Setting aside the speculative aspect of the crypto LUNC, it is worth highlighting how the Terra Luna Classic community is working hard to restore dignity to the project.
Despite the numerous difficulties with a blockchain abandoned by a wide range of developers, the users aimed to restore the balance.
Various initiatives have been proposed to offer more incentives to users and programmers, with the aim of repopulating the ecosystem.
Recently, the community voted to implement a burning plan of 46.55 million USTC (formerly UST) through contract migration.
In particular, this move could have a strong positive impact on the price of LUNC, pushing the price of the crypto upwards.
By reducing the current circulation of the stablecoin, a mechanism is implied in which LUNC becomes more appealing in the market, supporting Marks’ bull thesis.
Furthermore, it is important to highlight how recently the actual closure of Terraform Labs (the company behind Terra Luna Classic) has been established, finally eliminating an aspect of centralization.
By doing so, the LUNC project becomes effectively owned by the community itself, which focuses on long-term rebuilding.
It’s difficult for it to return to the pre-dump levels of May 2022, however, we do not rule out a significant appreciation of the token.
Attention to not overexpose yourself on products like LUNC because although the potential is high, they imply an enormous speculative risk.
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General situation of the altcoin sector
Analysts of the crypto LUNC (Terra Luna Classic) should also keep an eye on the overall market situation of altcoin to assess the most suitable time for a bull run.
Normally, alternative coins to Bitcoin perform well when the latter loses ground in the market in terms of capitalization dominance.
For almost 2 years now, the entire market stage has been in favor of the king of the market, which has seen its dominance grow from 40 to 58%.
As soon as we see the first drop in dominance BTC below the EMA 50 (currently at 54.5%), we might also observe the coordinated growth of altcoins.
Cryptos like LUNC would obviously benefit, opening the doors to brief periods of trading outside the ordinary.
Obviously, it is not certain that LUNC will precisely follow the trend of the other coins, but it is likely that it will reflect a similar pattern.
At this moment, the general alt market is weak, with few cases of coins that have outperformed Bitcoin.
Even Ethereum is in a condition of clear weakness, overshadowed by the better performance of the top-ranked currency.
We will see if in the coming weeks something will start to move, offering appreciation opportunities for LUNC.
Analysts of the crypto LUNC (Terra Luna Classic) should also keep an eye on the overall market situation of altcoin to assess the most suitable time for a bull run.
Normally, alternative coins to Bitcoin perform well when the latter loses ground in the market in terms of capitalization dominance.
For almost 2 years now, the entire market stage has been in favor of the king of the market, which has seen its dominance grow from 40 to 58%.
As soon as we see the first drop in dominance BTC below the EMA 50 (currently at 54.5%), we might also observe the coordinated growth of altcoins.
Cryptos like LUNC would obviously benefit, opening the doors to brief periods of trading outside the ordinary.
Obviously, it is not certain that LUNC will precisely follow the trend of the other coins, but it is likely that it will reflect a similar pattern.
At this moment, the general alt market is weak, with few cases of coins that have outperformed Bitcoin.
Even Ethereum is in a condition of clear weakness, overshadowed by the better performance of the top-ranked currency.
We will see if in the coming weeks something will start to move, offering appreciation opportunities for LUNC.
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The crypto market recovered slightly over the past day after experiencing short-term volatility. Notably, Terra Luna Classic (LUNC) is among other tokens that are demonstrating upward price movements today.
LUNC Technical Indicators Predict Bullish Outcome
Crypto enthusiasts and experts even anticipate a more bullish rally for LUNC, pointing to several technical indicators. Specifically, crypto analyst Javin Marks stated that the Relative Strength Index (RSI) indicator is growing steadily, supporting a potential rally. Mark believes LUNC is on track to see a major rally, which could push current prices up by 545%.
For context, the RSI indicator measures the recent price changes of any cryptocurrency. This indicator helps to determine market conditions by telling whether a cryptocurrency is overbought or oversold. The indicator shows an unusual force for an asset that traded in a bear market for an extended period. Typically, these circumstances lead to short-squeeze and double-digit percentage green candles.
Mark highlighted the graphical trend of the RSI indicator, which keeps growing despite depreciation. According to Mark, these conditions, known as RSI divergence, strengthen the possibility of a bullish trend for LUNC. Accordingly, the analyst predicted that LUNC would climb to $0.0059, roughly six times its current worth.
