Terra Luna Classic Price Prediction – Can Bulls Pump LUNC 30% This Week?

Terra Luna Classic price prediction remains bullish above $0.00020, a triple bottom support level. LUNC has formed a descending triangle pattern, which usually indicates the possibility of a bearish breakout, but the leading technical and fundamental indicators point to a buying trend.

Binance has changed its Luna Classic (LUNC) burn process, announcing that after the fifth batch of trading fees on LUNC spot and margin trading pairs has been removed from circulation, the procedure will be performed monthly rather than weekly.

The most recent weekly burn on Binance burned 1.5 billion LUNC. The next significant LUNC supply reduction will now occur after December 1, 2022. Binance has burned 12.5 billion Luna Classic tokens, reducing their supply and permanently removing them from circulation.

Before the burn, trading commissions collected in Binance USD (BUSD), Tether USD (USDT), and Binance Coin (BNB) are converted to LUNC at the current exchange rate.

LUNC is used by nearly 40 decentralized apps (dApps), and the number is growing. Furthermore, the LUNC/USD could soon soar after the world’s largest volume exchange revealed a higher frequency of LUNC burn.

The LUNC Burn Tax Has Permanently Changed

To increase the asset’s utility, the LUNC community has implemented network improvements. Proposal 5234, which was recently approved by the community, is one recent example. The LUNC burning tax should be reduced from 1.2% to 0.2%.

The LUNC/USD pair increased by nearly 500% early in September, re-entering the top 50 cryptocurrencies. After hearing that Binance would burn LUNC, investors were upbeat; social media was flooded with comments about the “biggest comeback” and hope.

The community has reduced the burning tax from 1.2% to 0.2%, putting LUNC’s survival in jeopardy. The more difficult and time-consuming task of establishing a LUNC ecosystem has taken the place of burning LUNC.

Recent Updates on Do Kwon

Do Kwon, Terra’s troubled co-founder is charged with several counts of fraud. His investors have just filed a $57 million lawsuit against him. Kwon has been sought by authorities since last month, despite his denial of fleeing. Korean authorities have now tracked him down to this specific address.

Do Kwon is still at large, despite Interpol’s issuing a Red Notice for his location. Because bad news about the infamous “crypto prodigy” usually results in significant drops in the price of LUNC, the event continues to hurt Terra Luna Classic.

Furthermore, new information suggests that the South Korean prosecution’s case against Kwon may not be strong enough. As a result, the lack of clear crypto regulations in the country is a significant impediment to the CEO’s arrest.

Investors are losing faith in LUNC and the Terra community’s efforts to save the chain and assets. As a result, the LUNC/USD exchange rate suffers.

Terra Luna Classic Price Prediction – Can Bulls Pump LUNC 30% This Week?

The LUNC/USD pair began trading at $ 0.000231 on November 7 and went from a high of $0.000239 to a low of $0.000226. Terra Classic’s current price is $0.000235, with a 24-hour trading volume of $193 million. Terra Classic has decreased by over 2% in the last 24 hours. 

CoinMarketCap currently ranks #37, with a live market cap of $1.5 billion. The circulating supply is 6,592,525,671,865 LUNC coins. 

On the technical aspect, LUNC is currently facing immediate resistance around $0.000279, and a bullish break over this level might drive the price of LUNC to $0.00034. At $0.000279, the 50-day moving average caps the LUNC rise. 

A positive breakthrough is quite likely because the RSI and MACD indicators imply an uptrend. 

Support will continue near $0.00020 if LUNC fails to break past resistance. Increased selling pressure and a bearish breakout could allow for more selling until $0.00016 or $0.00012 is reached. In conclusion, look for a buying position above $0.000279 with a target of $0.00034 or $0.00047.

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