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Terra Luna Classic Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The Terra Luna Classic price has dropped by 4.5% in the past 24 hours, amid a day of losses for the cryptocurrency market as a whole. At $0.00017485, it has gained by 2% in a week and by 3% in the last 30 days, held back from further gains by delays to LUNC burning and in-fighting within the Terra Luna Classic community.

However, with 24-hour trading volume remaining at around $100 million, there’s enough liquidity in the LUNC market right now to cause additional significant movements in the coming days.

Terra Luna Classic Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying?

LUNC’s indicators suggest that it’s currently witnessing a little selloff that may continue for the next couple of days. Its 30-day moving average (red) is about to fall below its 200-day (blue), something which may signal further losses.

Source: TradingView

At the same time, its relative strength index (purple) has risen up to 35 after slipping below 30 yesterday. This suggests that selling pressure is still likely to drag the altcoin down further in the near future.

The key levels to watch out for here are $0.00016 and $0.00019. If LUNC can hold off a dip below $0.00016, it will likely avoid a substantial selloff, whereas a sustained rise above $0.00019 could signal further gains.

In terms of fundamentals, LUNC holders can be optimistic that it and stablecoin (USTC) will have big price rises in store in the future. In particular, a recent proposal to re-peg USTC to $1 passed a few days ago, igniting a significant LUNC rally (that has now petered out).

The accepted proposal is important because would require a large-scale burn of LUNC tokens. As its authors write, the plan would involve “designing a more efficient system for LUNC and USTC that can burn more than the tax rate can.”

In other words, expect much more LUNC to be burned over the course of the year. And with only 38.8 billion LUNC burned to date (out of a total circulating supply of 6.87 trillion), there will definitely need to be much more burning if the altcoin is to break through the levels.

In this regard, it’s encouraging to note that the Terra Luna Classic community is constantly producing new proposals to increase burning. For instance, last month saw an update to the Terra Luna Classic protocol that provides for whitelists for its on-chain tax burn, a change that Binance had sought in order to resume its own regular burn of trading fees.

Other good news includes KuCoin’s return to LUNC staking, with the exchange staking close to 47.8 billion LUNC. This will encourage investors and holders to stake their own LUNC with the exchange, something which could boost ownership of the altcoin.

https://www.twitter.com/nergizy32132110/status/1623339449923903489

However, despite such progress, tension within the Terra Luna Classic community remains, and it may hinder efforts to grow the network and restore LUNC to its former heights. For instance, the end of January brought a proposal — which remains under vote — to end payments to developer Jacob Gadikian allegedly for “attacking and slandering validators on the Luna Classic Blockchain.”

This underscores the differences that have been emerging within the community in recent months. More seriously, such differences potentially undermine efforts to help Terra Luna Classic recover, and for the network to attract genuine adoption and use.

Still, recent weeks have clearly shown that investor interest in LUNC continues to be strong, with whales reportedly buying the altcoin in large numbers during dips. And given that it’s still 66% down from the $0.000518 price it recorded last September, it has plenty of room to grow in the coming months.

Buy Terra Luna Classic Now

LUNC Alternatives

Given that the value of LUNC is so dependent on its community agreeing to burn it on a massive scale, some investors may prefer to look elsewhere for high-potential coins. Accordingly, we’ve compiled a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.