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The Terra Luna Classic price has risen to $0.00017240 today, with the coin rising by as much as 7.4% in the past 24 hours. The spike has been caused by anticipation surrounding the next Binance burn update, with the exchange set to report today on how much LUNC it has burned since last November.
Despite today’s spike, LUNC remains up by only 4% in the last 30 days. However, if Binance’s update does reveal the large burn count that many are expecting, LUNC could see further gains in the coming days.
Terra Luna Classic Price Prediction as LUNC Blasts Up 7.4% – Where is LUNC Heading Now?
LUNC’s indicators suggest that now may be a very good time to buy. Its relative strength index (purple) has jumped from just under 50 to 70 in the past few hours, signalling some very strong buying momentum.
Encouragingly, LUNC’s 30-day moving average (red) has begun rising up towards its 200-day average (blue). That it remains below the longer term average could mean that this rally has plenty of time left before it runs out of steam.
If LUNC can break the $0.0000175 resistance level the rally could reach new levels. It did temporarily breach this level this morning, yet it came back down, suggesting that it may still be a little early for a breakout.
But as noted above, Binance is set to update its LUNC burn count today. If it reveals a big total, this could cause another spike to the LUNC price, potentially pushing it through its current resistance level.
Regardless, LUNC has seen a number of positive developments in recent weeks that suggest it’s only a matter of time before the coin witnesses some big gains. Most notably, the Terra Luna Classic community last month passed a plan to re-peg LUNC’s sister stablecoin, USTC.
As we’ve noted before, a re-peg would require a large-scale burn of LUNC tokens, which in turn would imply a jump in LUNC’s price. Given that recent increases have been achieved on the back of burning only 39.6 billion LUNC (out of a circulating supply of 5.9 trillion), the burning of a large quantity of the coin could really give its price a shot in the arm.
More recently, the Terra Luna Classic blockchain underwent an update last night that introduced a number of positive changes. This includes the ability for developers to change code parameters more easily, while observers have simply noted that the update testifies to the cohesion and unity of the Terra Luna Classic community.
Indeed, this update counteracts concerns that the community may still be too divided to make real progress, given conflicts over the aforementioned re-peg proposal as well as a proposal to halt payments to certain developers. The update shows that, despite occasional differences, Terra Luna Classic is moving forwards overall, towards a common goal.
As such, some holders have become very confident that the LUNC price will experience massive appreciation this year. Some supporters are even eyeing $1, which would entail a rise of over 500,000% from its current price.
A more realistic target for LUNC at this time would therefore be somewhere around $0.0002, which the coin could reach in the next few weeks, assuming good news from Binance. From there, it could look at shaving off one or two decimal places by the end of the year.
Buy Terra Luna Classic Now
LUNC Alternatives
LUNC isn’t the only coin with exciting prospects at the moment, with a number of other high-potential tokens also available to investors. For this reason, we’ve put together 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.
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