Based on this forecast, LUNC would rank in the top 50 on MarketCap, with a valuation of about $2.5 billion. At press time, LUNC was trading at $0.00008571, with market capitalization pegged at $489 million. Within the last 24 hours, LUNC surged 3.8%, while trading volume jumped 24% to $17.5 million.
Looking at the current figures, Mark has set a very high target for LUNC. However, it is important to note that LUNC has often printed unexpected movements based on its precedents.
Additionally, LUNC’s holders follow unusual speculative logic. Therefore, Mark’s 545% rise forecast for LUNC could eventually hold. Surprisingly, Mark is just one of the analysts forecasting a bullish outcome for LUNC.
As CNF mentioned, Crypto analyst Candle Calls believes LUNC could surge to $1 and $5.
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Growth Efforts to Restore the Terra Classic Ecosystem
LUNC was originally known as LUNA prior to the collapse of its algorithmic stablecoin UST in May 2022. The cryptocurrency was worth over $100 and had a capitalization of $40 billion.
However, the stablecoin collapse resulted in an increased token supply, leading to a rapid devaluation and general panic among holders. In just a few days, the previous years’ development was wiped away, effectively bringing LUNA to a halt.
The Terra Luna Classic Community presented different initiatives to restore the project’s legacy. For instance, the community recently voted for the Tax2Gas upgrade, which impacted the network’s core components and introduced some critical security patches.
In another development, the community voted to implement a proposal to burn 46.55 million USTC through contract migration. As CNF noted in previous updates, efforts to reduce USTC’s circulating supply remain part of the larger goal to return the token to $1. This move could have a strong positive impact on LUNC by pushing the price upwards.
Furthermore, Terraform Labs, the company behind Terra Luna Classic, has been confirmed as closed. This development will help eliminate centralization and restore trust. Thus, the LUNC project is now effectively owned by the community and focuses on long-term rebuilding.
LUNC was originally known as LUNA prior to the collapse of its algorithmic stablecoin UST in May 2022. The cryptocurrency was worth over $100 and had a capitalization of $40 billion.
However, the stablecoin collapse resulted in an increased token supply, leading to a rapid devaluation and general panic among holders. In just a few days, the previous years’ development was wiped away, effectively bringing LUNA to a halt.
The Terra Luna Classic Community presented different initiatives to restore the project’s legacy. For instance, the community recently voted for the Tax2Gas upgrade, which impacted the network’s core components and introduced some critical security patches.
In another development, the community voted to implement a proposal to burn 46.55 million USTC through contract migration. As CNF noted in previous updates, efforts to reduce USTC’s circulating supply remain part of the larger goal to return the token to $1. This move could have a strong positive impact on LUNC by pushing the price upwards.
Furthermore, Terraform Labs, the company behind Terra Luna Classic, has been confirmed as closed. This development will help eliminate centralization and restore trust. Thus, the LUNC project is now effectively owned by the community and focuses on long-term rebuilding.
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🚀 LUNC Burns Are About to Explode! Terra Luna Classic Will Never Be the Same! 🚀
Big news for the Terra Luna Classic community! The burn rates for $LUNC are gearing up for a major surge. Recently, Binance completed a burn of 1.01 billion LUNC tokens, and the community has collectively burned over 76 billion tokens since the 2022 crisis(CoinGape)(CoinGape). With increasing trading volumes and new trading pairs launching, we can expect even more significant burns in the coming months(CoinGape).
Despite some recent market fluctuations, the excitement around $LUNC
Big news for the Terra Luna Classic community! The burn rates for $LUNC are gearing up for a major surge. Recently, Binance completed a burn of 1.01 billion LUNC tokens, and the community has collectively burned over 76 billion tokens since the 2022 crisis(CoinGape)(CoinGape). With increasing trading volumes and new trading pairs launching, we can expect even more significant burns in the coming months(CoinGape).
Despite some recent market fluctuations, the excitement around $LUNC
Terra Luna Classic price has been trending upward since July, despite a market-wide crash on August 5. Recent developments in the Terraform Labs liquidation have led Avalanche (AVAX) to buy back $60 million worth of AVAX tokens held by the Luna Foundation Guard (LFG), originally used to support the UST stablecoin.
