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Why Is The Price Of LUNC And USTC Up Today?

The prices of LUNC and USTC have both seen a considerable boost in the past day. But although there has been a bit of a recovery in the crypto market, another reason entirely is behind this surge in price and it has everything to do with the currently incarcerated founder of the Terra blockchain, Do Kwon.

Terra Founder Gets Released

Do Kwon, the founder of the billion-dollar Terra blockchain, which collapsed in 2022, has been in prison in Montenegro for months now after being apprehended with fake travel documents. Since then, there have been numerous efforts by both the United States and South Korean governments to get the founder extradited for prosecution in their respective countries to no avail.

Between the two countries vying for extradition, there have been reports that the Montenegrin court is leaning toward extraditing him to South Korea to face charges for the collapse of the blockchain. Despite this, the founder remains in Montenegro as a final decision on his extradition has yet to be made.

While the courts deliberate on where to send the founder, Do Kwon has finally secured a release from prison in Montenegro. According to the release reports, Do Kwon is expected to remain in the country until the courts decide his fate.

Prison Chief Darko Vukcevic confirmed Do Kwon’s release from prison as he says that the disgraced founder has served the entirety of his sentence for the fake travel documents. He was reportedly released on Saturday, March 23, and is currently under house arrest.

LUNC And USTC React To Do Kwon’s Release

The prices of USTC and LUNC have reacted positively to the news of Do Kwon getting released on Saturday. After the news made the round, the prices of both altcoins saw a significant uptick, turning green despite the crypto market continuing to struggle.

The LUNC price saw an over 10% jump from its Sunday lows of $0.00015, reaching as high as $0.000172 before correcting back downward. In the same vein, the USTC price also recorded a 10% increase during this time, going from $0.028 to peak at $0.031.

So far, both altcoins have been able to maintain their gains in the last day, which could signal a continuation in the uptrend. Right now, there is not much resistance for both assets and if Bitcoin continues to rise, then both USTC and LUNC are expected to follow.

At the time of writing, LUNC is trading at $0.0001672 with a 24-hour gain of 9.4%, and USTC is trading at $0.0303 with a 24-hour gain of 5.39%, according to data from Coinmarketcap.

LUNC price chart from Tradingview.com (USTC)

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LUNC Price Rally Is Far From Over Following Falling Wedge Breakout, Analyst Says

Over the weekend, the LUNC price saw some of the most bullish price action that sent its price soaring over 20%. This rally eventually brought the price above $0.0001 after struggling around $0.00009 for the last two weeks. However, the tides seem to be completely changing for the altcoin, as one analyst expects the rally to continue.

Prepare For The LUNC Price To Double

The LUNC price, despite having risen so much, is still showing signs of a continuation. This is evident in the Falling Wedge Breakout that was confirmed by crypto analyst Ava Cryptoo on TradingView. This Falling Wedge Breakout is significant as it often precedes some of the most significant rallies in cryptocurrencies, such as LUNC.

The price of the altcoin is currently retesting the significant resistance at $0.000115. Now, this level is significant because rejection from this level had initially stopped the LUNC price breakout on Saturday. Now that the price is starting to retest it again, it shows that the bulls are far from done with this altcoin.

LUNC price chart from Tradingview.com

In a scenario where the LUNC price successfully retests and breaks above this level, then the crypto analyst expects that the price will more than double from its current level. They put the price target for the altcoin as high as $0.00022, and the timeline for this is shown to be a matter of days. However, all of this hinges on the fact that the price makes a “Perfect Retest” and breaks out completely.

LUNC price chart from Tradingview.com

Why Is The Altcoin Rallying Amid Low Market Sentiment?

The LUNC price breaking out during such slow market movements suggests an end to the accumulation that happened below $0.0001. In addition to this, Binance carrying out its scheduled LUNC burn contributed to the rise in price that was seen this weekend.

Binance, the largest crypto exchange in the world, has been committed to burning LUNC tokens realized from fees in an effort to help reduce its vast supply. The latest burn which took place on February 1 saw approximately 2.1 billion tokens performantly removed from circulation.

This is the 18th burn that the crypto exchange has carried out, each time removing hundreds of millions to billions of tokens from circulation. Following this burn, the crypto exchange has helped the LUNC burn figure cross the 51 billion threshold.

A wave of excitement naturally followed the monthly burn as the price started to rise rapidly. The LUNC trading volume reportedly surged more than 700% at the time, at first triggering a 10% increase in price. By the time the weekend was over, the LUNC price had already risen more than 20%, and continues to hold on to the majority of its gains.

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LUNC Plunges 14% As SEC Scores Knockdown Blow Vs. Terraform Labs

LUNC, the resilient token emerging from the tumultuous aftermath of Terra’s downfall, witnessed a notable 14% downturn, mirroring a substantial legal setback delivered by a U.S. District Court.

This judicial decision favored the Securities and Exchange Commission (SEC) in their legal pursuit against Terraform Labs, the entity steering the Terra blockchain, injecting uncertainty into the fate of the beleaguered cryptocurrency.

Harking back to the SEC’s assertions in February, the once-mighty stablecoin, LUNA, now lies at the heart of the controversy that unfolded in May 2022. The SEC contends that LUNA transcended the classification of a digital dollar, deeming it a security.

Additional Pain For LUNC

Crucially, Terraform Labs allegedly neglected to register it as such. The gravity of the situation intensifies as Do Kwon, co-founder of Terraform Labs, faces accusations of orchestrating the sale of these unregistered securities, placing additional strain on the future trajectory of LUNC.

Judge Jed Rakoff’s definitive ruling echoes a harsh reality – both LUNA and MIR, another token within the Terra ecosystem, are recognized as securities. This legal stance paves the way for potential further action by the SEC against Terraform Labs, casting a shadow over LUNC’s future.

The abrupt shift in market sentiment is evident as LUNC’s Weighted Sentiment, a metric gauging market optimism, plummeted to -0.510 post-ruling. This stark transformation from bullish to bearish suggests a loss of investor confidence in the short-term prospects of the token.

