In the last 24 hours, Terra Classic (LUNC) has gained 1.32% according to CoinMarketCap, standing at $0.001635 at the time of writing. Considering the current price, LUNC will need a relatively 600,000% to reach $1. Could such a massive rise happen with the level of development in the Terra Classic ecosystem?
It’s worth noting that the crypto market as a whole is currently in the green. Bitcoin (BTC), the largest cryptocurrency by market cap, has recently surpassed the $17,000 resistance level. Similarly, Ethereum (ETH) is surging closer to retesting $1,300.
Read Also: 40 Million Terra Classic Burned in 24 Hours as a Single Wallet Accounts for 25.8 Million LUNC Burn
Terra Classic Price Prediction
Terra Classic (LUNC) chart shows that there is a gradual accumulation of momentum in the past few days, with its relative strength index (purple) hovering around 60, which suggests overall buying pressure without too much buying. Similarly, its 30-day moving average (red) is about to climb over its 200-day average (blue), forming a ‘golden cross’ that could be a sign of a breakout.
Of course, with the market remaining in a precarious condition, there’s no guarantee that LUNC will enjoy a sustained rally anytime soon, even if it’s arguably due to such a rally.
Its situation also isn’t helped by a recent proposal to use the IBC Bridge to let holders swap LUNC for LUNA. This bridge is due to open at some point later this month, which is when the Terra community would expect swaps to become possible if the proposal is accepted.
In fact, it seems that most holders probably won’t opt to swap their LUNC for LUNA, if the responses of prominent Terra Luna Classic community members/accounts are anything to go by. Some have gone so far as to suggest that the proposal if fully realized, would effectively ‘kill’ Terra Luna Classic.
More importantly, it needs to be stressed that the proposal remains just that, a proposal. It hasn’t been accepted by a sufficient number of Terra Luna Classic validators to actually be enabled yet, and it doesn’t seem like it will.
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Given such opposition, this is perhaps why the price of LUNC hasn’t been affected too much in either direction, with the coin more or less stable over the past week.
Assuming that the proposal is roundly rejected, it will disappear and the Terra Luna Classic community will be able to re-focus on restoring LUNC’s value. The main way it will be doing this is through LUNC’s ongoing token burns, with roughly 28.8 billion LUNC being burned to date.
That said, there remains some 6.88 trillion LUNC in circulation as of writing, leaving the community with a long way to go if it wants to restore the altcoin’s price. For example, a rise to $1 would imply a percentage increase of over 600,000%.
In early October, Binance helped along the supply reduction effort by introducing its own burn of trading fees, yet no other major exchange has followed its example. As such, LUNC holder should set their price targets a little lower for the time being, with $1 being some distance away.
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