The AVAX price surged 17.5% on Tuesday following the news but has since cooled down and is now 0.7% down. Now, the LUNC community speculates if the funds could be used for a LUNC buyback and burn, potentially boosting its price further.
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The AVAX token buyback plan by the Avalanche Foundation provides the LFG with $60 million in funds to use as bankruptcy court orders. Meanwhile, the Terra Luna Classic community has taken full control of the blockchain’s leadership as TFL and LFG approach their final days.
If the community uses this $60 million to buy back and burn LUNC, the price of Terra Luna Classic will likely see a significant impact. The LUNC price is currently trading at $0.0000886, down 0.6% in the last 24 hours. A $60 million purchase of LUNC would equate to 671 billion coins, or about 12% of the total circulating supply, with a current market cap of $506 million. To maintain this market cap with 12% of the supply gone, the price would need to adjust 17% upward, reaching $0.0001.
The hype from the coin burn, combined with the potential 17% increase, could fuel Fear of Missing Out (FOMO), leading to a cascading effect that drives LUNC prices higher than $0.0001.
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The Terra Luna Classic price chart reveals a clear ascending channel pattern, indicating a gradual uptrend within well-defined support and resistance lines. This trend is bullish as the price is consolidating near the middle of the channel, suggesting a potential upward move to $0.00015
Key Support and Resistance Levels
0.00008400: The lower boundary of the channel is acting as a strong support. This level has held multiple times in the past and offers a good entry point for traders looking to buy dips.
0.0001500: The upper boundary of the channel is a key resistance zone. This is also near the projected Fibonacci extension target.
The long-term outlook for Terra Luna Classic price remains bullish as long as the price remains within the ascending channel or breaks above it. Targeting the $0.0001500 area provides a good risk-to-reward ratio, with the potential for extended gains if the broader market sentiment turns highly bullish.
If the LUNC price falls below the channel ($0.000084), it may signal market weakness, invalidating the current bullish thesis. LUNC may find further support below around $0.000073 and $0.000054.
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AVAX BuyBack Can Send LUNC Flying
The $60 million AVAX buyback creates a significant opportunity for the Terra Luna Classic (LUNC) community. If the community uses these funds for a buyback and burn, the reduction in circulating supply could push LUNC’s price upward, potentially reaching $0.0001 or higher as crypto market sentiment shifts and FOMO develops.
Currently, the Terra Luna Classic price bullish ascending channel indicates a potential rally toward $0.00015 as long as it maintains support at $0.000084. However, a drop below this level could signal weakness and lead to further declines. The next few weeks will be critical in shaping LUNC price action in light of the AVAX buyback announcement.
The $60 million AVAX buyback creates a significant opportunity for the Terra Luna Classic (LUNC) community. If the community uses these funds for a buyback and burn, the reduction in circulating supply could push LUNC’s price upward, potentially reaching $0.0001 or higher as crypto market sentiment shifts and FOMO develops.
Currently, the Terra Luna Classic price bullish ascending channel indicates a potential rally toward $0.00015 as long as it maintains support at $0.000084. However, a drop below this level could signal weakness and lead to further declines. The next few weeks will be critical in shaping LUNC price action in light of the AVAX buyback announcement.
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LUNC News: The Terra Luna Classic proposal to take access to the relevant accounts and dashboard maintained with Terraform Labs (TFL) is almost approved by the community. As a result, LUNC and USTC price gains upside momentum to breakout resistance levels amid the latest developments.
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Proposal 12141 titled “Dealing with CoinMarketCap and other listings” is nearly passed by the Terra Luna Classic community. The proposal seeks the community’s approval to obtain access to TFL’s listed Terra Classic on CoinMarketCap and other aggregators. The bankrupt company is the only entity holding the keys to access the relevant dashboards to change links to website, social media, and other information for LUNC and USTC.
TFL is unlikely to make change requests on CoinMarketCap and other crypto exchanges related to LUNC and USTC after October 31. With TFL unlikely to provide access to the terra.money domain or the official Terra Money X account, the community seeks access to CoinMarketCap dashboards and potential other chain information management dashboards to resolve any unwanted issues.
Allnodes has already agreed to act as a temporary custodian of these access rights and agreements, to make any relevant changes according to governance decisions, and to relinquish ownership of these listings at such time as the TerraClassic governance decides.
The proposal has received 99.95% votes in favor, with validators Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First LUNC voted “Yes.”
