Terra Luna Classic Price Prediction – Can LUNC Rally 500% by 2023?

cryptonews.com:

The Terra Luna Classic price has dropped to $0.00026542 in the past 24 hours, representing a slight dip of 0.5%. LUNC is also down by 12% in a week and by 20% in the last 14 days, as ongoing negative macroeconomic conditions continue to weigh down the recovery it enjoyed towards the end of September.

LUNC had been a big beneficiary of ongoing burns from Binance, with its holders and supporters urging other exchanges to follow in the footsteps of Binance. Given that such burning has only just begun, it will likely have a significant impact on the LUNC price in the medium and long term, even if it's hard to say whether it will ever reach its former heights.

LUNC's chart shows that it's currently enjoying improved momentum, with its relative strength index (purple) rising to nearly 60 in the past day. This is because it has actually increased in price by 4.3% since dropping to $0.00025772 on Sunday.

At the same time, its 30-day moving average (red) has turned upwards, and many overtake its 200-day average (blue) once again. This could signal another breakout.

There remains a very good chance that terra luna classic will witness a few more rallies this year, since Binance committed last month to an ongoing burn of the LUNC it collects via trading fees. 

It keeps a page on the total amount of LUNC burned, which it updates each week. So far, it has destroyed approximately 8.6 billion LUNC, which currently has a value of $2.3 million.

This isn't much, but Binance has created a precedent for other exchanges to follow, something which has excited the market and goaded LUNC supporters into believing it could reclaim its former highs.

Other exchanges (e.g. KuCoin) have supported the LUNC tax burn in recent weeks, while others will likely