🌖 If you want to sell your $LUNC just remember this tweet

🌖 5 Terra Luna Classic Developments, How LUNC Price To Impact?

LUNC News: Terra Luna Classic community’s recovery efforts hit roadblocks as the broader crypto market took a downturn, with traders reconsidering market activity ahead of Donald Trump’s inauguration on January 20. Here are key developments making buzz in the Terra Luna Classic community.

Terra Luna Classic Forks Removal Software Upgrade
Blockchain developer Orbit Labs announced the completion of the first phase of the removal of the fork modules. The upgrade proposal will be put up for governance voting next week and the mainnet upgrade is planned to happen in February.

According to the developer group, the upgrade will bring Terra Luna Classic into alignment with the mainstream Cosmos ecosystem. It makes security updates and maintenance easy. This includes the fix of multi-send handling for the “reverse charge” implementation.

🌖 Terra Luna Classic Forks Removal Software Upgrade

Blockchain developer Orbit Labs announced the completion of the first phase of the removal of the fork modules. The upgrade proposal will be put up for governance voting next week and the mainnet upgrade is planned to happen in February.

According to the developer group, the upgrade will bring Terra Luna Classic into alignment with the mainstream Cosmos ecosystem. It makes security updates and maintenance easy. This includes the fix of multi-send handling for the “reverse charge” implementation.

🌖 LUNC and USTC Prices to Recover

LUNC price is down 15% in a week amid the broader crypto market crash, with the price currently trading at $0.0001022. The 24-hour low and high are $0.0001012 and $0.0001046, respectively.

As per an analysis, LUNC price is following the altcoin market trend exactly. The price is at the key Fibonacci 0.618 level. Additionally, trading volume remains at the lowest level. These sections do not last long, cause extreme volatility, and usually have a set direction.

Meanwhile, USTC price climbed nearly 1%, with the price now trading at $0.0185. However, the trading volume saw a 15% decline in the last 24 hours. The price is still down more than 15% in a week.

🌖 Will LUNC recover as Terra Classic burn and staking accelerates

Terra Luna Classic dropped to the key support level of $0.00010, its lowest point since Dec. 20 last year. It has slipped by 42% from its December high.

One potential catalyst for the LUNC price is the ongoing token burns, which have accelerated over the past few months. Data from LUNC Metrics shows that the network has burned over 397 billion tokens since May 2022.

In the past seven days alone, 341 million tokens have been burned, with the number continuing to grow. On January 10, the daily burn jumped to over 686 million. Binance remains the largest LUNC burner, having incinerated almost 70 billion tokens. Meanwhile, DFLUNC Protocol and LunaticsToken have burned over 2 billion and 1.9 billion LUNC, respectively.

These token burns have helped reduce LUNC’s circulating supply over the past two years to 6.50 trillion. In theory, token burns boost a cryptocurrency’s price by reducing supply and increasing the value of the remaining tokens.

Meanwhile, more data shows that investors have increased their staked tokens over the past few days. The staking ratio has risen to 15%, or 981 billion LUNC tokens, up from last week’s low of 14.8%.

A higher staking ratio is a positive sign for a cryptocurrency, as it reduces the number of tokens available for sale on the market, thereby easing selling pressure. These positive metrics may help support a recovery in LUNC’s price once the ongoing sell-off ends.

LUNC price analysis
The daily chart shows that LUNC price peaked at $0.0001790 in December before erasing some of those gains to reach the current $0.00010 level. This retreat has occurred amid ongoing weakness in the broader crypto market.

Most recently, the token broke below the key support at $0.0001054, which was the neckline of a small double-top chart pattern. Additionally, LUNC has moved below both the 50-day and 200-day moving averages.

On a positive note, the coin has formed a cup and handle pattern, a popular bullish continuation indicator. The ongoing pullback is likely part of the handle formation. Therefore, it’s possible that Terra Luna Classic’s price will rebound as long as it holds above the key support level at $0.00009060.

If this recovery materializes, the initial target to watch will be the double-top level at $0.000122, followed by the upper side of the cup at $0.0001310 and last December’s high of $0.000179. A return to last month’s high would represent a 73% jump from the current price.