Social Dominance, reflecting the attention given to LUNC, experienced a surge on December 29th, correlating with the court ruling. However, this heightened interest quickly dissipated, indicating that the initial impact was ephemeral, and traders may have swiftly incorporated the negative developments into their decision-making.

LUNC Price Analysis: Overall Downtrend With Potential For Reversal

  • The chart (below) confirms a downward trend over the past seven days, mirroring the bearish sentiment post-court ruling.
  • However, technical indicators suggest a potential for reversal:
    • RSI: Dipping towards the oversold zone, implying a possible price rebound.
    • Negative Divergence: Hints at an upcoming uptrend, though the legal uncertainty adds complexity.
    • EMAs: The recent 20 EMA crossover above the 50 EMA offers a bullish signal, albeit weak.

Impact Of Court Ruling:

  • The sharp drop on December 29th coincides with the ruling, highlighting its significant impact.
  • Continued bearish momentum suggests ongoing concerns about the legal and regulatory landscape.

Support And Resistance Levels:

  • Support: The $0.00013 area has acted as a barrier, holding price from further decline. Maintaining this level is crucial for bullish momentum.
  • Resistance: Breaking above the $0.00015 level could signal a stronger uptrend, but overcoming psychological resistance may be challenging.

Volume And Historical Trends:

  • Low volume indicates investor indecision, possibly due to the legal uncertainty.
  • Comparing to historical trends:
    • Previous support and resistance levels offer limited guidance due to the recent crash.
    • Past volatility patterns might not be reliable given the unique legal context.

Overall:

The technical indicators present a potential for LUNC reversal, but the court ruling casts a shadow of uncertainty. Closely monitor key support and resistance levels, watch for changes in volume, and remain cautious due to the volatile market conditions.

Featured image from Shutterstock

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Shiba Inu Vs LUNC Burn: Which One Has Had A Better Impact?

Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, there have been significant amounts of tokens sent to burn addresses by members of the community. But which community’s effort has had the best impact on the token price?

LUNC Community Hits 85 Billion Mark

The LUNC community burn has gained a lot of traction since it began around a year ago. Every week, millions of tokens are being taken out of circulation in an effort to reduce its over 5.8 trillion supply. This has resulted in tens of billions of tokens being burned so far.

According to the LUNC Metrics website, the community has been able to hit the 85 billion tokens burned milestone. This was hit after over 1.7 billion tokens were burned by the community in a single-week timeframe, bringing the total all-time token burned to approximately 85 billion.

On the back of this milestone, the prices of LUNC and USTC have begun to rally once more, suggesting a correlation between the burn and the price performance. Not only the Terra Classic ecosystem tokens are rallying but also the rebranded LUNA token has been on the rise.

The LUNC burn initiative has seen a lot of support from the Binance exchange which continues to burn fees generated from the altcoin’s trading activity. Burning has also extended to the USTC token which sees thousands of coins burned daily.

Shiba Inu price chart from Tradingview.com

Shiba Inu Burn Sees 2875% Explosion

Compared to the LUNC burn, the Shiba Inu community burn has had more impact on the price. Unlike LUNC, around 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin who received half of the SHIB token supply in 2021. Buterin eventually burned the majority of the tokens after donating some of it to a COVID relief fund.

The community has, however, not relented in its efforts to reduce the supply. Last week, the burn rate saw one of the most significant spikes after rising over 7.6 million percent in a 24-hour period. This increased burn momentum has continued into the new week with Sunday’s figures coming in over 152 million tokens burned.

This 152 million figure saw the SHIB burn rate rise another 2875%, data from Shibburn shows, starting the week off on a high note. The majority of the burned tokens came from a single wallet which incinerated 107.6 million tokens in a single transaction.

However, unlike LUNC, the spike in the SHIB burn rate hasn’t seemed to have affected the price much with the token trading at near breakeven for the same time period.

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Shiba Inu Vs LUNC Burn: Which One Has Had A Better Impact?

Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, there have been significant amounts of tokens sent to burn addresses by members of the community. But which community’s effort has had the best impact on the token price?

LUNC Community Hits 85 Billion Mark

The LUNC community burn has gained a lot of traction since it began around a year ago. Every week, millions of tokens are being taken out of circulation in an effort to reduce its over 5.8 trillion supply. This has resulted in tens of billions of tokens being burned so far.

According to the LUNC Metrics website, the community has been able to hit the 85 billion tokens burned milestone. This was hit after over 1.7 billion tokens were burned by the community in a single-week timeframe, bringing the total all-time token burned to approximately 85 billion.

On the back of this milestone, the prices of LUNC and USTC have begun to rally once more, suggesting a correlation between the burn and the price performance. Not only the Terra Classic ecosystem tokens are rallying but also the rebranded LUNA token has been on the rise.

The LUNC burn initiative has seen a lot of support from the Binance exchange which continues to burn fees generated from the altcoin’s trading activity. Burning has also extended to the USTC token which sees thousands of coins burned daily.

Shiba Inu price chart from Tradingview.com

Shiba Inu Burn Sees 2875% Explosion

Compared to the LUNC burn, the Shiba Inu community burn has had more impact on the price. Unlike LUNC, around 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin who received half of the SHIB token supply in 2021. Buterin eventually burned the majority of the tokens after donating some of it to a COVID relief fund.

The community has, however, not relented in its efforts to reduce the supply. Last week, the burn rate saw one of the most significant spikes after rising over 7.6 million percent in a 24-hour period. This increased burn momentum has continued into the new week with Sunday’s figures coming in over 152 million tokens burned.

This 152 million figure saw the SHIB burn rate rise another 2875%, data from Shibburn shows, starting the week off on a high note. The majority of the burned tokens came from a single wallet which incinerated 107.6 million tokens in a single transaction.

However, unlike LUNC, the spike in the SHIB burn rate hasn’t seemed to have affected the price much with the token trading at near breakeven for the same time period.

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Shiba Inu Vs LUNC Burn: Which One Has Had A Better Impact?

Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, there have been significant amounts of tokens sent to burn addresses by members of the community. But which community’s effort has had the best impact on the token price?

LUNC Community Hits 85 Billion Mark

The LUNC community burn has gained a lot of traction since it began around a year ago. Every week, millions of tokens are being taken out of circulation in an effort to reduce its over 5.8 trillion supply. This has resulted in tens of billions of tokens being burned so far.

