What Can We Expect from the TerraClassic (LUNC) Price in 2023? Is a Bull Run Above $0.0003 Possible?
The bearish cartel has successfully dragged the TerraClassic (LUNC) price lower and may also reach the levels, it traded during the beginning of 2023. The price was on its way to completing the parabolic recovery that it began after experiencing rejection at $0.000185 during the last few days of 2022. However, the fresh price crash that began on 03 January 2023, squeezed the bulls to a large extent, compelling the price to drop below $0.00015 levels.
While the bearish clouds have outspread over the TerraClassic (LUNC) price rally, the possibilities of a bullish breakout appear fewer but cannot be completely eliminated. However, the current trade setup indicates the scope for an extended consolidation along the support levels as the price may struggle to hold above $0.0001.
- The LUNC price has been trading within a bearish triangle and almost reached the apex of the consolidation where-in the possibility of a bearish breakout appears to be imminent
- After experiencing a bearish breakout, the price tries to hold at the lower support zone, failing to which it may head toward the crucial level $0.000086.
- Else, the price after reaching the peak, may extend the consolidation indefinitely and hover just below the important resistance levels at $0.000163 until it receives a significant buying volume to rise high
- Both cases indicate an extended consolidation for another couple of weeks, where-in the volatility may deplete while the volume may maintain decent levels
However, the crypto markets are believed to mark the bottoms of the current bear market somewhere in the mid of Q1 2023, post to which a firm recovery phase may begin. This is when one can expect a notable upswing for the TerraClassic (LUNC) price.
TerraClassic prices have been trading in a steep descending trend ever since the beginning of the October trade. Meanwhile, the asset underwent a significant upswing as Binance validators burned over 1.5 billion LUNC tokens, which all went in vain as bears dragged the price lower quickly.
The Binance, the world’s most popular crypto exchange, has burnt over 1.2B LUNC tokens amid the 5th batch of the Binance burn mechanism on trading fees. It was the first burn after the tax reduction proposal from 1.2% to 0.2% was implemented. The platform has sent over 1.26 billion Terra Classic to the LUNC burn address, including a fee of 2.51 million LUNC.
The LUNC price had surged notably by more than 16% to reach $0.00027496 during the previous trading day. Meanwhile, the Binance burn of 1.25B LUNC failed to induce a significant bullish momentum and hence the price remained heavily deflated.
The LUNC price has maintained a notable lower trend line for more than a week, and hence the prices may consolidate for a while initially. Therefore, a significant plunge may be imminent as the bears appear to be well-positioned. However, a drop to the lower support may further trigger an upswing as a result of a catapult action after testing these levels.
Meanwhile, the burning mechanism does not appear to have induced significant bullish momentum over the asset. As of today, Binance has already burned more than 5.5 billion LUNC, which dropped below 3 billion due to a drop in the tax burn policy, while the price remained largely stagnant.
Hence, the TerraClassic price may continue to trade under bearish captivity for a long which may compel the price to drop to the lower support shortly.
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Terra Classic (LUNC) Price
Despite a significant upswing, TerraClassic remains in bearish captivity as it consistently fails to reach the pivotal resistance at $0.00033. The platform introduced a 1.2% LUNC burn, which was anticipated to revive a bullish trend, but the bears comfortably restricted the price below $0.0003 even after the burn. However, the asset is yet again attempting to rise and regain its levels, but the slashed volume is hampering the rally at the moment.
Ever since the LUNC price rose above $0.00036, the bears compelled it to trade within a descending parallel channel. However, after the recent rebound, the asset is closer to testing the upper resistance. If the buying volume hinders the price’s progress, then it may face rejection as it did before, or else an upswing may result in a price rise toward the immediate resistance at $0.00033.
TerraUSTC (USTC) Price
In the last few days, TerraUSTC showed a fine upswing, which caused it to soar by more than 120%. However, the bulls appear to have lost their momentum, and as a result, the price has recently experienced a startling 28% pullback. Presently, the price may continue to decline until it reaches the crucial demand area of around $0.043.
