- Terra Luna Classic (LUNC) saw a 12% increase in a single trading day.
- LUNC reached the 50-day moving average, indicating a positive trend.
- Proposal 11785 could expedite the burn rate, affecting LUNC’s price.
Amid a market downturn affecting major cryptocurrencies such as Bitcoin
LUNC has garnered attention from both cryptocurrency aficionados and investors. However, its recent significant price drop has left many puzzled. This altcoin has been caught in a noticeable downward trend since mid-August, mirroring the overall global cryptocurrency market.
CoinMarketCap data indicates that LUNC is priced at $0.00006216, reflecting a 9.48% increase in the last 24 hours. In the previous week, it has experienced a 7.5% rise.
Significantly, LUNC has already reached the 50-day moving average (MA), indicating a positive trend. The next target is to surpass the 200-day MA, which could suggest an additional bullish momentum. Holding a position above these moving averages would be a positive indicator for Terra Luna Classic.
Should the positive trajectory continue, LUNC could push the price to $0.00008138, $0.00011247, and possibly even peak at $0.00018537. Conversely, if the digital currency cannot maintain its standing above $0.00006, it could be vulnerable to a potential downturn. This could lead to a support level of $0.00005103 and even lower than $0.00003637.
LUNC’s New Proposal
A new proposal, identified as 11785, has been introduced, which, in addition to its technological implications, encourages Binance to conduct a monthly burn of 50% of USTC, presumably a stablecoin. This is in conjunction with the existing 50% LUNC burn. If executed, this proposal could expedite the burn rate and positively affect the price of LUNC.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
