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The $LUNC token has encountered difficulties recently due to the unfavorable market sentiment resulting from the U.S. Securities and Exchange Commission (SEC) actions against Binance and Coinbase.
Nevertheless, there are positive fundamental developments that have the potential to alleviate some of the selling pressure on the token in the coming weeks and months.
The Joint L1 Task Force is working towards stabilizing the USTC value at $1, while the Terra Classic community is burning LUNC tokens to reduce the excessively large token supply.
Given these factors, could this be an ideal time to invest in the $LUNC token in anticipation of a future price surge?
Meanwhile, the crypto community has shifted its attention towards the utility-driven $ECOTERRA token.
Terra Classic Price Eyes $1 Mark as Burning Kicks Off
At press time, the $LUNC token is trading at $0.000089, indicating a downtrend of 0.69% in the past 24 hours. The trading volume currently stands at $35 million, showing an increase from the previous week’s volume of $31 million.
Prior to the recent downturn, the digital asset experienced a positive trend of 2.44% in the past week.
Despite the current situation, there is optimism that the $LUNC price will recover in time following the planned parity upgrade scheduled for June 14.
Currently, $LUNC’s form is neutral as its price stays on par with the 50-day simple moving average (SMA) of $0.00008993 for the short term. However, the asset trails above its 200-day SMA of $0.00008957 for the long term.
Regarding technical analysis, the $LUNC token has encountered resistance at the 50% Fibonacci retracement level of $0.00008994.
Should the recent downward trend persist, there is a possibility that the asset may decline further from this point toward the 38.2% Fibonacci retracement level of $0.00008977.
However, in the event of a market rally and a consistent bullish trend, there is potential for the asset to break through the resistance and make strides toward the $1 price threshold.
The relative strength index (RSI) reading of 56.24 suggests that the asset is currently in an underbought position. On the other hand, the moving average convergence divergence (MACD) indicates a weak buy view.
Nonetheless, if the Joint L1 Task Force restores USTC to a stable value of $1 and gains the trust of the broader crypto community by preventing another depeg incident, there is a considerable possibility of a substantial surge in demand for $LUNC.
Can Investing $100 in $LUNC Lead To Millionaire Status if Burn Happens?
LuncBurnArmy, the project manager of the Joint L1 Task Force, recently announced the successful completion of the Parity upgrade.
The team implemented several modifications during this upgrade, transitioning from version v2.1.0 to v2.1.1. Notably, they upgraded the Cosmwasm to v1.1.0 and implemented a minimum validator commission of 5%.
https://twitter.com/luncburnarmy/status/1668985164733489156?s=20
This upgrade aims to align Terra Classic with other blockchains, including Terra 2.0 and various Cosmos chains. This synchronization is expected to enable the resumption of dApp development and deployment on the Terra Classic chain for projects and developers.
According to data from LUNCmetrics.com, 63.25 billion $LUNC tokens have been burned thus far, with Binance contributing more than half of this figure.
Projects like DFLunc, Cremation Coin, and Terra Casino have consistently made distinctive contributions.
Burn Update!🔥
35.2M LUNC burned.
We burned 3B in total so far！
🚨Please make sure to withdraw all DFC to your wallet before 14th. Otherwise,it may be lost after parity Upgrade and we will not be responsible for it.
LFB!🔥🔥🔥
🫡🫡🫡 pic.twitter.com/V7B934YHSL
— DFLunc Protocol (@DFClunc) June 12, 2023
This represents approximately 1% of the current circulating supply of $LUNC tokens, which stands at around 5.84 trillion tokens.
Despite the current circumstances, many members of the LUNC community maintain a hopeful outlook, anticipating that the $LUNC token will eventually reclaim the $1 price mark.
Considering the current market cap of approximately $520 million, it would be necessary to reduce the supply of $LUNC tokens to around 520 million to achieve a value of $1, assuming no expansion in the market cap.
However, if the market cap were to increase, a smaller quantity of $LUNC tokens would need to be burned to reach the $1 threshold.
To bring the supply down to 520 million, an unrealistic burn forecast would require approximately 99.99% of the LUNC supply to be burned.
Nonetheless, if such an event were to occur, having $100 worth of $LUNC tokens at the current price of $0.000089 would result in owning over 1.12 million tokens.
If $LUNC were to reach $1 per token due to extensive token burns and investors managed to prevent their tokens from being burned, the initial $100 investment in $LUNC tokens would now be valued at $1.12 million.
Explore $ECOTERRA as a Value-Based Alternative to LUNC
While the current technical analysis of $LUNC appears modest, the recent fundamentals indicate a positive outlook for the future.
Another asset, $ECOTERRA, has captured the crypto community’s attention with its utility-driven fundamentals while holding a high-margin return potential.
Ecoterra is a cutting-edge initiative using a recycle-to-earn (R2E) mechanism that enables individuals and businesses to earn incentives through recycling.
🌱 Get ready for the power of the Ecoterra app, where you can easily search and acquire carbon credits in the form of #NFTs 💚
With the help of #Blockchain technology, we ensure transparency and enhance security in every transaction 🔒
Join us now ⬇️https://t.co/1fYkPOsPYG pic.twitter.com/EvWoOB4DoM
— ecoterra (@ecoterraio) June 18, 2023
At the heart of this platform lies the $ECOTERRA token, which facilitates reward distribution, staking, and various other functionalities.
Individuals can earn the $ECOTERRA tokens by utilizing reverse vending machines (RVMs) available in small and large stores.
Each time an item is recycled via an RVM, users are rewarded with a specific number of tokens.
🤝 @ecoterraio provides tailored recycling plans and services to our valued business partners, helping them achieve their sustainable goals⚡️♻️
Don't miss the chance to secure your share of $ECOTERRA today 😎
Join our #Presale now ⬇️https://t.co/1fYkPOsPYG pic.twitter.com/0quexpBbRK
— ecoterra (@ecoterraio) June 17, 2023
This system serves as a motivational force for individuals to actively participate in recycling, leading to an overall increase in recycling rates.
The ecoterra project has achieved a significant milestone during its presale, raising over $5.2 million.
At press time, $ECOTERRA is valued at $0.00925 and can be purchased using ETH, USDT, or a credit/debit card.
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