Terra Luna Classic Price Prediction – Can More Burning Send LUNC to $1?

Luna Classic (LUNC) price has been making efforts to grow several times over the last two months, with the most notable price surge happening in early September. Since then, its price has dropped again, rather sharply, only to try another climb, which was once again followed by a decline due to the effects of the still-strong bear market.

With that said, there have been some developments that have been pushing the price up, such as Binance’s token-burning events. The question now is, can token burning help LUNC recover from LUNA’s drop to $0? Can LUNC go back up to at least $1?

Binance burned over 1.34 billion LUNC tokens

The story of LUNA and its price crash in May 2022 is well-known. So is the fact that the project rebranded into Terra Classic with the token LUNC. Since the project’s revival, several plans were made to try and put LUNC on the road to recovery. One of them came from Binance, which introduced a transaction tax, where the exchange burns 1.2% of each LUNC transaction within its platform.

Soon after making this decision, however, the LUNC community voted to reduce the amount of tokens burned to 0.2% per transaction. Even so, Binance has burned over 1.34 billion LUNC tokens during its latest burn, which took place on October 24th, sending the tokens to a burn address from which they will never be able to come out.

The big question is how effective are these burning sessions and whether or not LUNC can return to the price of $1? At the time of writing, the token’s price sits at $0.0002514. Previously, it surged from $0.0002184 on November 4th to $0.0002728 earlier today. Since then, it has dropped to the current price, which is still 11.67% higher than it was 24 hours ago.

On the day of the token burn, the LUNC price did not show any signs of growth. In fact, it dropped from $0.0002428 to $0.0002305, despite the fact that so many tokens were taken out of circulation permanently.

LUNC did see a small growth after that, reaching up, but it was stopped by a resistance level at $0.0002500.

Luna Classic price prediction

Some believe that LUNC could see a pump in weeks to come, especially after this week’s successful bearish trade idea, which allowed market makers to collect liquidity to try and reverse the trend. The token fell on November 2nd after the Fed-hike announcement that revealed plans to raise the rate another 75 bps. In the end, however, there is no way of knowing just yet.

LUNC’s future still remains undefined, although it is worth remembering that there is also a 4-year plan meant to lead the token to a recovery. Whether or not this will be successful also remains to be seen. As for the short-term predictions, LUNC has been known to make upwards spikes, seemingly out of nowhere, which has happened multiple times throughout the year, so there are moments like this that traders and investors should be on the lookout for.

Alternative investments

While LUNC remains a highly questionable project, it is worth noting that there are more promising alternatives. For example, the Dash 2 Trade (D2T) token, which is a native cryptocurrency of the Dash 2 Trade platform. The platform aims to provide help to traders and investors by offering crypto trading signals, social analytics, predictions, crypto exchange listings, and other important information needed to make the best trading and investing decisions.

The token just completed the second stage of its presale, raising over $5.1 million in a little over 2 weeks. Right now, it is in stage 3 of the presale, with 69.69 million tokens offered on sale, where each token can be purchased for 0.0533 USDT.

Alternatively, there is also Calvaria (RIA), which is a P2E battle card game that allows users to create their own decks, duel others, upgrade their decks over time, and earn cryptocurrencies with each victory. This project is also holding a presale right now, and so far, it has raised over $1.41 million by selling 92.5 million RIA. The presale is entering its final stages, and anyone who wishes to join should be aware that the time is running out, and that the tokens are disappearing quickly.

Related

• How Much Will Terra Luna Classic Cost in the Future?
• Terra Luna Classic Price Forecast
• Terra’s Luna Classic (LUNC) surges by 70% as Binance burns an unknown amount of tokens