According to the LUNC Metrics website, the community has been able to hit the 85 billion tokens burned milestone. This was hit after over 1.7 billion tokens were burned by the community in a single-week timeframe, bringing the total all-time token burned to approximately 85 billion.

On the back of this milestone, the prices of LUNC and USTC have begun to rally once more, suggesting a correlation between the burn and the price performance. Not only the Terra Classic ecosystem tokens are rallying but also the rebranded LUNA token has been on the rise.

The LUNC burn initiative has seen a lot of support from the Binance exchange which continues to burn fees generated from the altcoin’s trading activity. Burning has also extended to the USTC token which sees thousands of coins burned daily.

Shiba Inu price chart from Tradingview.com

Shiba Inu Burn Sees 2875% Explosion

Compared to the LUNC burn, the Shiba Inu community burn has had more impact on the price. Unlike LUNC, around 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin who received half of the SHIB token supply in 2021. Buterin eventually burned the majority of the tokens after donating some of it to a COVID relief fund.

The community has, however, not relented in its efforts to reduce the supply. Last week, the burn rate saw one of the most significant spikes after rising over 7.6 million percent in a 24-hour period. This increased burn momentum has continued into the new week with Sunday’s figures coming in over 152 million tokens burned.

This 152 million figure saw the SHIB burn rate rise another 2875%, data from Shibburn shows, starting the week off on a high note. The majority of the burned tokens came from a single wallet which incinerated 107.6 million tokens in a single transaction.

However, unlike LUNC, the spike in the SHIB burn rate hasn’t seemed to have affected the price much with the token trading at near breakeven for the same time period.

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LUNC Stuns With 300% Gains, Can It Reach Its Previous ATH Market Cap?

The Terra Classic (LUNC) price has been on a tear recently and over the last month, it has managed to outperform almost every cryptocurrency in the market. Its price has risen over 300% in a 30-day period, and this has brought its market cap back over $1.5 billion once more. As the coin continues to outperform, the possibilities of it returning to its previous all-time high market cap become greater.

LUNC Price Breaks One-Year High

Following the Terra collapse in 2022, the LUNC (then known as LUNA) price crashed completely, going from above $100 to less than $0. This has continued through the last year especially as the LUNC supply has swelled to over 6.5 trillion.

As the price has plunged, so has the market cap. But with the recovery in price so far, the jump in market cap has come as no surprise. However, it is still a long way from its all-time high market cap of $45 billion which was reached back in 2021.

Now, if LUNC were to return to this all-time high market cap once more, it would be a significant increase from its current price. But it will still be a long way from its ATH price of $$120. At a market cap of $40 billion, the price of the altcoin would be just around $0.007.

This would mean a more than 10x increase from its current price. However, it’ll still be very low compared to its previous price as well as the price of the new LUNA token which was launched in 2023 and is already trading above $1.

Terra LUNA LUNC price chart from Tradingview.com

Can Terra Classic Break Previous ATH?

The LUNC community has implemented a burn initiative to reduce the amount of tokens in circulation. This has seen billions of tokens taken out of circulation in less than a year. Data from the LuncMetrics website shows that so far, 83.77 billion tokens have been burned since the burn initiative was introduced in 2022. However, this is only a drop in the ocean of the total token supply which numbers in the trillions.

Nevertheless, the community continues to burn tokens in a bid to drastically reduce the circulating supply. In the last seven days, a little over 5.2 billion LUNC tokens have been sent to the burn address, reducing the supply little by little.

The LUNC price is already far from returning to its past glory, but there is still a lot ahead for the coin. If it continues to perform well in the bull market, a return to the $0.01 level is a possibility. As the crypto industry grows, the likelihood of top coins crossing the $100 billion market cap becomes even more likely, signaling a better future for the altcoin.

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Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?

The Terra Luna Classic (LUNC) community has voted overwhelmingly, with nearly 60% in favor, to cease the minting and reminting of Terra Classic UST (USTC) tokens. The drastic decision, in a decisive move aimed at rescuing the beleaguered Terra Classic stablecoin, comes in the wake of Terra’s collapse in May 2022, which had sent shockwaves through the crypto market, leaving USTC’s value in shambles.

The proposal to halt USTC minting and reminting is part of a comprehensive plan to facilitate the re-pegging process of the stablecoin. To accelerate this process, members of the Terra Classic community are actively encouraged to participate in the burning of USTC tokens, effectively reducing the token’s circulating supply.

Before the catastrophic events of May 2022, Terra’s blockchain network allowed users to seamlessly swap between USTC and LUNA, Terra’s native cryptocurrency. However, as the network crumbled and USTC lost its peg to the US dollar, the system began minting LUNA coins in a desperate attempt to restore stability. 

This emergency measure led to an oversupply of LUNA tokens and a cascading effect on its price, dragging USTC’s value far below its intended $1 mark.

Terra Luna Burning Challenge

The community’s primary objective with this proposal is to expedite the burning of LUNA tokens, ultimately driving up their value. The burning process, where tokens are permanently removed from circulation, has been sluggish so far, with only 75 billion LUNC tokens successfully incinerated. This leaves the circulating supply at approximately 5.9 trillion LUNC, out of a total supply of 6.84 trillion.

As more LUNA tokens were minted to restore the USTC peg, the oversupply put immense downward pressure on LUNA’s price. Consequently, USTC’s value suffered a steep decline from its initial $1 valuation.

Accumulation Signals Amidst Uncertainty

Despite the tumultuous journey thus far, there are positive indicators that offer a glimmer of hope for the Terra Luna Classic community. According to CoinGecko, the current price of LUNC stands at $0.00006150, reflecting a 2.9% increase in the past 24 hours and a promising 6.6% surge over the past seven days.

Key momentum indicators observed within a 24-hour window show signs of approaching overbought levels. LUNC’s Relative Strength Index (RSI) stands at 53, indicating moderate strength, while its Money Flow Index (MFI) is at 76, suggesting robust accumulation. This shift in sentiment indicates that the community’s efforts to restore value may be gaining traction.

