Terra Luna Classic Price Prediction – Will LUNC Price Hit $10?

cryptonews.com:

The terra luna classic price has dropped to $0.00024898 today, representing a fall of 5.5% in the past 24 hours. The altcoin has also fallen by 11% in a week and by 19% in a fortnight, as an earlier rally this month loses steam, despite ongoing token burns by Binance and other parties.

While LUNC has been the best-performing major cryptocurrency since it reached an all-time low of $0.000000999967 on May 13, it's arguable that its post-crash rally has now ended. That said, continued token burns do aim to substantially reduce its supply, something which could have a corresponding effect on its price, assuming steady (or rising) demand.

LUNC's price chart reveals that it has been on a low ebb recently and may be due a bounce. Its relative strength index (purple) has fallen to almost 20 in the past couple of days, before beginning to rise in the past day, indicating a possible rebound.

Likewise, its 30-day moving average (red) continues to sink below its 200-day average (blue). At some point, this technical indicator alone would suggest that LUNC is undervalued and has to go up again.

There is at least one good reason to be optimistic that LUNC will rally again in the coming weeks and months. The Terra Luna Classic community announced a tax burn of 1.2% in early September, while Binance has undertaken a separate burning of the trading fees it collects in LUNC, which so far has destroyed more than 8.5 billion LUNC.

Admittedly, the tax burn -- which takes a percentage of all LUNC transactions -- has now been reduced to 0.2%, after another proposal passed its vote. This, however, is potentially bullish, insofar as the same proposals ensures that 10% of each 'burn' will now be sent to a community development pool, helping to re-grow