Terra Luna Classic Price Prediction – How High Can LUNC Rally By 2023?
The Terra Luna Classic price prediction is now bullish after LUNC returned the 50-day moving average support area of $0.00022525. Most of LUNC’s bullish trend is driven by the new burning mechanism.
Binance, a cryptocurrency exchange, has created a new burning mechanism for the Luna Classic (LUNC) token, fueling renewed interest in the original Terra chain token.
The question now is how high LUNC can rally by 2023. Let’s find out!
Binance implements Terra Classic (LUNC) burning mechanism
According to Binance’s announcement, the exchange decided to develop a burning mechanism to transfer all trading fees on LUNC spot and margin trading pairs to the LUNC burning address. This announcement will be updated weekly with the exact amount of LUNC to be burned, its corresponding value in USDT, and the on-chain transaction ID.
About 7.2 billion LUNC were burned in batch 1 of LUNC burning. However, there has been no apparent change in the number of cryptocurrency burns nearly two weeks after the widespread burning of the infamous LUNC began.
It is worth noting that approximately 6 billion LUNC were taken off the market as trading commissions after the first batch was burned. The trading volume data suggests a slowdown in the LUNC burn rate.
Furthermore, by October 10th we should have an accurate count of the coins Binance has destroyed.
As the primary factor in the number of trade fees and taxes paid on trades, a decline in trading activity could have an adverse impact.
Binance encourages other exchanges to implement Burn
According to recent tweets by Luna C Whale, Binance, the leading cryptocurrency exchange, has invited other exchanges to implement the LUNC burning mechanism.
Thousands of users have retweeted the news, but the source has yet to be confirmed. If this is correct, we may see more LUNC price support in the coming days.
Previously, CoinMarketCap statistics showed that if LUNC trading volume was $913 million on Monday, October 3, it would drop to $250 million by the end of the week. LUNC traders will watch for the next announcement on the LUNC combustion figure with bated breath.
Terra Classic’s current price is $0.000294, with a 24-hour trading volume of $260,425,822. Terra Classic has increased by 1.63% in the last 24 hours. CoinMarketCap now ranks 32nd, with a live market cap of $1,809,604,400.
Terra Luna Classic Price Prediction – How High Can LUNC Rally By 2023?
Technically, LUNC has bounced off the 50-day moving average line at $0.000279 and is now trading at 0.000294. LUNC/USD has completed a 61.8% Fibonacci retracement to $0.000279 and candles closing above this level increase the likelihood of a bullish reversal.
LUNC’s immediate resistance remains at $0.000342, which is extended by a 38.2% Fibonacci retracement.
Above this, LUNC can target the 50% and 61.8% Fibonacci retracement levels, which are at $0.000392 and $0.000440 respectively.
The leading technical indicators, the Relative Strength Index (RSI) and the Moving Average Convergence and Divergence (MACD), are plunging into bullish and bearish zones on the daily time frame.
These indicators show a tug of war between bulls and bears, suggesting that investors are waiting for a compelling reason to make their next move.
On the downside, a break at $0.00028 could send LUNC price down to $0.000227 or $0.000185 support.
How high can LUNC rally by 2023?
Given the success of the LUNC burn, LUNC has the potential to attract buyers and increased demand could push the LUNC price up to $0.000439 or $0.000586.
A further bullish breakout in LUNC could open more room for buying to the $0.000765 (1.14% Fib extension) or $0.000997 (1.14% Fib extension) levels.
LUNC Alternatives – Tamadoge & IMPT Pumping
Tamadoge, a meme coin, has grown in popularity since its yearly low of $0.01683. OpenSea is now selling ultra-rare Tamadoge NFTs starting at 1 WETH. Tamadoge has become the third most valuable meme coin in the crypto space.
On the other hand, IMPT’s pre-sale remains in the spotlight. Although the blockchain-based carbon credit marketplace launched its auction during a cryptocurrency bear market, demand for the marketplace token remained high.
The project’s initial currency, the IMPT token, has already raised an incredible $2.4 million after only six days of pre-sale, having sold 133.36 tokens.
