• Fri. Dec 1st, 2023

The crypto community sets the Terra Classic (LUNC) price on July 31st

The crypto community sets the Terra Classic (LUNC) price on July 31st

Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, continues to gain traction in the cryptocurrency market as the token targets a recovery. A key factor fueling interest is the recent introduction of the LUNC/USTC swap pair, which has attracted attention and spurred the community to increase the utility of the token.

Given the growing interest, Finbold explored a possible price path for using LUNC of CoinMarketCap Crypto price estimation feature. As of July 16, the platform’s Terra Classic community expects an average trading price of $0.0001445 for LUNC by July 31, with 278 votes, data indicates.

This projected value represents approximately 54% price growth from LUNC’s current price. Moreover, the community expects bullish momentum to extend into August, forecasting the asset to trade at $0.0001355 by August 31, reflecting a 44% upside from its current valuation.

LUNC Price Forecast for July 31, 2023. Source: CoinMarketCap

At the same time, PricePrediction’s machine learning algorithm indicated that Terra Classic is likely to trade at $0.000076 by July 31, as reported by Finbold.

LUNC’ Basics

Since the collapse of Terra Ecosystem, LUNC’s sustainability network and community initiatives continue. One of the most recent developments is the introduction of the LUNC/USTC pair, and it is noteworthy that the community also relies on the continuous burning of additional tokens.

For example, ClassyCrypto, a popular Terra Luna Classic community member and validator of Classy’s Sphere, has set an ambitious goal of reviving the LUNC token price to $1 by launching a significant token burn.

In a recent announcement, ClassyCrypto revealed plans to burn billions of LUNC tokens with the aim of reintroducing validator burns to increase the value of the token. As a first step, ClassyCrypto has announced that they will burn 100% of their validator earned commissions for the remainder of the year.

At the same time, in a show of support for the Terra Luna Classic community, Binance has pledged to burn LUNC-related space and margin trading fees on a monthly basis. This commitment aims to raise the value of the LUNC token and strengthen the community’s efforts.

With support from Binance, the Terra Luna Classic community is now looking to get more help from the exchange to get USTC reeg through a market module. The community hopes that Binance’s participation will contribute to the successful implementation of Reg and the overall sustainability and growth of the ecosystem.

Terra Classic Price Analysis

As of press time, LUNC has gained more than 5% in the past 24 hours, with assets currently trading at $0.00009143. Looking at the weekly chart, the token has seen a significant increase of around 10%.

LUNC seven day price chart. Source: Finbold

Meanwhile, an analysis obtained Trading View Indicates a significant bullish sentiment surrounding the LUNC. The summary of indicators shows a buy sentiment rating of 12, with the moving average aligning at 10. Oscillators also recommends a Buy sentiment rating of 2.

LUNC Technical Analysis. Source: TradingView

In summary, while the potential for LUNC to reach new highs remains, it is important to consider the overall market price movement as it will play a crucial role in determining the future performance of the token.

disclaimer: The content on this site should not be considered as investment advice. Investment is speculation. When investing, your capital is at risk.

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