LUNC Price Prediction – Terra Luna is Down 6.33% – Can it Rebound?

LUNC has recently experienced a decline of 6.33% in its price. However, it has found strong support at $0.00008228, showing a potential rebound. What’s next for LUNC? Here’s today’s LUNC price prediction.

Binance Supports Terra Classic Upgrade with Increased Burn Tax

Binance supports the upcoming Terra Classic network upgrade, specifically the LUNC network upgrade, which will raise the burn tax rate from 0.2% to 0.5%. The upgrade is based on Proposal 11515 and is scheduled for block height 12,902,400 on May 23. 

#Binance will support the Terra $LUNA network upgrade.https://t.co/o1a3dcvgxY

— Binance (@binance) July 28, 2022

Binance will temporarily suspend deposit and withdrawal functions for Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) to ensure a smooth upgrade. Binance’s wallets are exempt from the burn tax rate during internal transfers but will incur the tax for external deposits and withdrawals. 

Professor Edward Kim proposed the exemption for Binance wallets and implemented it with the Terra Classic network upgrade to v1.1.0 on March 1.

LUNC Price Overview – LUNC’s Price in the Past

At the time of writing, the price of LUNC is trading at $0.00008451, and it has recorded a 24-hour trading volume of $28,313,600. This shows a decrease of -6.33% in price over the last 24 hours and a decline of -8.37% over the past 7 days. With a circulating supply of 5.9 trillion LUNC tokens, the market capitalization of Terra Luna Classic stands at $496,268,972.

Over the past 24 hours, the trading volume of LUNC has reached $28,313,600, showing a 7.30% increase compared to the previous day. This surge in trading volume suggests a recent rise in market activity for LUNC.

The highest recorded price for LUNC occurred in April 2022, when it reached $119.18. But compared to the current price, LUNC is -100.00% lower than its all-time high price, highlighting a significant decrease since then.

On the other hand, the lowest recorded price for LUNC occurred in May 2022, at $0.000000999967. In contrast, the current price of LUNC is 8,353.67% higher than this all-time low price, showing a substantial eventual increase.

In the past 7 days, LUNC has experienced a price decline of -8.40%. While the global cryptocurrency market has also seen a decline of -2.60%, LUNC has underperformed compared to similar Smart Contract Platform cryptocurrencies, which have experienced a smaller decline of -2.90%.

LUNC Price Prediction – LUNC/USD Price Analysis: Potential Price Movement for Terra Classic (LUNC)

LUNC has succumbed below $0.000087 and has also broken below the moving averages. However, the successful closure of LUNC above this level is a potential pending price finding support at $0.00008228. This could show further upside potential, with key resistance around $0.000100. The bullish momentum may push the price to resistance levels at $0.000110, $0.000120, and $0.000130. 

Alternatively, if no clear breakout occurs, a further decline is possible as the 50-day moving average is below the 200 -day moving average. In this case, the channel’s lower boundary would act as significant support, with levels to watch at $0.000070, $0.000060, and $0.000050. 

Monitoring the RSI above 40 provides additional insights. Against Bitcoin, a bullish breakout above the channel’s upper boundary suggests buyer dominance, potentially reaching $0.000330 and filling a gap. Continued bullish pressure could target $0.000350. Conversely, weakening momentum may lead to a retest of support at $0.000230 or lower levels.

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