The Terra Luna Classic community’s bold decision to halt USTC minting and reminting signifies a concerted effort to revitalize the ailing stablecoin. With a renewed focus on burning LUNA tokens and correcting the supply-demand imbalance, the community aims to steer USTC back on course towards its $1 peg, providing a glimmer of hope amidst a challenging journey of redemption.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Terra Classic Forecast: Anticipating A 25% Price Surge With Bullish Patterns

Terra Luna Classic (LUNC) has been on the radar of crypto enthusiasts and investors, but its recent price performance has left many scratching their heads. Since mid-August, the altcoin has been caught in a pronounced downtrend, drawing the attention of traders worldwide. 

This intriguing price movement is marked by the presence of two distinct descending trend lines, which have consistently acted as dynamic barriers of support and resistance.

The continuous interplay between Terra Classic’s price and these trend lines has given birth to a descending channel pattern. This pattern, shaped by the seesawing between support and resistance, holds the potential to offer insights into the altcoin’s trajectory in the days to come.

Terra Classic At A Crossroads

The current LUNC price, as per CoinGecko, hovers at $0.00005745 with a modest 24-hour gain of 0.3%. However, over the past seven days, it has seen a slight decrease of 0.4%. The price chart has been marked by short-bodied daily candles adorned with extended wicks, indicative of market indecision. 

Yet, history suggests that within falling channel patterns, such as the one LUNC is currently in, a bullish breakout often occurs. This hints at the possibility of LUNC breaking through the upper trend line and potentially experiencing a 6.3% surge.

Analyzing The Potential For A Bullish Rally

Experts in the crypto space suggest that such a bullish move could amplify the demand pressure for Terra Luna Classic, potentially propelling the coin to rally by as much as 25%. This would put the next major resistance level at $0.000075 squarely in the altcoin’s sights, offering hope for those holding LUNC tokens.

However, it’s worth noting that the crypto market is currently under the shadow of uncertainty. Renowned crypto analyst Nicholas Merten recently sounded a cautionary note in a YouTube strategy session. 

Merten predicted a prolonged bearish trend for Bitcoin (BTC) and altcoins, expressing concern that this downturn could lead to widespread liquidations and the removal of excess money from the system, potentially contributing to economic challenges.

Terra Luna Classic’s price behavior, ensnared within the confines of a descending channel pattern, is a topic of keen interest among crypto enthusiasts. While historical patterns hint at the possibility of a bullish breakout, the broader market climate remains uncertain. 

As investors brace for potential turbulence, all eyes are on Terra Classic to see if it can break free from the gravitational pull of its descending trend lines and defy the prevailing market sentiment.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Terra Classic Game-Changing Proposal: What’s In Store For LUNC’s Future?

Terra Classic (LUNC) has taken a decisive action in a bid to tackle the rising tide of spam proposals flooding its blockchain. The project recently submitted a groundbreaking proposal aimed at altering some fundamental aspects of its ecosystem to mitigate the incessant spam proposals that have been plaguing it. The Terra Classic community hopes that this move will help restore order and efficiency to its blockchain.

One of the most significant changes proposed is the substantial increase in the minimum deposit required for submitting proposals. In response to the dwindling effectiveness of a 1 million LUNC deposit due to the cryptocurrency’s recent price drop, the proposal suggests elevating the minimum deposit to 5 million LUNC. 

This move is expected to serve as a deterrent against frivolous and spammy proposals that have been inundating the platform.

Terra Classic Raises The Bar

At the time of writing, the Terra Classic community has shown overwhelming support for this proposal, with more than 90% of votes cast in favor of the change. With such resounding support, it appears highly likely that the proposal will pass. The voting period is set to conclude on September 16, and the Terra Classic community eagerly awaits the final verdict.

While Terra Classic strives to secure its ecosystem against spam, it’s worth noting that one of the project’s most promising indicators for the future lies in the steadfast support it has garnered from the world’s largest cryptocurrency exchange, Binance. This support is not a recent development but serves as a testament to Terra Classic’s continuous evolution and its efforts to remain at the forefront of innovation in the blockchain space.

Binance’s Backing Fuels Luna Classic’s Promise

In January, Binance officially declared its unwavering support for Terra Classic’s latest update, known as Proposal 11242. This governance proposal, backed by Binance, addresses crucial facets of Terra Classic’s evolution. Notably, it introduces measures to prevent the new minting of a portion of the burned LUNC tokens. By resetting the seigniorage reward policy, Proposal 11242 effectively safeguards against the re-coinage of tokens that had previously been burned.

Seigniorage is essentially a tax collected by governments through their ability to create money, resulting in a net transfer of resources from the real economy (businesses and households) to the government.

With Binance’s support and Terra Classic’s commitment to enhancing its ecosystem’s integrity, the project is poised for a bright future, despite recent price fluctuations. 

As of the latest data available, the current price of LUNC stands at $0.0000572, with a 3.6% decline in the past 24 hours and a 1.9% loss over the past seven days. Terra Classic (LUNC) remains resolute in its mission to create a more secure and efficient blockchain ecosystem, and these latest developments are sure to further solidify its position in the cryptocurrency landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Terra Luna Classic Price Near-Term Advance – Will LUNC Climb 25%?

Terra Luna Classic (LUNC) has embarked on a six-month journey marked by a consistent downtrend, largely influenced by the gravitational pull of a so-called descending channel pattern. This pattern, characterized by successive lower highs and lows, mirrors an active market sentiment favoring sales during attempts at bullish rebounds.

Mid-August proved to be a pivotal juncture for LUNC as aggressive selling surged, triggering a precipitous plunge from $0.0000658 to $0.0000523. This swift and significant 34% drop led to a critical retest of the support trendline intrinsic to the falling channel pattern. 

Interestingly, the coin’s value exhibited resilience through multiple instances of dynamic rebounds, translating to intermittent bullish bounces in its ongoing recovery phase.

Terra Luna Classic Chart Hints Signs Of Resurgence

Delving into the price analysis, the daily chart unfolded a compelling narrative with a long-tailed rejection manifesting at the lower boundary of the channel pattern, commencing on August 17. This occurrence effectively signaled an undercurrent of demand pressure. Capitalizing on this support, the price rebounded vigorously, propelling it upwards by 22%, currently resting at $0.0000638.