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LUNC and USTC Price Jumps
Amid the key news, LUNC price climbed 2% in the last 24 hours, with the price currently trading at $0.00009136. The 24-hour low and high are $0.00008905 and $0.00009181, respectively. Moreover, the trading volume has increased by 15% in the past 24 hours, indicating a rise in interest among traders.
Coinglass data indicate 1000LUNC open interest on Binance and Bybit has jumped more than 3% in the past 24 hours. This indicates that derivatives traders are actively buying Terra Luna Classic.
Meanwhile, USTC price climbed more than 4%, with the price now trading at $0.02199. Moreover, the trading volume saw a 32% rise in the last 24 hours.
Amid the key news, LUNC price climbed 2% in the last 24 hours, with the price currently trading at $0.00009136. The 24-hour low and high are $0.00008905 and $0.00009181, respectively. Moreover, the trading volume has increased by 15% in the past 24 hours, indicating a rise in interest among traders.
Coinglass data indicate 1000LUNC open interest on Binance and Bybit has jumped more than 3% in the past 24 hours. This indicates that derivatives traders are actively buying Terra Luna Classic.
Meanwhile, USTC price climbed more than 4%, with the price now trading at $0.02199. Moreover, the trading volume saw a 32% rise in the last 24 hours.
📢Terra Luna Classic to $1🔥🚨
Terra Luna Classic to $1: Is It Possible?
As the cryptocurrency landscape shifts, Terra Luna Classic ($LUNC) has gained attention for its potential to reach $1. Here’s why that could happen:
Key Factors:
Community Strength: Since the challenges faced in 2022, the Terra community has demonstrated remarkable resilience and support, which is vital for the project's recovery and growth.
Burn Mechanism: Recent updates aim to reduce the supply of LUNC through token burns, which could increase demand and drive up its price.
Partnerships and Integrations: New collaborations within the crypto ecosystem are expanding LUNC's utility, making it more attractive to investors.
Market Sentiment: With improving sentiment in the crypto market and rising interest in altcoins, LUNC could benefit as investors diversify their portfolios.
Technical Analysis: Indicators suggest a bullish trend in LUNC's price, hinting at potential upward momentum that could bring it closer to $1.
What Should Investors Do? Stay updated on market trends and community developments. Engaging with other investors can provide valuable insights and strategies as the community grows.
Could LUNC reach $1? What's your opinion on its potential?
Terra Luna Classic to $1: Is It Possible?
As the cryptocurrency landscape shifts, Terra Luna Classic ($LUNC) has gained attention for its potential to reach $1. Here’s why that could happen:
Key Factors:
Community Strength: Since the challenges faced in 2022, the Terra community has demonstrated remarkable resilience and support, which is vital for the project's recovery and growth.
Burn Mechanism: Recent updates aim to reduce the supply of LUNC through token burns, which could increase demand and drive up its price.
Partnerships and Integrations: New collaborations within the crypto ecosystem are expanding LUNC's utility, making it more attractive to investors.
Market Sentiment: With improving sentiment in the crypto market and rising interest in altcoins, LUNC could benefit as investors diversify their portfolios.
Technical Analysis: Indicators suggest a bullish trend in LUNC's price, hinting at potential upward momentum that could bring it closer to $1.
What Should Investors Do? Stay updated on market trends and community developments. Engaging with other investors can provide valuable insights and strategies as the community grows.
Could LUNC reach $1? What's your opinion on its potential?
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LUNC News: Terra Luna Classic Community Takes Over CoinMarketCap Access from TFL
The Terra Luna Classic community has approved a proposal that will grant them access to key accounts and dashboards currently managed by Terraform Labs (TFL), the bankrupt cryptocurrency firm co-founded by crypto fugitive, Do Kwon.
The proposal reflects active governance within the Terra Luna Classic ecosystem, encouraging community participation and engagement. By having direct control over their listings and information, the LUNC community can implement strategies to promote growth and visibility for the tokens.
The Terra Luna Classic community has approved a proposal that will grant them access to key accounts and dashboards currently managed by Terraform Labs (TFL), the bankrupt cryptocurrency firm co-founded by crypto fugitive, Do Kwon.
The proposal reflects active governance within the Terra Luna Classic ecosystem, encouraging community participation and engagement. By having direct control over their listings and information, the LUNC community can implement strategies to promote growth and visibility for the tokens.
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