Terra LUNA Classic Price Prediction as Community Revises Burn Tax – Can LUNC Reach $100?
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Terra LUNA Classic (LUNC) price failed to break above its 21DMA and is falling back down despite the community revising the token’s burn tax.
LUNC was last seen trading just below $0.0001050 after failing to break above its 21DMA for the fourth day in a row.
LUNC’s burn tax revision failed to lift sentiment, likely because the burn rate itself remains unchanged at 0.5%.
The just-passed proposal slightly changed what happens to those burned tokens.
LUNC’s Oracle Pool will now receive 10% of the burned tokens. Previously, that 10% had gone into “rewards.”
As the broader crypto market struggles, the risk remains that Terra LUNC Classic’s price will continue to fall.
The macroeconomic backdrop has been a headwind for crypto prices this month. Recent data, including the latest core PCE report released on Friday, points to persistently high inflation in the US.
Here’s Powell’s preferred inflation indicator.
PCE Core Service Less Housing MoM up nearly 0.6%
TOO much… end of discussion pic.twitter.com/yEBlWeV1MA
— Andreas Steno Larsen (@AndreasSteno) February 24, 2023
That’s forced investors to scale back their bets on a Fed rate cut. A subsequent rise in US bond yields and the US dollar has sent altcoins, including LUNC, tumbling.
Terra LUNA Classic’s price is down 34% so far this month and over 60% since peaking at $0.00002550 in March.
And bearish technicals suggest the sell-off may be far from over.
Terra LUNA Classic Price Prediction – What’s Next for LUNC?
Chat analysis suggests that Terra LUNA Classic bears are currently in strong control of the market.
The 21DMA has acted as a strong resistance until the end of March. And the Terra LUNA Classic price has subsequently formed a clear downtrend.
The March low that LUNC broke below in mid-April also acted as a strong resistance earlier this week.
These are all strong signs that LUNC prices are headed lower. A retest of the April lows just above $0.00007 is likely in the coming weeks, a 30% decline from current levels.
Can LUNC reach $100?
If the LUNC community was able to burn enough tokens, then technically LUNC could reach $100.
Assuming LUNC maintains its current market cap of $600 million, a LUNC price of $100 would mean a supply of 6 million tokens.
But LUNC’s current token supply is over 5.8 trillion. To reach a supply of 6 million tokens, 99.99999% of the supply must be burned.
Expanding the market cap could help reduce the number of token burns that would be needed to get LUNC to $100.
But LUNC lost all its utility when the Terra ecosystem collapsed in May 2022.
LUNC is basically just a speculative shitcoin at this point. Sure, there might be random 2-3x pumps as risk appetite increases.
But it’s unlikely to become a multi-billion dollar crypto in the long run.
While it’s possible, it remains highly unlikely that LUNC will ever hit $100.
LUNC Alternative to Consider – Mega Dice Casino (DICE)
For those looking for a better probability of short-term gains, an alternative high-risk, high-reward investment strategy is to participate in crypto presales.
This involves investors buying the tokens of emerging Web3 projects to fund their development.
These tokens almost always sell cheap, and there’s a long history of presales giving early investors huge exponential gains.
Many of these projects have fantastic teams behind them and a great vision to provide a unique crypto application/platform.
The Cryptonews.com team spends a lot of time sifting through presale projects to help investors.
One such project that the analysts at Cryptonews are big fans of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
DICE holders receive great cashback benefits on their stakes and can also generate passive income via DICE staking.
The crypto casino also runs a series of exciting airdrops to reward early presale investors.
$DICE has raised over $500,000 in the presale so far! 🔥
Thank you to each and every one of you for being part of our journey! 🙏❤️
$1 million is next! 🚀 pic.twitter.com/N94CDeHBOh
— Mega Dice Casino (@megadice) April 25, 2024
The project has already raised almost $550,000. And potential investors should hurry because when the $1 million mark is reached, the DICE price will increase.
Watch Mega Dice Casino’s presale
Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