Should LUNC’s price sustain its position above $0.6 in the coming days, a beacon of hope emerges for buyers to potentially spearhead a rally of up to 25%, culminating in a rendezvous with the overhead trendline of the channel. Yet, the market’s true affirmation of a trend reversal hinges upon a more decisive signal: a bullish breakout from the resistance trendline.

Nova’s Strategic Intervention Amidst Community Dynamics

In a parallel development, Terra Luna Classic’s validator, Nova, has unveiled a strategic initiative in response to a proposal that floundered amidst some challenges. The proposal, aimed at funding the Quant USTC repeg team, faced rejection within the Terra Luna Classic community.

Despite a promising trajectory for Proposal 11716, which sought to financially support the Quant team for the month, some validators’ eleventh-hour “No” votes led to its downfall.

Consequently, Nova has stepped forward to finance the USTC repeg team, fostering a collaborative spirit. With an appeal for the community to align their interests and redelegate with Nova, a concerted effort seeks to bolster the USTC repeg mission and breathe renewed life into the Terra Luna Classic ecosystem.

The LUNC price on CoinGecko currently stands at $0.00006448, reflecting a 0.5% increase in the past 24 hours. Additionally, over the course of the past seven days, the LUNC price has experienced a decline of 4.8%.

As the Terra Luna Classic journey unfolds, the interplay of technical trends and community dynamics sets the stage for another chapter in the cryptocurrency narrative.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Terra Luna Token Burn Proposal Greenlit – Could $1 Be Hittable?

Terra Luna has seen the successful approval of community proposals 11658 and 11660, authorizing the retrieval and subsequent incineration of a total of 800 million USTC. The prevailing sentiment within the community leans towards directing these USTC tokens towards the burn address as opposed to reintegrating them into the community pool.

Conversely, a noteworthy shift has been detected in LUNC’s staking ratio within the past day, where a previous upward trajectory has now given way to a decline. This alteration in the staking ratio commonly signifies reduced assurance among stakers regarding a specific asset.

Here’s what’s going on within the struggling Terra community:

Recent Community Decisions Shape Terra Luna Future

In a significant turn of events, Proposal 11658 titled “Return of Community funds not used,” presented by Vegas, a former member of the ex-Terra Rebels developer group, has achieved approval with an affirmative vote percentage of 70.27%.

Vegas has advocated for the reintegration of 800 million USTC on-chain funds back into the Terra Luna Classic community pool. This proposition stems from the observation that the Ozone Protocol project is presently deviating from the proposed development plan.

In a parallel development, Proposal 11660, labeled “Burn 100% of Funds Should Prop: 11658 Pass,” has garnered substantial support, amassing a “Yes” vote share of 82.55%. This counter-proposal asserts that a substantial segment of the community is advocating for the incineration of the 800 million tokens.

Consequently, even if Proposal 11658 is ratified, the counter-proposal is poised to take precedence due to its higher vote count.

Awaiting the community’s consideration is another proposal, suggesting the burning of 80% of the funds while allocating the remaining 20% to the community pool designated for developers. Notably, this proposal has encountered limited favor, with only 46% of the community showing agreement.

The aftermath of these recent updates has naturally sparked curiosity regarding their impact on the price dynamics of LUNC. How are these decisions influencing the valuation of the token?

Staking Confidence Wanes As LUNC Faces Price Challenges

Bringing the most recent developments to the forefront, there has been a notable decrease in the percentage of LUNC staked within the past 24 hours. This shift indicates that holders and users are opting to un-stake their holdings, signifying a diminished level of trust and confidence in the token’s performance.

The implications of this trend raise questions about the current sentiment surrounding LUNC.

A fresh analysis of LUNC’s price dynamics reveals that the token’s staking ratio now stands at 14.92%. This percentage signifies the portion of LUNC holdings that have been committed to staking, underscoring the level of engagement and commitment from the community.

Meanwhile, as observed on CoinGecko, LUNC is presently valued at $0.000077. Over the preceding 24 hours, the token’s price has experienced a reduction of 1.3%, while its value has declined by 2.7% over the past seven days.

These figures shed light on the challenges LUNC currently faces within the market and the potential impact on investor sentiment.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Analytics Insight

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Here’s Where The Price Of LUNC Will Land This August, According To This Algorithm

LUNC’s community has worked continually towards reviving the ecosystem’s native LUNC token. However, recent data from this artificial intelligence (AI) algorithm suggests these efforts might not be enough.

LUNC’s Price Prediction

PricePredictions, a state-of-the-art crypto analysis and forecasting platform, has projected Terra Classic (LUNC) to trade at around $0.000076 by the end of this month. PricePredictions combines indicators like average true range (ATR), relative strength index (RSI), and moving average convergence divergence (MACD) to make such forecasts. 

Suppose this projection is anything to go by, it means LUNC will experience a decrease from its current price by August 31, 2023, with LUNC currently trading at around $0.000079, according to data from CoinGeko.

While this news is undoubtedly bearish for the LUNC community, there was more to cheer about following Binance removing 1.14 billion tokens from circulation as part of the LUNC burn mechanism. LUNC’s price also surged following this news, although it has since retraced. 

While the machine-learning prediction indicates a potential decline in LUNC’s price, it is important to note that the recent price spike following the Binance announcement demonstrates that positive developments can potentially reverse the trend of Terra Classic.

Such events could potentially mean that we could see more uptrend from the token as the community continues to propose solutions that could see regain the confidence of investors and push its once stablecoin USTC to re-peg with the dollar.

Terra LUNA Classic (LUNC) price chart from Tradingview.com

USTC Decision Likely To Affect LUNC

Vegas, a member of the LUNC community, had earlier proposed in a tweet that the $800 million USTC tokens linked to the Ozone protocol should be returned to the Terra Classic community pool because of the ineffectiveness of the project and its failure to adhere to the proposed development plan.

Meanwhile, there has been a conflicting proposal from Alex Forshaw, a co-author of the Terra Classic Revival Roadmap, who has proposed that the $800 million USTC tokens be burned instead. He believes that validators and stakers who have a strong influence on the ecosystem will most likely dump their tokens, leading to a further decline in the token’s value.

