Terra Luna Classic (LUNC) broke its downward trend and drew some modest bids around the $0.000226 level. Before the release of US nonfarm payrolls, coin performance has been poor over the last few weeks.
Even during the recent positive crypto market performance, when most coins broke their barrier, LUNC performed poorly. However, the price of Terra (LUNA) has dropped by approximately 78% since its launch in May following the hard fork.
The LUNA Classic (LUNC) finally stopped its previous downward trend and became stable on Friday. However, the reason for its recent surge could be linked to the positive crypto market sentiment, which has pushed numerous crypto coins higher on the day.
The coin’s recent rally could be attributed to the passage of Proposal 5234, which reduced the burning tax from 1.2% to 0.2% and made the LUNA Classic (LUNC) one of the industry’s most talked-about topics. The on-chain tax has been reduced, but the burn is still expected to rise.
This is due to the increased transaction and trading volumes on the LUNA Classic (LUNC).
As a result, billions of LUNC tokens will be removed from circulation, increasing demand and raising the token’s price.
Furthermore, reports that the LUNA Classic (LUNC) coin may be listed on Coinbase on Monday boosted the coin’s gains even further.
On the negative side, the Bitgert and Centcex (CENX) coins have been termed killers for the LUNC coin and many other cryptos as the huge amount of LUNA and LUNC users buying Bitgert and Centcex coins, which shows these coins’ high-level of competition.
Thus, the selling pressure on LUNA Classic (LUNC) and Terra 2.0 (LUNA) has also been supported by currencies like Bitgert (BRISE) and Centcex (CENX).
Terra Luna Classic Price & Tokenomics
The current live Terra Classic price is $0.00025 with a $600 24-hour trading volume. In the past 24 hours, Terra Classic has increased by over 11 %. With a live market cap of $1.6 billion, the current market ranking is #38. There are 6,591,359,000,689 LUNC coins in circulation.
LUNA Classic (LUNC) Next Burn – The LUNA Classic (LUNC) coin has been one of the most widely discussed topics in the cryptocurrency community, particularly since Proposal 5234 was passed and the burning tax was reduced from 1.2% to 0.2%. As a result, fewer tokens were sent to the burn wallet after each transaction, increasing the volume of LUNA Classic transactions (LUNC).
So far, the LUNC community has received approximately 13.5 billion tokens for burning from the Binance exchange.
As of this writing, the LUNC community has burned approximately 26 billion tokens, which is a significant amount. The on-chain tax has been reduced, but the burn is still expected to rise. This is due to the increased transaction and trading volumes of the LUNA Classic (LUNC).
As a result, billions of LUNC tokens will be removed from circulation, resulting in lower supply and driving up the token’s price.
Regaining Control of the Cryptomarket
The bullish cryptocurrency market also aided the rise of the LUNC coin. According to CoinMarketCap figures, the global cryptocurrency market was worth $1.01 trillion at the time of writing, up 0.27% from the previous 24 hours.
Bitcoin (BTC) and Ethereum (ETH), the world’s two most expensive cryptocurrencies, are exhibiting a strong uptrend, heading towards $21,300 and $1,650 for almost the entire week. Meanwhile, minor drops in the US dollar value were seen as another important factor that helped the LUNC coin regain its traction.
On Friday, the broad-based US dollar struggled to maintain its upward trend and fell slightly.
Despite minor losses, the US dollar remained at a two-week high as a result of the Federal Reserve’s hawkish stance.
However, the majority of the rate hike had already been priced in, which is why the crypto market experienced a bullish reversal following the Fed rate hike.
Terra Luna Classic Price Prediction- How High Will It Go?
On the technical front, LUNC is facing immediate resistance at $0.000279, and a bullish break above this level could push LUNC’s price to $0.00034. The 50-day moving average limits the LUNC uptrend at the $0.000279 level. Because the RSI and MACD indicators indicate an uptrend, a bullish breakout is highly likely.
However, if LUNC fails to break through resistance, support will remain near $0.00020. Increased selling pressure and a bearish breakout may allow for additional selling until the $0.00016 or $0.00012 mark. To summarize, look for a buying position above $0.000279 with a target of $0.00034 or $0.00047.
Alternative Coin – Dash 2 Trade (D2T)
In addition to Terra Luna Classic, D2T presale is making headlines and appears to be a good investment option. Dash 2 Trade is a concept from the immensely popular trading signal firm Learn 2 Trade that will be launched in the second half of 2022.
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Dash 2 Trade, according to the development team, aspires to be the Bloomberg trading terminal for cryptocurrencies. The platform also includes automation and backtesting capabilities for automating trading processes and testing all trading methods for optimal performance.
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