Last week, the cost of Terra Luna Classic was $0.00014. It has changed by 6.11% during the last week and is now at $0.00015. Its price has increased by 0.28% during the last 24 hours too despite a modestly pessimistic mood pervading the cryptocurrency market. Though LUNC may not reach $198.50 in the near future, the long-term outlook is still promising. At the time of writing, Terra Luna Classic’s total available supply is more than 6 trillion, and its market capitalization remains at around $927K.
About Terra Luna Classic
Modern development tools and a thriving ecosystem of decentralized applications (dApps) are supported by Terra. Terra’s blockchain uses a proof-of-stake consensus method to pave the way for the next-generation DeFi experience. Additionally, Terra acts as a payment gateway for an algorithmic virtual currency designed to mimic the value of fiat (government-issued) money.
The initiative was created in 2018 by Terraform Labs, to combine the best qualities of fiat money as well as Bitcoin into a valuation coin. Do Kwon as well as Daniel Shin established this project in their South Korean lab, which then went on to be one of the most popular cryptocurrencies in the industry.
The native coin of the Terra system is mostly employed for staking. In addition, it may be used for governance, which enables users to modify the Terra protocol. The altcoin’s primary objective following its 2018 launch was to serve as a “counterpart” to Terra’s algorithmic stablecoin, terraUSD, by absorbing price fluctuations.
The Incident that Forever Altered Everything
Following an assault that took advantage of a flaw in the blockchain protocol, UST was unable to properly issue and burn its coins to balance demand as well as availability at the $1 peg. UST had a catastrophic [nearly 100%] drop in value after losing its USD peg, which has gone down in the annals of significant crypto-collapses.
Terra’s demise prompted the development of a new chain, and the previous chain was given the new moniker Terra Classic (LUNC). On the other hand, Terra 2.0 aims to take over all the protocols and programs of the previous network. However, this raises the question of whether LUNC will still be useful or viable in the future.
The Price Analysis for Terra Luna Classic (LUNC)
LUNC’s bullish push caused a violent breach past the $ 0.00013 level to place the currency in price discovery after a roughly six-week holding within the $0.000085-$0.000105 range. Over 296% of the rally was secured by the purchasers between August 30 and September 8.
A short-term slump caused by the rebound from the $0.000517 level caused LUNC to drop below its 20-day moving average. On the daily timescale, the alternative currency developed a bullish pennant formation. The currency may be set up for an upward movement if the $0.000292 barrier is potentially broken. In the upcoming weeks, this may push the price up to the $0.000517 cap. Any dip below the 50 EMA could signal the invalidation of a positive short-term trend.
Should You Think About Purchasing LUNC?
Considering the steadfast efforts made by the LUNC network to reduce the quantity of the token and maintain its perceived value, LUNC has excellent future potential.
The coin’s technical front showed a growing purchasing edge. The $0.000292 barrier must now be overcome by the bulls to increase their chances of hitting the previously specified milestones. But one must consider the dangers of funding a program that has had a significant setback. The price of the currency might decrease in the upcoming sessions if pump-and-dump tactics succeed in exploiting it.
Investors are advised to monitor both the number of tokens burned and the percentage of LUNC staked. The current bullish tendency might be further supported by an escalating trend on these fronts.
Price Forecast for the Terra Luna Classic
The year 2021 was a busy one for Terra Luna Classic. The Terra Luna Classic cost predictions for the short term and the long term have been separated to make the most recent LUNC price forecast easier to understand. LUNC’s trading volume at the time this article was written was 48,507,963. In the last 30 days, LUNC has decreased by 11.32%.
Our study indicates that the average cost of Terra Luna Classic for March 2023 will be $137.85, and the maximum price that can be predicted for March 2023 will be $147.49.
Additionally, based on our study of the long term, we project that the average cost of Terra Luna Classic for July 2023 will be $148.87, as well as the highest potential price of $159.29.
What Lies in Store for LUNC in the Future?
LUNC’s community is showing encouraging indications of rebirth despite the recent collapse of its network, as “#LUNCcommunity” has already been popular on Twitter. To make up for the losses from the last collapse, the community has contributed to the coin’s restoration by passing crucial proposals on LUNC’s burn.
Luna Classic would’ve been managed by its community, with Do Kwon as well as his team concentrating on Terra 2’s development. The price of LUNC may continue to rise in the next few months as a result of growing support for positive attitudes in the community.
The currency tested the $0.000517 resistance at the start of this month as a result of rising social dominance before succumbing to selling pressure. However, the general market mood has suffered as a result of the significant selling pressure Bitcoin has been under over the last week. It would be intriguing to see how LUNC’s social hegemony might manifest to eventually influence investors’ perceptions of the company.
A 1.2% burning tax is currently being imposed by the community on all transactions involving LUNC. Through these initiatives, LUNC may be better equipped to undo the harm that excessive mining has already done. This only implies that at the moment of the transaction, 1.2% of all LUNC tokens transferred for a specific value will be obliterated.
Price Forecast for Terra Luna Classic Over the Long Term
The long-term price forecast for Terra Luna Classic is shown below and looks at the pricing outlook for LUNC. With a market capitalization of $927,350,001 as well as trading volumes of 48,507,963, Terra Luna Classic was last traded at $0.00015.
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