Terra Classic Price Prediction: LUNC Falls Off A Cliff As Investors Rush To Buy This AI Innovator With Time Running Out

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Terra Classic price has dropped 16% in the last 24 hours to trade for $0.0001184 as of 4:50 a.m. EST time, with trading volume rising 128%.

Featuring among the top losers today, LUNC stands alongside Bonk Inu (BONK), which is down 12%. And Terra Classic has been on a downtrend all week, recording 20% losses year-to-date.

Among the drivers for Terra Classic price dip include the recent network congestion on the Terra network, which affected transaction execution.

2/ Yesterday, Terra experienced a surge in transaction activity that clogged available block space and hindered execution for some users.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) December 30, 2023

The incident involved an “inscription” token that required approximately three million gas per mint, several bot accounts, and some authentic user participation in the mint. With Terra’s block gas limit set at 100 million, the token minting contract requiring almost 3 million gas per mint, could fill a block with roughly 33 transactions.

Regarding the surge in trading volume, the LUNC burns take credit, after Binance exchange disposed of 5.5 billion LUNC tokens, drawing interest in the Terra ecosystem amid the expectation that the reduced supply would catalyze a surge in Terra Classic price. This was a different batch after the exchange burned 3.39 billion tokens in December and another 5.57 LUNC tokens later.

🚨 JUST IN: #Binance burns 5.57 billion #Terra #Luna Classic tokens contributing to a total of 93 billion $LUNC burned by the community as both $LUNC and $USTC have experienced a 7% increase. 🔥🚀

— CoinEcho (@mycoinecho) January 2, 2024

The total burns have brought the total number of disposed LUNC tokens to 49 billion derived from trading fees on Terra Classic spot and margin trading pairs. The slump witnessed can therefore be attributed to profit booking as traders cashed in on this fundamental.

Another element that has pumped the trading volume is Binance and its peer exchanges’ move to introduce of USTC perpetual contract and new USTC and LUNC trading pairs.

Terra Classic Price Outlook As LUNC Holders Cash In For Early Profits

After the stark fall, Terra Classic price found support at the 100-day Simple Moving Average (SMA) at $0.0001033. Buying pressure sprouting from this buyer congestion level, reinforced by that due to the $23.6% Fibonacci level at $0.0001059 continues to hold Terra Classic price afloat.

Nevertheless, the altcoin is also facing overhead pressure due to the 50-day SMA at $0.0001427 level. Based on the technicals, the downside potential remains strong as momentum is waning, evidenced by the southbound Relative Strength Index (RSI), suggesting momentum is falling.

The Average Directional Index (ADX) indicator also corroborates the bearish outlook. The indicator, which quantifies trend strength, appears subdued, as it is moving horizontally. This means the downtrend could continue for a while.

The Awesome Oscillator (AO) is also in the negative territory, showing the bears have established a presence in the LUNC market. This is reinforced by the red histograms that accentuate the bearish thesis.

Enhanced seller momentum could see Terra Classic price extend, potentially losing support due to the 23.6% Fibonacci at $0.0001059 and subsequently, the 100-day SMA at $0.0001033 in the dire case.

Converse Case

If traders buy the LUNC dip, the ensuing buying pressure could see Terra Classic price push north, shattering past the 38.2% Fibonacci level and flip it into a support. Further north, the gains could see the altcoin overcome the 50-day SMA before a confrontation with the 50% and ultimately the 61.8% Fibonacci levels.

A break and close above this level at $0.0001931, marking the most important Fibonacci level, would set the pace for the bearish thesis to be invalidated.

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