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Terra Luna Classic Rockets Over 300% And Collapses — More Pain Ahead?

After an impressive 300% rally in the past week, Terra Luna Classic (LUNC) is now facing bearish pressure as it slumped nearly 10% this week.

Despite positive internal news for LUNC, the bears still hold the market at a chokehold. According to CoinGlass, a total of $222,000 worth of long positions were wiped out in the past 24 hours despite the open interest remaining positive. 

Terra Luna Classic: Internal Developments Drive Growth

Terra Luna Classic is making some noise online with its community X account being fairly active this month. Enterprise Protocol, a project powered by Terra Luna Classic, recently announced that the protocol can now create cross-chain treasuries on the Juno Network. 

“Enterprise is dedicated to simplifying DAO management. This includes no-code setup, voting & treasury management, and easy distribution of rewards to members. But limiting the fun to one chain would be sad. Which is why Enterprise DAO is expanding cross-chain!” the dev team said in a recent thread. 

This development would bring more throughput to the network, potentially increasing its exposure to other investors. Even though LUNC enjoys an active community, the market still holds a large sway on the token’s price. As of writing, the market is slowly cooling down after an enormous rally in the past week. 

More Pain To Come At These Levels

LUNC’s current price is standing above $0.00017491. As it currently stands, the token is at a crucial price point as any movement here can make or break future price movements. Investors and traders should exercise caution in the next couple of days as the market slows down and assets return to a more stable price point. 

LUNC’s main problem is its reliance on major market movements to instigate a hike in price. According to Coingecko, both Bitcoin and Ethereum are experiencing major pullbacks in price after a successful rally last week.

Although LUNC is included on the gainers list, investors should not hold this to heart as any pain in the broader market will hurt short to medium-term gains. 

But there is hope on the horizon as the US economy enters a dovish phase with market leaders speculating about rate cuts in 2024. 

“The soft landing that many doubted was possible is becoming more realistic every day,” Ryan Detrick, chief market strategist at Carson Group, said in an interview with Reuters.
“Inflation is no longer the problem it was and we still have a very healthy consumer, judging by today’s retail sales data,” he added. 

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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 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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LUNC Sheds 13% Of Its Value – A Further Retreat In The Offing?

Terra Luna Classic (LUNC) finds itself grappling with a significant setback as its price takes a sharp dive. Within the span of just 24 hours, the coin experienced a 13% decline in value. 

The swift sell-off, which began on August 16, triggered a cascading effect that sent LUNC’s price plummeting from its recent peg of $0.00007734 to a new low of $0.00006512.

While this may appear as a dramatic swing, it echoes the bearish sentiment that has persistently lingered around the coin throughout the past month.

LUNC Battles To Maintain Essential Support

For a duration exceeding three weeks, LUNC’s price showcased resilience as it managed to keep itself above a crucial support zone resting at $0.000076. This period of relative stability served as a reflection of the overarching uncertainty pervading in the market. 

However, with the breach of this monthly support threshold, experts caution that the existing selling pressure could magnify significantly. This breach also carries the potential to indicate a prolonged period of downward movement for the Terra classic coin.

Beyond The Surface

Scrutinizing the Luna Classic community on Twitter reveals a landscape marred by internal conflicts, particularly concerning the governance protocols.

Recent days have witnessed heated debates revolving around the proposed implementation of the LUNC DAO validator, which would have assumed a prominent role in leading the chain. Unfortunately, this proposal met its end, and the aftermath was telling – a substantial sell-off unfolded. 

Notably, Crypto Classy, a prominent LUNC validator, alleges that the sell-off was meticulously orchestrated by the LUNC DAO itself. The assertion is that the DAO orchestrated deliberate coin sales to incite panic within the investor community, ultimately facilitating coin repurchases at lower prices – a move perceived as an attempt to gain control over the network.

Impact On Price Dynamics

The repercussions of these recent events reverberate through LUNC’s price dynamics. As per CoinGecko’s data, the coin currently hovers around $0.00006770. A decline of 2.4% over the past 24 hours coupled with a substantial seven-day slump of 12.5% underscores the mounting strain that the coin is grappling with.

As the LUNC community grapples with these internal struggles, governance challenges, and potential market manipulation, the future path remains uncertain.

Investors and stakeholders are keeping a watchful eye on the evolving situation within the LUNC ecosystem, anticipating whether Terra Luna Classic can navigate these tumultuous waters and regain its footing while working to restore trust among its dedicated supporters.

