Terra Luna Classic Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying?
The terra luna classic price has dropped by 4.5% in the past 24 hours, amid a day of losses for the cryptocurrency market as a whole. At $0.00017485, it has gained by 2% in a week and by 3% in the last 30 days, held back from further gains by delays to LUNC burning and in-fighting within the Terra Luna Classic community.
However, with 24-hour trading volume remaining at around $100 million, there's enough liquidity in the LUNC market right now to cause additional significant movements in the coming days.
LUNC's indicators suggest that it's currently witnessing a little selloff that may continue for the next couple of days. Its 30-day moving average (red) is about to fall below its 200-day (blue), something which may signal further losses.
At the same time, its relative strength index (purple) has risen up to 35 after slipping below 30 yesterday. This suggests that selling pressure is still likely to drag the altcoin down further in the near future.
The key levels to watch out here for are $0.00016 and $0.00019. If LUNC can hold off a dip below $0.00016, it will likely avoid a substantial selloff, whereas a sustained rise above $0.00019 could signal further gains.
In terms of fundamentals, LUNC holders can be optimistic that it and its sister stablecoin (USTC) have big price rises in store in the future. In particular, a recent proposal to re-peg USTC to $1 passed a few days ago, igniting a significant LUNC rally (that has now petered out).
The accepted proposal is important because would require a large-scale burn of LUNC tokens. As its authors write, the plan would involve "designing a more efficient system for LUNC and USTC that can burn more than the tax rate can."
In other words, expect much more LUNC to be burned over the
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