While whatever proposal the community moves forward with will affect USTC’s price with the hope that it finally reclaims its peg with the US dollar, it will most likely affect LUNC’s price too. 

Currently, LUNC’s price is trending at $0.00007925, down 1.62% in the last 24 hours and 3.08% in the last 7 days. However, this downtrend could quickly reverse if the community is able to figure out a way to re-peg USTC to the US dollar.

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LUNC Proposal 11487 Gets Over 49% Of Voter Nod – What’s The Impact On Price?

Terra Classic has made a significant move in the world of cryptocurrency with the passing of the LUNC Proposal 11487, and it’s leaving many wondering: what does this mean for the future of LUNC prices? 

The proposal’s successful passage signifies a positive step towards achieving Terra Classic’s vision of a more decentralized and sustainable blockchain network. It also highlights the importance of community participation in shaping the future of the cryptocurrency. 

With almost half of the voters showing their support, it’s clear that this decision has the potential to make a lasting impact on the Terra ecosystem.

LUNC Proposal To Gauge Interest In USTC Repeg Strategy

The proposal aims to ascertain whether the LUNC community was in favor of moving forward with the USTC Repeg proposal and the accompanying Agora discussion strategy. This proposal is critical in helping the Terra ecosystem recover its former glory, which was damaged by the USTC crash last year.

To stabilize the value of USTC, the proposed divergence mechanism will impose fees on trades that deviate from the targeted peg. According to the proposal, the fee will vary from 0% when the peg is reached to 100% at a 50% deviation from the peg.

Now that the proposal has been approved, the L1 team will establish an actual timetable and implement the mechanism in four stages.

LUNC Price Reaction

According to data by crypto market tracker CoinMarketCap, LUNC’s price registered a decline of 3.44% in the last 24 hours, trading at $0.0001048 at the time of writing. The crypto is down nearly 5% in the last seven days.

Despite the positive sentiment of the crypto community towards the Terra ecosystem during the voting process of the proposal, the growth of LUNC and USTC was short-lived. 

The charts of both cryptocurrencies turned green on April 28, but the situation went south over the following days. The Terra ecosystem is currently struggling to maintain its positive momentum, and the decline in LUNC’s price is indicative of this struggle.

LUNC Outlook Post-Approval Of Proposal 11487

With the approval of Proposal 11487, the LUNC community has demonstrated its commitment to the stability and growth of the Terra ecosystem. The new divergence mechanism proposed is expected to stabilize the value of USTC and help the Terra ecosystem regain its former glory.

While the recent decline in LUNC’s price is a cause for concern for some investors, the implementation of the new mechanism is likely to restore investor confidence in the Terra ecosystem.

As the L1 team works towards implementing the mechanism in four phases, investors can look forward to a more stable and robust Terra ecosystem.

-Featured image from Unsplash

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Terra Classic (LUNC) Beats The Odds With 16% Rally, More Gains Ahead

Terra Classic (LUNC) continues to show strength in the market despite losing over 99.9% of its value about 8 months prior. The digital asset which has now been reduced to the meme coin level still produces massive gains. Presently, LUNC is seeing double-digit gains even at a time when the majority of the market remains muted in terms of price performance.

Terra Classic Pulls Big Gains

Terra Classic (LUNC) saw a massive rally on Boxing Day that solidified massive gains for investors. Over the last 24 hours, LUNC has been able to rally more than 16% and has successfully broken resistance at the $0.00018 price level. 

The price recovery follows a return of positive sentiment in the community as a new developer task force called the “Joint L1 Task Force” has proposed to build a Layer 1 Terra Classic blockchain. This comes as the community looks to move on from “Terra Rebels,” the first LUNC developer task force that is now plagued by various accusations. The community has already called for a return of $150,000 that was allocated to the task force previously.

In addition, the Terra Classic community has also voted in favor of Proposal 11111. This proposal reduces the allocation of burned LUNC tokens within an epoch to the community to 10%, revoking the 50% that was previously proposed in Proposal 10983. This effectively reduces the number of tokens that would be brought back into circulation after being burned.

LUNA Classic (LUNC) price chart from TradingView.com

The proposal passed with 83.35% of votes being in favor and only 11.31% being against. The excitement from this news has also contributed to the rally in the price of the digital asset.

More Gains For LUNC?

Terra Classic (LUNC) is currently sitting at the top of the list of top gainers on Coinmarketcap over the past 24 hours. With an approximately 17% jump in the last day, the digital asset defies a market that has seen slow movement, especially with bitcoin volatility dropping to all-time lows.

LUNA Classic (LUNC) tops list of gainers

LUNC, on the other hand, tends to thrive in times like these. This is because, with the low momentum, larger assets such as bitcoin and ethereum are unlikely to move much, but with low-price cryptocurrencies such as LUNC, it presents an opportunity for investors since it is easier to move the needle. Couple this with the recent rise in positive sentiment in the community and it is a recipe for success.

Its price has now reached its second-highest level for the month of December after successfully touching above $0.00018 in the early hours of Tuesday. If the momentum holds, then the cryptocurrency will see $0.0002 before the end of the day.

LUNC was changing hands at $0.0001801 at the time of this writing, according to data from Coinmarketcap. Trading volume is up 157% in the last 24 hours and is sitting at $239.8 million.

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Total LUNC Burned Crosses 24 Billion, But Is It Enough?

LUNA Classic (LUNC) is still receiving a lot of support from investors and firms in the space despite having lost a significant portion of its value after the Terra network crash. LUNC’s supply ballooned during this time, reaching trillions of tokens in circulation. This increased supply continues to hinder the increase in price for the digital asset, prompting various burn initiatives to help reduce its supply.

More Than 24 Billion LUNC Burned

Since the LUNC burn was implemented a couple of months ago, it has ramped up to include burns from Binance, the largest crypto exchange in the world. The 1.2% burn tax on all LUNC transactions has also helped the burned figure, making it one of the most reliable avenues for burning LUNC.