(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).

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LUNC Network Upgrade Backed By Major Exchanges – Will The Crypto Balloon In Price? 

Just this January 14th, LUNC just went through its network upgrade that was supported by Binance. The upgrade was due to several developments on-chain.

According to its January 1st blog post, it was because the system of LUNC remints tokens that were burnt for a development fund. 

Along with this, the ecosystem would also have an increase in gas fees for better validators and staking rewards in the platform. This would mean that the ecosystem would continuously burn and make LUNC a deflationary currency. 

What It Means For LUNC

Luna Classic becoming deflationary would have an effect on the token. But this wouldn’t be enough for the token to have a big move in the short and mid-term. Based on the blog post, this burn rate of the ecosystem would increase as remints would be eliminated. 

The proposal also increases the gas fees in the ecosystem, making the usage of the community fund more efficient. Although this may seem bad, Terra Luna Classic’s gas fees are still comparably low compared to Terra 2.0.

The proposal was well received by the community. This could be a catalyst for a consistent move upwards as LUNC rides the altcoin rally. 

LUNC is the native cryptocurrency of the old Terra network. It was launched in 2018 under the name LUNA, but was renamed LUNC following the Terra disaster.

Long Term, The Key For Gains

Short term, the token is set to break its current upward trend. Volatility is expected to enter the market in the next few days – but then that is not surprising – as the market prices in the burnt tokens.

It is likely, however, that the token would have a respite in the coming days as deflationary forces act upon the token. 

As the time of writing, the token’s price is at $0.00017586, a percent discount from yesterday’s price movement, but LUNC also exhibited sizable gains in the weekly and bi-weekly time frame. The token is also currently facing strong resistance at $0.00018073. 

In the short-mid term, the token would revert back to its support at $0.00015726 in the next couple of days or weeks. If the token experiences a pull back in price, the token should have enough momentum to retest the $0.00018073 resistance level. 

If the token breaches the $0.00018073 resistance level, it could regain and consolidate above it in the coming weeks to retest $0.0001866 with confidence.

Investors and trader should brace themselves for a bumpy few days as the token experiences volatility. 

Long-term, holding LUNC is the best move for investors and traders as the market rides on Bitcoin’s resistance break at $21,000.

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Terra Classic (LUNC) Crashes 11% After This Binance Change

The Terra Classic (LUNC) price has been boosted in recent days by a rumor that the world’s second-largest exchange, Coinbase, might buy and list the token. As NewsBTC reported, the rumor originated from an anonymous source in the Terra Classic community.

However, the credibility of the rumor is more than questionable. Nevertheless, the community seemed to believe the rumor that Coinbase has approved the purchase of $245 million in LUNC and will make the listing on the exchange public on January 3.

The price subsequently rose from a low of $0.000125988 on Dec. 22 to a three-week high of $0.000185499 on Dec. 27. With this, the Terra Luna predecessor token saw a price increase of around 46%, bucking the current market trend.

However, the euphoria was dampened today by Binance after the crypto exchange announced that it is making changes to the Terra Classic trading fee burn.

Binance stated that following recent developments as outlined in proposal 10983 and proposal 11111, it will burn 50% of LUNC spot and margin trading fees instead of 100% starting in December 2022. By doing so, Binance is following the community’s proposals that LUNC burn will be converted into a development fund.

Binance’s change is thus done in line with the community’s intent to further reduce LUNC supply and in line with what they have agreed upon. To allow time for these new updates to be implemented, Binance will delay sending out the LUNC trading fee burn postings until January 3, 2023.

“Binance will continue to work with the community to support the implementation of this new plan, and if for any reason this is not possible, Binance will consider removing the burn contribution in the future,” the exchange added.

LUNC Price Poised For More Gains?

Since the high on December 27, the LUNC price has already lost about 16% of its price appreciation again. At press time, Terra Classic was trading at $0.000157195, down 11% over the last 24 hours. The trading volume within the same period was $245 million, down a modest -1.4% from the previous period.

A look at the 1-day chart reveals that on Boxing Day, the Terra Classic price managed to break out of a downtrend channel that has persisted since October. Today’s correction could represent a retest of the move, so traders should keep an eye on the $0.0001406 area.

Support could also be provided by the 50-day simple moving average (SMA), which sits at $0.000162919. Otherwise, the 200-day SMA at $0.000179240 should be decisive as the next resistance for the Terra Classic price.

Terra Luna Classic LUNC USDT 2022-12-28