Unfortunately, the price of USTC is currently trading inside of a massive rising wedge, which raises the possibility of a significant drop. Price may rise marginally to reach the nearby resistance at $0.06217 as prices are currently attempting to recover from the lower support. If the bulls are unable to push the price higher than these levels, the market could experience a sharp decline that tests the support at about $0.04343.
Prices for TerraClassic(LUNC) and TerraUSTC(USTC) collectively are getting closer to experiencing a noticeable upswing. But over time, USTC might encounter a significant backdrop, while the price of LUNC might test the upper targets.
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The post This is Why TerraClassic (USTC) is Primed to Re-Pegg to $0.1 Soon! appeared first on Coinpedia Fintech News
It was the stablecoin of the Terra ecosystem which kick-started the great compression within the crypto space earlier this year in May. The de-peg created a domino impact within the entire market as many institutions underwent huge losses, creating a massive liquidity crisis within. However, now that the algorithmic stablecoin is gaining significant momentum and regaining its peg, will the crypto space substantiate with positive movements?
Bitcoin price underwent a 50% price slash after the UST lost its peg and dropped to rock bottom levels and continued to struggle to slash a zero in its value. However, after visiting the lowest levels below $0.008, the stablecoin rebounded finely but continues to remain restricted below $0.006 levels.
Meanwhile, now that the USTC price is regaining its lost levels, securing above $0.07 could be the target for the next couple of days.
The USTC price surged nearly 40% in the past couple of hours which raised the peg to $0.0435. While the trading volume after a significant time witnessed a notable upswing which is further embraced with the LUNC burn proposal. Currently, the USTC price appears to aim at the crucial resistance above $0.05 initially. If the price sustains firmly above these levels, then the next price target could be somewhere above $0.07.
However, the TerraUSTC price has been failing to regain above $0.1 ever since the prices dropped heavily in May despite extremely high trading volumes. Therefore, it appears that the current bounce could be just another short-term bounce which may face rejection as it reaches levels close to $0.07. As a matter of fact, the bulls have stepped away from the platform and the asset is failing to gain the investor’s confidence.
On the bright side, if the market sentiments continue to coil up and the Bitcoin (BTC) price continues to trade sideways, the USTC price may find notable bullish momentum to propel it high.
On Sunday, Luna Classic, or LUNC, reached $0.000365 as traders awaited the final token burn figures from Binance. This represents more than 70% gains for the week and more than 44% for the month. This is a lot compared to the other cryptocurrencies, which did not garner impressive gains.
The largest cryptocurrency exchange in the world, Binance, revealed its plans to reduce the token’s supply on Monday. The exchange stated: “Binance will put in place a mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.”
Sending a token to an anonymous cryptocurrency address is referred to as “burning” it. This reduces the number of coins in circulation, which quickens price movement.
According to CoinGecko, LUNC price surged by more than 55% within a day after the news, from $0.00018 to $0.00032. TerraClassic is now trading at $0.0003254 with a market capitalization of $2,241,752,951 and a trading volume of $865,002,926. In the last 24 hours, 6,151.07B LUNC have been in supply, according to Coinmarketcap.
If LUNC manages to break the resistance at $ 0.0003500, it will rally the price to almost $ 0.0004000. If it fails, it may find support at $ 0.0003000
Will The Kwon Crisis Impact LUNC Price?
With the start of the new month, the price had another significant increase and is currently at $0.0003254, and the trading scenario appears optimistic. It is estimated that around 10-25 Billion tokens were burnt.
While the price upsurges give hope to individuals who lost millions of dollars in the Terra Luna bankruptcy, these profits are of little solace. The international law enforcement organization Interpol has also issued a “red notice” for Do Kwon’s capture, despite the co-founder of Terraform Labs’ insistence that he is not on the run.
