The Terra Luna Classic price has fallen by 1.5% in the past 24 hours, dropping to $0.00015486 amid a slight dip for the cryptocurrency market as a whole. Despite this blip, it has now risen by 5% in a week and by 20% in a fortnight, although it is down by 11% in the last 30 days.

LUNC's mixed price action in recent weeks has taken place in the context of negative market sentiment and internecine conflict as to how best support Terra Luna Classic's ecosystem. However, with token burns ongoing and likely to increase in the near future, it looks set to have a good 2023.

LUNC's chart remains in a weak position, with the coin equally capable of falling or rising from a technical perspective. Its relative strength index (purple) is hovering around 40, suggesting selling pressure that could continue a while longer before it bottoms out.

Similarly, LUNC's 30-day moving average (red) is lingering around its 200-day (blue). Again, this suggests it may be due further falls before it enjoys a concerted rally.

Despite this technical uncertainty, LUNC is in a good position to enjoy significant rallies this year. This is mostly because of the ongoing burns that are taking place on-chain and on various crypto-exchanges, such as Binance.

So far, some 37.1 billion LUNC has been burned, out of a total circulating supply of 6.87 trillion. This may not seem like too much relative to the total supply, but it will continue increasing as the year progresses, especially given the amount of community effort dedicated towards increasing the burn rate.

For instance, the Terra Luna Classic community is continually producing proposals to burn more LUNC. This includes a recent proposal to halt the re-minting of burned tokens (which had been intended to