market cap drops below $1 billion: Is it time to buy the Dip?

LUNC appears to be in the midst of a selloff at the moment, which according to the indicators, may continue for the next few days. Its 30-day moving average (red) has recently fallen below its 200-day average (blue), and its relative strength index (purple) has fallen to 40 and may continue to fall further. Both of these trends indicate that the price of the securities is weakening.

In other words, the technicals of LUNC point to more drops in the near future. This is especially true if the altcoin drops below its current support level of $0.00016, which seems likely right now.

Also Read:  How Another Ethereum DeFi Summer Can Power the Next Big ETH Price Rally

Even though the next few days are likely to be hard for LUNC and the cryptocurrency market as a whole, LUNC, and stablecoin (USTC) are likely to see big price increases in the future.

Most of this hope comes from a recent proposal to re-peg USTC to $1, which has been accepted. This is very good for LUNC because, even though the details haven’t been worked out yet, a re-peg would require a lot of LUNC tokens to be burned.

This is very good news since the community has only burned 39 billion LUNC so far. If the community wants to make a big dent in the 6.87 trillion LUNC in circulation, the burn rate will have to go up a lot.

Terra Luna Classic Price Prediction as LUNC Falls-Time to Buy the Dip?

The community’s main and most important goal is still to make a difference like this. For example, the Terra Luna Classic protocol got an update last month that adds whitelists for its on-chain tax burn. This means that Binance will be able to start burning its own LUNC trading fees again.

On top of that, KuCoin said last week that it would start staking LUNC again. The exchange staked close to 47.8 billion LUNC. This will not only stop people from spending LUNC, but it will also make more people want to join the coin’s ecosystem.

Even with this kind of progress, there is still some discord in the Terra Luna Classic community. For example, a developer, Jacob Gadikian, was accused of “attacking and slandering validators on the Luna Classic Blockchain” last month, which led to a proposal to stop paying him. This proposal is still up for a vote, and it continues to show that players and developers don’t always agree on how Terra Luna Classic and LUNC should move forward.

Also Read:  Peter Thiel Says He Feels Underinvested In Bitcoin
https://twitter.com/nergizy32132110/status/1623339449923903489
Terra Luna Classic Price Prediction as LUNC Falls

Still, the overall longer-term outlook for LUNC is still good. In the next couple of months, it could go back up to $0.0002, and by the end of the year, it could go up to $0.0003.

In terms of really big gains, these will depend on how well the accepted plan to re-peg USTC is carried out. Assuming that this plan is carried out well enough, it could cause LUNC to lose one or two decimal places, if not more.

Share