According to South Korean officials, the Terra project and Do Kwon are allegedly connected, and they seized $62 million worth of Bitcoin holdings belonging to Kwon on Wednesday.
However, this news about the founder has not impacted the price of the asset.
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The TerraClassic price experienced insane volatility this month and underwent a wild rally, marking the monthly highs at around $0.00032. The token recorded a steep jump of nearly 60% after the crypto-giant Binance announced the implementation of a burn mechanism on the trading fees. While the rounds of the founder, Do-Kwon, remained absconding as more than 125 nations after he made a huge noise.
However, the LUNC price being largely unaffected by these factors led to a minor bull run and currently resides above the crucial support at $0.00025. While the asset is displaying enormous strength, the expectation of a bullish close also hovers within the crypto space. Therefore, the price is further expected to break out of the consolidation and range high to mark a bullish close for Q3 2022.
The LUNC price before the dramatic spike was closer to testing the last point of defence and eventually adding up to a zero in its value. However, Binance came up as a blessing in disguise that uplifted the price and compelled the asset to head towards the upper targets.
Presently, the LUNC price appears to be due for another major breakout as the price reaches the apex of the consolidation. With a breakout, the price may rise beyond $0.00004 after testing and clearing the crucial resistance between $0.000033 and $0.000035. This move may be fast approaching as something big is about to occur on the LUNC platform soon.
One of the well-known crypto and NFT promoters, Hailey LUNC, believes a big announcement is fast approaching. In recent times, many exchanges are moving ahead to implement LUNC burn, while one of the popular exchanges, Coinbase, is yet to list the token. Therefore, if the promoter hints at a major announcement, it would be interesting to see if it involves a Coinbase listing or not.
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What is the dependability of the Terra (LUNA) and TerraClassic (LUNC) Surges? Will the Bulls be trapped again?
Terra(LUNA) & TerraClassic have been on a run of late as Do-Kwon, the founder, is reportedly being detained by Interpol. While the negative rounds of news are having such a large impact, the question arises whether the current upswing will prevail or just remain as a short-term bounce.
Do-Kwon, a co-founder, was continuously watched after the historically significant TerraClassic crash in May. He was held accountable by the government for the harm done to the nation’s citizens. A recent update revealed that nearly 195 countries were looking for the founder, who is currently being held by the authorities.
The native tokens Terra (LUNA) and TerraClassic (LUNC) soared in the midst of this and currently top the gainers’ list for the day. But how long will the rally exist?
Prior to the price of TerraClassic igniting a powerful rally in the final days of August, the price had plateaued. The asset kept rising, reaching its highest point for the month at about $0.00059. But soon after, the trend changed, driving the price sharply below $0.0002. The LUNC price now appears to have defeated the bearish thesis following the enormous rise during the most recent trading day. However, there is still a great deal more to come.
The 66% increase seen in a 4-hour candle indicates a bullish resurgence, but the moving averages show a counter-rally. The 50-day MA level is moving south while the 200-day MA level is crossing over it. The 50-day levels surged high previously when they crossed, but now that they have descended, the rally is also anticipated to end soon.
On the other hand, despite a sudden increase of almost 30% during the early trading hours, the Terra (LUNA) price is emitting strong bearish signals. Although there was a noticeable price increase, the current consolidation is pointing to a significant downtrend in the coming days.
For the past few hours, the bulls have been facing huge hindrances from the bears, and hence a notable price drain may be highly anticipated. Further, on reaching the lower support below $2, the LUNA price may receive the required base to rebound well.
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Happy Days Are Over For TerraClassic (LUNC), Primed For A 40% Drop Soon! – Coinpedia – Fintech & Cryptocurreny News Media
Terra Classic price has been trading below the crucial 50-day MA levels since its inception until the previous trading day which uplifted the price beyond the levels. Ever since then, the price has been hovering above the pivotal levels, flashing the possibilities of pulling another leg up. However, despite the projections of a short-term bounce, the LUNC price appears to be primed for a huge price drop ahead.
