The price of Terra Luna Classic increased today to $0.00016897, marking a 1% increase over the last 24 hours as the cryptocurrency market bounces back from recent losses. As LUNC balances between recovery and relapse, this price represents a loss of 9% over the last week and a decline of 6.5% over the past 30 days.
However, today’s trading has allowed LUNC to regain its lost $1 billion market worth over the weekend. Additionally, with its 24-hour trading volume reaching $100 million, the market has ample liquidity to support future increases.
The indications for LUNC point to a potential recovery from recent losses, with both of the primary indicators indicating potential rallies. In the last few days, its relative strength index (purple) increased from 20 to 50, indicating that the purchasing momentum might pick up and drive its price higher.
In addition, the 30-day moving average (red) for LUNC has resumed its upward trend after deviating from its 200-day average (blue). This again signals that a change for the better might be on the horizon.
The increase in LUNC’s share price today is due to a jump in trading volume from a weekend low of $47 million to over $100 million yesterday. This is one another indication that a rally may be on the horizon and that it could be wise to purchase now.
It will be fascinating to see if LUNC can overcome the $0.00017 resistance level in terms of levels. If so, a rally that lasts longer could be feasible.
If you own a LUNC, you have several good reasons to feel upbeat about the fundamentals. The now-accepted plan to re-peg USTC is particularly positive for the alternative currency because doing so would require burning a significant amount of LUNC tokens.
The accepted idea calls for “creating a more efficient mechanism for LUNC and USTC that can burn more than the tax rate can,” according to its authors. As a result, it is anticipated that LUNC’s burn total, which is now 39 billion, will increase significantly over the medium-to-long period.
And it really needs to because there is just too much LUNC in circulation—5.9 trillion—for it to see significant price increases any time soon.
There is no question, though, that the Terra Luna Classic community is making a serious effort to reduce this enormous number. There have been many different recommendations in recent months, ranging from the creation of a task group to promote Terra Luna Classic development and acceptance to increasing the minimum commissions (for validators) to 5%.
While there is still disagreement among the Terra Luna Classic community, it is evident that the major goals are to burn more LUNC, increase its value, and improve the Terra Luna Classic network’s usability.
As a result, LUNC’s longer-term outlook is generally favorable. It’s likely to bounce back to $0.0002 in the next months, with a rebound to $0.0003 maybe occurring by the second half of the year.
Before the cryptocurrency can really advance toward reaching whole numbers, it is obvious that the re-peg plan will need to be completely implemented, along with the burning of trillions of LUNC. However, the groundwork for such development has already been done, so it could only be a question of time.
Trading may opt to go elsewhere for returns in the interim since LUNC may not climb exponentially until a more distant future. The top 15 cryptocurrencies for 2023, as determined by the CryptoNews Industry Talk team, have been compiled from a list of other high-potential coins now available on the market that do have higher chances.