- Terra Luna Classic price demonstrates strong potential for a long-term bullish surge to $48
- The LUNCArmy anticipates the burning of over 1 billion USTC and 275 billion LUNC.
- The LUNC community is executing the Tax2Gas upgrade, increasing the burn rate from 0.5% to 1.5% for each transaction.
Terra Luna Classic’s price journey has been one of the most intriguing in the cryptocurrency sphere. Trading above $100 in 2022 to plummeting to less than a penny in 2024, LUNC has indeed seen it all. Few expected the blockchain to endure or flourish after the downfall of the Terra algorithmic stablecoin UST in 2022. Two years later, however, the Terra Luna Classic network and its community appear more resilient than ever.
The primary driver of LUNC’s price over the past couple of years has been the potential to burn a significant portion of its large supply and return LUNC to over $100. Despite its tumultuous history, the ‘LUNCArmy’ community remains determined to rehabilitate the token, primarily through enhanced token burns and network improvements.
- As of now, the Terra Luna Classic price is trading at $0.00008672, reflecting a 4.9% rise in the last 24 hours and a 49% increase over the past year.
- Blockzeit indicators currently suggest a bullish outlook for LUNC in the marketplace.
Review of Terra Luna Classic LUNC Coin and Protocol
Terra Luna Classic emerged following the notorious collapse of the Terra Luna project in 2022. The coin was an integral part of the Terra ecosystem, which supported the algorithmic stablecoin UST (now known as USTC).
The project faced an immense setback after UST lost its peg to the dollar, resulting in a hard fork. The old chain was designated Terra Classic, while the token Terra (LUNA) was rebranded to Terra Luna Classic (LUNC), with the new version of Terra continuing under the token name LUNA 2.0.
The Terra Luna Classic blockchain continues to pursue the original Terra network’s vision of creating a decentralized financial ecosystem. The project utilizes the PoS consensus algorithm, enabling users to stake tokens and help sustain the network in exchange for rewards.
The total LUNC supply is estimated at approximately 6.77 trillion tokens, with a circulating supply of about 5.72 trillion tokens. At a price of $0.00008973, LUNC holds a market capitalization of $514 million, which has the potential to rise as token burns intensify.
Since the crash, the community has primarily focused on elevating the LUNC burn rate to reduce the enormous supply and stimulate demand by increasing the token’s price. Undeterred by past setbacks, the community is fervently working on revitalizing the platform while attracting more developers and users to the Terra Classic ecosystem.
Reasons LUNC Price Might Surge
- Terra Luna Classic’s active and large community continuously pushes the token forward.
- The development team behind Terra Luna Classic is diligently engaged in upgrading the network.
- LUNC’s price typically correlates with the broader cryptocurrency market, suggesting it could perform well during the next bull run.
- The incentivized staking within Terra Classic encourages more LUNC to be locked up, decreasing supply circulation and potentially driving up prices if demand remains steady or rises.
Reasons LUNC Price Might Decline
- The fallout from the 2022 LUNC-Terra connection may attract regulatory scrutiny.
- Numerous competing projects vie for attention and investment in the cryptocurrency landscape.
- A significant challenge is that while Terra Luna Classic is rebuilding, it has yet to demonstrate the real-world utility of its token beyond speculation.
- A market crash or negative sentiment could adversely affect LUNC prices.
Technical Analysis of Terra Luna Classic Price
The monthly chart of LUNC/USDT reveals a long-term double-bottom pattern, a strong reversal signal indicating the conclusion of a downtrend.
The left leg of the pattern formed in 2023, while the right leg is currently emerging. This set-up suggests a potential bullish reversal may occur if the price breaks through the neckline.
The chart demonstrates relatively low trading volume, but if the price begins closing above the neckline with rising volume, this would confirm a bullish reversal. Typically, such price patterns require volume confirmation to verify the strength of the breakout.
Should the LUNC price breach the neckline at $0.00020, it indicates significant potential for a long-term bullish breakout, possibly leading to a notable rise towards $0.00065—a substantial gain for long-term investors.
Support and Resistance Levels
The neckline resistance is distinctly identified around $0.00020, a key level that serves as the breakout point to validate the pattern and push the price into a potential new uptrend.
The current trading range is consolidating just below this neckline, within the $0.00008—$0.00009 area, which may offer an attractive accumulation opportunity prior to a possible breakout.
Trade Recommendations for Long-Term & Short-Term
- Should the price surpass the neckline at $0.00020 with considerable volume, the projected movement based on the double bottom pattern indicates a target near $0.000658, representing a potential 637% increase from the breakout level.
- Beyond this area, LUNC might enter a price discovery phase on the chart, allowing for potential surges to unprecedented values.
Price Prediction for Terra Luna Classic in 2025
The anticipated increase in LUNC’s price hinges on successful community-driven token burns, the establishment of new partnerships, and technological advancements such as interoperability enhancements and scalability improvements.
Recently, proposal #12138 to burn 46,556,271 USTC from the Mirror Protocol and 729 million USTC from Anchor Protocol has generated considerable interest among network investors. The USTC burn is associated with the bankruptcy of Terraform Labs (TFL), the parent company of the Terra Luna Classic chain.
Furthermore, the LUNC community is advancing the Tax2Gas upgrade, which raises the transaction burn rate from 0.5% to 1.5%. Binance will support the LUNCArmy in this burning initiative.
The LUNCArmy is optimistic that over 1 billion USTC and 275 billion LUNC could be incinerated due to the Chapter 11 bankruptcy process anticipated to conclude by October 30, 2024.
Given the multitude of influencing factors, the most optimistic projections indicate that LUNC’s price could reach at least $0.00075 in 2025, with the potential to soar to $48 if a substantial portion of the supply is burnt simultaneously.
Conclusion
With numerous factors—including market trends, new collaborations, and technological advancements—impacting the trajectory of Terra Luna Classic’s price, its future remains uncertain. While some elements point toward a positive outlook for LUNC, these are undoubtedly challenging times, and investors should exercise caution when considering any investments.
