Terra Luna Classic Price Prediction as LUNC Falls 30% in 7 Days, How Low Can it Go?
The price of terra luna classic (LUNC) has fallen by 2.5% in the past 24 hours, with the altcoin also down by nearly 30% in the past week, at $0.00017357. The drops come as the fallout from FTX's collapse continues to weigh down the wider market, with LUNC's momentum from early September unable to carry out through a turbulent period for crypto.
Back in September, the Terra Luna Classic community voted to implement a 1.2% tax burn, which was quickly followed up by Binance introducing its own independent burn on all trading fees collected in LUNC. This had helped to boost the altcoin to the highest level it had seen since TerraUSD (UST) infamously collapsed in May, yet market-wide troubles and a subsequent vote to lower the tax burn have meant that LUNC has sunk steadily since September.
Now, with the market reeling from FTX's bankruptcy, LUNC is likely to continue falling for the foreseeable future, even with ongoing burns.
LUNC's chart shows a coin in the midst of a decline, with its relative strength index (purple) plunging below 30, meaning it's close to being oversold. Likewise, its 30-day moving average (red) is falling further below its 200-day average (blue)/.
Normally, indicator declines such as these would signal the approach of an eventual turnaround and recovery. However, with the market still likely to see the aftereffects of FTX's collapse (including contagion effects and knock-on failures), there remains every chance that LUNC may continue slipping for a while yet.
Such falls are likely to come despite ongoing LUNC token burns. So far, just over 27 billion LUNC has been burned to date, which comprises only 0.4% of the altcoin's total supply of 6.9 trillion.
Clearly, the Terra Classic community will need to do
Read more on cryptonews.com