Binance’s burn is now about one month in the making and the exchange has already burned billions of LUNC. The latest Binance burn saw 1.3 billion tokens being taken out of circulation. However, one thing was apparent and that is the fact that the amount of LUNC being burned by the exchange has consistently declined over the last 4 weeks. 

This is understandable given that the burned tokens are those realized from trading fees and LUNC trading volume has been on the decline. Nevertheless, there is already more than 24 billion LUNC burned so far. This translates to over $5.5 million worth of tokens burned at today’s price. 

LUNC price chart from TradingView.com

LUNC price at $0.00023 | Source: LUNCUSD on TradingView.com

Burn Rate Too Slow

Even though there have been millions of dollars worth of tokens burned, it is still so insignificant compared to the supply of the digital asset. The Binance burns were expected to bring about large burns but Monday’s burn saw only about $300,000 worth of tokens burned.

There is also the fact that the burn tax for LUNC on-chain transactions is being reduced from 1.2% to 0.2% and exchanges such as Binance have already begun to implement this burn. However, off-chain transactions are still subject to the burn tax. What this means is that there is going to be an even lower burn rate going forward given the lower burn tax. It impacts the digital asset’s price because there are not enough tokens being taken out of circulation.

Additionally, the daily volume across exchanges is on the decline. Data from Coinmarketcap shows it is down almost 50% in the last 24 hours. If the trading volume is low, then there are lower trading fees to be burned, coming full circle of the burn rate being too slow.

LUNC is currently trading at $0.00023 at the time of this writing. It is the 35th largest cryptocurrency with a market cap of $1.5 billion.

Featured image from MEXC Blog, chart from TradingView.com

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LUNC Community Clamors For Coinbase Listing, Can It Reach $1?

LUNA Classic (LUNC) is still going strong despite losing more than 99.99% of its value during the market crash. It now also boasts one of the strongest and most active crypto communities on social media, which have now taken their combined power towards getting the coin listed on large exchanges. This time around, the community has turned its attention to Coinbase.

Calls To List On Coinbase

The calls from the LUNC community to list the digital asset on Coinbase have been intensifying in the last week. It goes along with the calls for another trading platform, Robinhood, to list the token. If this approach sounds familiar, it is because this was the same thing done by the Shiba Inu community to get the meme coin listed on large exchanges. 

Following in the same footsteps of the SHIB community, LUNC community members have created a petition for the crypto exchange to list the token. As of the time of this writing, the petition already has a little under 3,000 signatures.

Calls for Coinbase to list LUNC have also dominated the digital asset’s social media mentions during this time. The cryptocurrency has previously gotten massive support from the largest crypto exchange in the world, Binance, which has committed to burning all fees realized from LUNC trading every Monday. Last week. Binance burned $1.8 million worth of tokens.

LUNC price retraces to $0.0003 | Source: LUNCUSD on TradingView.com

The call for Coinbase to list the digital asset is to help its value which has struggled since the crash. Such a listing has been known to propel the prices of digital assets upward due to the amount of demand it drives.

Will LUNC Reach $1?

As mentioned above, the LUNC community is hoping to bolster the price of the digital asset with a listing on the crypto exchange, presumably towards the “LUNC to $1” goal that is echoed throughout the community. However, it is improbable that the price of LUNC will reach this point.

The answer to whether the price of the digital asset will ever touch $1 lies in its total supply. With the collapse of the Terra Classic network, trillions of new tokens had been brought into circulation. At the time of this writing, the total supply of LUNC sits at 6.15 trillion. If the price were to reach $1, this would mean that the market cap of LUNC would cross 6 trillion, quite unrealistic given that the total crypto market cap all-time high sits at $3 trillion.

For the $1 mark to be feasible, the supply would have to be drastically reduced. Currently, in addition to the Binance burn, there is a 1.2 tax burn imposed on all transactions, but even this will not be enough to reduce the LUNC supply by at least 70% reduction that would make it possible for the digital asset to reach $1.

Realistically, it is more likely that the digital asset will knock off another zero if the burns continue to ramp up and the cryptocurrency gets a major exchange listing. But a $1 price mark at a 6 trillion circulating supply is out of the question.

Featured image from Finbold, chart from TradingView.com

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LUNC Price Gains 50% Despite Kwon’s Troubles, What’s Driving It?

Over the last week, the crypto space has been saturated with news of the hunt for Terra (LUNC) founder Do Kwon. The South Korean founder is now being hunted by both South Korean authorities, as well as Interpol, which means Kwon is now wanted in 190 countries. However, Kwon’s troubles seem not to have affected the price of LUNA Classic (LUNC), as it continues to see green even when the broader market suffers losses.

LUNA Classic Grows 50%

Speculations around the performance of LUNA Classic (LUNC) had risen drastically once Kwon was officially declared wanted by the authorities. It was mostly expected that the digital asset would take a beating from the resulting decline in positive sentiment among its investors, but this has not been the case. LUNC has instead shaken off these incredibly bearish developments and has been one of the market leaders in terms of gains.

Over the last 7 days, the price of LUNC is up more than 58%, whereas its larger counterparts, such as Bitcoin and Ethereum, have been seeing single-digit and negative gains. The daily trading volume of the cryptocurrency remains high, with almost a billion dollars in volume reported by Coinmarketcap. LUNC had also successfully knocked off another zero over the past month to bring its trading price to the $0.0003 level.

LUNA Classic trending at $0.00032 | Source: LUNCBUSD on TradingView.com

Even coming out of the weekend of low performance in the crypto space, LUNC has begun to turn towards green, already up 1.80% in the last hour as of the time of this writing. It also shows no sign of decline at this time as it continues to receive massive support from crypto traders.

Why Is LUNC Price Up?

Since the collapse of the Terra network, there have been some strides made in an effort to restore it by those who refuse to give up on it. It was a long time in the making, but the community had eventually agreed on a 1.2% transaction fee on all transactions, which are then sent to a burn wallet to reduce the available supply of the token.

Binance, the largest crypto exchange in the world, had also joined in this effort to support LUNC’s price by announcing that it would be burning all fees realized from LUNC trading on its platform. LUNC’s price had surged more than 60% off the back of the announcement alone as the crypto exchange announced that it would be carrying out a scheduled weekly burn every Monday.

