The price of Terra Luna’s LUNC increased by over 15% since the beginning of the year before the recent retrace. Currently, LUNC is registering a profit of about 8% for investors who entered a position at the start of the year.
A wave of optimism has surrounded the token as it’s meeting many of the anticipated price targets investors had for the token. And much like the predictions before, there’s a lot of curiosity as to where the LUNC coin might land in the future.
Terra classic (LUNC) is a decentralized application platform that uses a Proof-of-Stake consensus algorithm powered by Tendermint technology which allows holders of LUNC to stake their assets as collateral and participate in the process of validating transactions on the Terra network in exchange for rewards based on the value of their staked assets.
LUNC is the native token of the Terra classic network and is used for governance and mining. In addition to serving as collateral for the validation of transactions, it is also used to facilitate seamless virtual payments through the creation of crypto payment gateways for organizations.
Terra classic has partnered with a mobile payment solution platform in Korea to provide payment services to e-commerce platforms, receiving a small percentage of each transaction as compensation for transaction fees.
For all its virtues, cryptocurrency has had its fair share of catastrophic history and has impacted the overall crypto market by triggering a crash. The value of TerraUSD (UST), an algorithmic stablecoin with a market capitalization of $18 billion that was designed to maintain a stable $1 value, began to fluctuate by the end of the first week of May and dropped to 35 cents a couple of days after.
Its associated token, LUNA (now LUNC), which was intended to help stabilize the price of UST, also declined significantly, falling from $80 to just a few cents in less than a week following the initial decline. This crash wiped out over $40 billion of investors’ wealth in a matter of days, catalyzing the already declining market cap of the cryptocurrency market.
To recover from the situation, the team behind Terra launched a new token by the name of LUNA and named the previous token LUNC. This survival plan integrates a burn mechanism, where a certain portion of tokens for every transaction is burned which helps minimize the supply- consequently increasing the token price.
Although the token price now is nowhere near where it once was, investors have hope for the token and expect it to reach $1 for now. This goal, however, is too optimistic given the current market conditions and steps taken by Terra. Which leaves investors wondering where the token can actually land.
To make this job a little easier, we’ve arrived at a few predictions that could help investors estimate a possible figure for the token price to reach.
LUNC Technical Analysis
LUNC’s chart currently displays a fairly strong position, with the possibility of a rise from a technical standpoint. Its relative strength index stands close to 57, indicating a neutral buy action as investors collect the coin while the reset counts their profits.
Similarly, the 30-day moving average for LUNC is approaching close to its 200-day moving average, which may suggest that it could face further declines before experiencing a significant rally. Given the promise from these technical indicators, LUNC has the potential to see significant gains this year due to ongoing “burns” of the coin on various exchanges and on the blockchain.
So far, more than 37 billion LUNC have been burned out of a total supply of 6.87 trillion, and this number is expected to increase as the year progresses due to the efforts of the community to increase the burn rate. However, the current burn rate is nowhere near sufficient for the token to reach $1, creating a need for introducing additional mechanisms from the team that could boost the process.
Terra LUNC Price Prediction
While predictions for the future remain uncertain, they can help mold a trading strategy and therefore are worth consideration. Here’s what LUNC might look like up till 2030.
Terra LUNC Price Prediction for 2023
LUNC can comfortably offer a return of 2x to investors this year, even if it increases gradually in price. According to experts, the token can reach a maximum price of $0.000275 in 2023, while it could also touch a low of $0.000086 if things go south. On average, the token price is expected to hover around $0.000215 for the year.
Terra LUNC Price Prediction for 2025 and Beyond
There are some optimistic experts the claim that the minimum and maximum prices that LUNC will reach in 2025 will be $0.0089 and $0.028, respectively. Some veterans, however, are less bullish, forecasting that it will trade at a minimum of $0.001094 and a maximum of $0.002846 in 2025, with an average price of $0.001776. One thing that is certain, however, is that LUNC will definitely not reach the much anticipated $1 price target by 2025 – which would require a massive drop in the supply. And considering the circulating supply is 6.01 trillion, the $1 target is impossible at this moment.
LUNC is a token that’s only able to perform as well as it did because there are some people that still believe in it. However, the latest chart shows that the number of those people is thinning. So, for LUNC to be seen as a long-term potential crypto, it has to make massive strides while not only taking the community and the larger cryptocurrency space in mind.
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