Terra Luna Classic Price Prediction as ‘Merge Protocol’ Tries to Bring LUNA and LUNC Ecosystems Together – LUNC to $2 by 2023?
The Terra Luna Classic price has crept up by 1% in the past 24 hours, following the emergence of a proposal to merge its ecosystem with that of the newer Terra 2.0 platform. At $0.00016160, LUNC is also down slightly by 0.2% in the past week and by 35% in the past month, with its ongoing token burns doing little to counteract the downward pressures exerted on the wider market by FTX's collapse.
Put forward by developers in the past couple of days, the outlined merge would enable holders to use the Inter-Blockchain Communication (IBC) channel to send their LUNC to Terra 2.0 and receive the newer LUNA in return (as well as DEX rewards). But with LUNC enjoying a bigger market cap than its younger counterpart, it's not a given that holders will take the opportunity to swap it for something less valuable.
According to LUNC's chart and indicators, the altcoin is enoying some degree of momentum, without an obvious rally being in the works. Its relative strength index (purple) is hovering around 55 at the moment, meaning the direction is leaning more towards more buying than selling.
It also seems that LUNC's 30-day moving average (red) is on the brink of rising above its 200-day average (blue), a move which could signal an incoming rally. Of course, with the wider market remaining unstable, there's no guarantee that a crossover would last for long, as can be seen by previous instances this year.
Aside from the FTX collapse and the resulting fallout, the most pertinent thing happening in relation to LUNC right now is the aforementioned merge.
The latest news on this proposal is that it will happen at some point next month, although this remains provisional, given that it's dependent on the reopening of the IBC bridge, which will
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