Another factor that has been propping up the price of LUNA over these past couple of weeks has been rumors that have been circulating that LUNC was going to get listed on some important platforms. These trading platforms include Robinhood and Coinbase, a move that would instantly drive up the value of any cryptocurrency. However, these are just rumors for the time being.

Nevertheless, LUNC remains a fan favorite over this time due to its high volatility. Its already established community is also a draw for investors who believe that the digital asset could return to its past glory. But with its founder currently rumored to be on the run from authorities, it is unlikely these large trading platforms will pick it up.

Featured image from Finbold, chart from TradingView.com

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Luna Classic Adds Over 50% In 24H After Interpol’s Red Notice Slammed Its Price

Early hours of Monday, September 26, Interpol issued a Red Notice against the founder of Luna Classic, DO Kwon. This issuance resulted from Do Kwon losing more than $60 billion in investors’ wealth. 

The prosecutors in South Korea explained that Kwon is facing charges for the erosion of investors’ money. In addition to his charges, Do Kwon stands accused of violating the ‘Capital Markets Law,’ with multiple breaches cited. 

Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022

This issue has created conversations in the crypto market regarding the future of Terra firm and the algorithmic stablecoins. This article details events surrounding Do Kwon and how he made it into Interpol’s most wanted List. 

Earlier Developments Leading To Kwon’s Red Notice 

Earlier this year, the Terra ecosystem collapsed, unheard of in an evolving Defi space. The crash hurt the crypto market, with other financial markets feeling its effects. Crypto Analysts believe that investors lost over $45 billion in wealth. 

After the crash, he relocated Terra Headquarters from South Korea to Singapore due to being under investigation for tax evasion charges in South Korea. In an interview, the Terra founder said he would cooperate with investigative agencies in the Terra crash and has nothing to hide. Further, Do Kwon acclaimed that he is a man with an “extremely high bar of integrity.”

However, South Korean prosecutors explicitly refute Do Kwon’s statement claiming he was not cooperating and was obviously on the run. As a result, Interpol has issued a Red Notice on the Terra founder in over 196 countries.

LUNC’s price is currently hovering around $0.00031. | Source: LUNCUSD price chart from TradingView.com
Terra Classic Price Crash And Reversal

Following the news of Interpol’s Red Notice on Do Kwon, the downtrend price of Terra Classic continued. Taking effect of the notice, the $LUNC price declined by nearly 20% immediately after the news, leaving investors disturbed. 

The crash of the Terra Classic token has also led to the collapse of a high-profile crypto hedge fund called Three Arrows Capital. This issue has also impacted several crypto lenders offering LUNC in the market. 

But unexpectedly, the $LUNC has reversed in price action as there is an uptrend in the price. Per coinmarketcap.com, LUNC has gained over 50% in the last 24 hours and currently trades at $0.0003074. Investors should be wary as it could lead to a classic pump and dump scheme. The crypto community awaits further development in price as the search for Do Kwon intensifies.

What Is The Future Of LUNC

A spokesperson for South Korea explained that the Red Notice against Kwon would set a wrong precedence for the crypto industry and may cripple future innovations in the market.

Related Reading: Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

The collapse of Terra stablecoin will lead to greater regulatory scrutiny in the crypto market. Reports from last week indicate the House of Financial Services Committee has issued a bill introducing a two-year ban on creating and issuing algorithmic stablecoins like Terra. 

Featured image from Pixabay and chart from TradingView.com

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Terra Classic Jumps Double-Digits, Is It Time To Buy?

The collapse of the original Terra network had been one of the major triggers of the current bull market. LUNA’s price had dropped from above $100 to below 0 in a matter of days, causing market panic in the market and leaving a string of losses in its wave. However, despite the collapse, crypto investors did not give up on the digital asset. In the last seven days alone, the cryptocurrency has put on double-digit gains. Here’s the reason behind it.

Why Terra Classic Is Up

Following the crash, investors in Terra Classic had seen massive losses due to losing 100% of its value in a matter of days. However, since then, there have been investors who have remained loyal to the token and have been looking at ways to return it to its past glory.

One of the proposed ways of increasing the value of LUNC tokens that has caught on is a 1.2% tax. This tax is proposed to be placed on every single LUNC transaction, down to wallet and smart contract interactions. The tokens generated from the tax will then be sent to a burn wallet. Thereby reducing the number of tokens that are in circulation.

This tax proposal is yet to be accepted, but ever since it was made public, the price of the digital asset has responded positively to it. In the last 24 hours, the price of LUNC has been up 63.71%, bringing its present value to $0.00567. On a wider timeframe, the performance of the cryptocurrency is even more impressive, with 93.32% and 476.11% gains in the last 7 days and 30 days, respectively.

LUNC is not the only Terra token that is benefitting from the newfound interest following the tax proposal. Terra Classic USD (USTC) is also up double digits in the last 24 hours. The ‘stablecoin,’ which had lost its peg to the US dollar, is currently trading at $0.04754 at the time of this writing.

Is It Time To Buy LUNC?

Terra Classic’s high volatility has made it an attractive token for investors who are looking to try their luck and make some money in the short term. Since it remains incredibly popular and its price is still so low, as well as having a very high circulating supply, swings in price are usually wide, leading to the kind of gains being recorded over the last month.

LUNC trading at $0.0005 | Source: LUNCUSD on TradingView.com

While this volatility makes for an attractive investment, buying LUNC has been described as being akin to gambling. David Gokhshtein, the founder of Gokhshtein Media, said on Twitter that gamblers are the only ones who are investing in the cryptocurrency. Basically, when it comes to investing in digital assets such as LUNC, the chances of losing are high, making it a high-risk investment.

Nevertheless, the crypto community has not given up on LUNC. The world’s largest cryptocurrency exchange, Binance, announced early on Thursday that it would be carrying out wallet maintenance for Terra Classic’s LUNC. 

Terra Classic’s LUNC also continues to maintain a higher market cap than the airdropped Terra LUNA. The former is sitting at $3.48 billion, while the latter has a market cap of $263 million. Additionally, USTC’s current market cap is $465.78 million.

Featured image from BTCC, chart from TradingView.com

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