The price of Terra Luna Classic fell 1.5% in the last 24 hours to $0.00017113 as the market as a whole fell about 0.5%. Its drop came as its 24-hour trading volume was just over $60 million, with the altcoin also down 1.5% for the week but up 1.5% over the past 14 days.
However, the trading volume of $60 million has actually fallen by more than 80% since January 14, when the 24-hour volume exceeded $380 million and when the price of LUNC rose to $0.00019. As such, it appears that market interest in the altcoin may be waning as the Terra Luna Classic community is now embroiled in an infighting over how to accelerate the coin’s growth.
Terra Luna Classic Price Forecast With $60M Incoming Trading Volume – Can LUNC Reach $1 in 2023?
The LUNC chart confirms the suspicion that it is in the midst of a decline that has not yet ended. In particular, its 30-day moving average (red) continues to fall below its 200-day moving average (blue), implying that LUNC price will not return to a solid uptrend until the 30-day bottoms out.
At the same time, the LUNC Relative Strength Index (purple) remains below 50. This is a recovery from the level seen a few days ago, but it shows that the altcoin still lacks the buying momentum it needs to move forward.
At this point, LUNC is plagued by community bickering over how best to promote the Terra Luna Classic. Not only have validators and developers argued over how many LUNCs to burn and how much to re-mint, but a new proposal has surfaced in the past few days calling for an end to payments to developer Jacob Gadikian, presumably for “attacking and defaming validators”. on the Luna Classic Blockchain.
This raises the suspicion that the Terra Luna Classic community may not be cohesive enough to rally around a strong plan to restore the LUNC price, and this could potentially deter other developers from participating in the network for fear of hassle and difficulty.
However, the Terra Luna Classic has seen some positive developments in recent days and weeks. This raises the hope that something effective can be done to increase the price of LUNC.
A proposal was recently passed that updates the Terra Luna Classic blockchain to allow whitelists to be added to its native on-chain tax burning. Binance requested this in order to exempt it from network burning and resume regular trading fee burning (something that had temporarily stopped until at least March).
As such, LUNC burning can resume, with about 38 billion LUNCs burned to date (out of a total of 6.87 trillion). This amount is likely to grow faster in the near future, especially if other exchanges follow Binance’s example and introduce their own LUNCs.
At the same time, the Terra Luna Classic community is constantly putting forward proposals that will lead to more burned, including a proposal to allow users to voluntarily burn additional LUNC when claiming rewards.
Additionally, the community is currently working to create compatibility between Terra Luna Classic and Cosmos, mainly through updating Terra’s Tendermint implementation. If this happens, it will help Terra Luna Classic attract more developers, more dApps and users, not to mention a higher LUNC price.
With all this ongoing activity, there is every chance that LUNC could witness significant gains this year. And for many in this community, $0.1 seems to be the big goal that most people have their collective sights set on.
If LUNC reaches $0.1 with an extended burn program and improving market conditions, that could potentially create enough momentum to push it even higher. Of course, given that the reserve is approximately 6.87 trillion LUNC, it still has a long way to go, but there is no doubt that almost everyone in Terra Luna Classic circles is focused precisely on restoring the altcoin to such heights.
Should I buy Terra Luna Classic now?
While LUNC may decline in the short term, there are other altcoins on the market right now with promising prospects.