In the first few days of this month, the LUNC price had formed an inclined head & shoulder pattern which was indicative of its intention of breaking down from the trendline. As a result, the price dropped hard and maintained a steep downtrend to mark lows below $0.0002500.
At the moment, the bulls are trying very hard to uplift the price beyond the descending trend line, but the asset is predicted to face a massive rejection soon.
After dropping hard from the H&S pattern, the price formed multiple lower highs & lows and maintained a firm descending trend. Currently, the price is about to test the descending trend line where-in it may experience acute selling pressure; this may compel the price to drop hard by nearly 35% to reach the same lows.
On the whole, the TerraClassic (LUNC) price could undergo a significant drop in the next 24 to 48 hours which may pile up excessive selling pressure on the asset. This may eventually lead to a breakout, but the price may still be restricted below the trend line. Therefore, before igniting a significant upswing, the price may be primed to retest the lows, registering a 40% drop in the coming days.
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Why Is TerraClassic (LUNC) A Market Favourite Right Now? What Lies Ahead? – Coinpedia – Fintech & Cryptocurreny News Media
2021 was the year of meme currencies like Dogecoin (DOGE) and Shiba Inu (SHIB) which gained massive traction. However, that didn’t last for long as the interest slid down as other prominent cryptocurrencies gained the interest of the market participants.
The Terra Classic (LUNC) was introduced after Terra (LUNA) collapsed in May. However, after experiencing some terrible days and almost falling to zero, LUNC is now experiencing a notable price rise which is much similar to that of Dogecoin.
As per Santiment data, LUNC is witnessing fresh traction which has seen investors flocking in to invest. To give an example, LUNC’s price movement and trading volume are mirroring that of Dogecoin in 2021.
What’s more fascinating here is that both LUNC and Dogecoin have risen in the initial stages before consolidating and then gaining traction.
Terra Classic (LUNC) Sees A Rise In Social Interest
Even the social trends are seeing a rise in interest in LUNC, because as of September 8, Santiment’s data revealed that the keywords that were related to LUNC ranked in the first and eighth positions. This shows how the currency has started to gain attention. Hence, in the coming days, LUNC is expected to decline, just like Dogecoin and Shiba Inu did.
After Terra’s LUNA collapsed along with TerraUSD (USTD), losing its peg against the US dollar in May, LUNC entered the list of the best-performing cryptocurrencies. This is because the currency saw an increase in buying pressure created by investors.
At the time of reporting, LUNC is changing hands at $0.00038 with a gain of nearly 20% in the last seven days. However, in the last 24hrs, the currency is experiencing a plunge of 0.16%.
As per the reports, the money that is going out of LUNC is most probably entering Terra 2.0 (LUNA) as they are connected with a single network. In the last seven days, LUNA has gained a whopping 150% and is now trading at $4.76.
The reason LUNA is experiencing such immense gains is that the community has adopted a short squeeze method to pump the price. On the other hand, even LUNC developers are increasing their network activity.
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TerraClassic price is currently invincible as the asset is gearing up to regain the lost levels at the earliest. As Coinpedia has reported earlier, the LUNC price is displaying a similar price movement and healing strongly towards $0.00035. The price is currently trading very close to $0.0003 and as the selling pressure is negligible, the probability of rejection is fewer.
The LUNC price has raised by more than 135% in the past week and appears to repeat a similar upswing through the current week. The asset has just broken above the bullish pennant and hence may undergo an upswing of nearly 20% in the next couple of hours. Therefore, if the price manages to close to the day’s trade above $0.0003, then may forecast a significant bull run ahead.
The LUNC price in the short-term, sliced through the apex of the symmetrical triangle and raised high looking to retest the resistance at $0.0003 at the earliest. However, the LUNC may experience a slight pullback in the next 2 to 4 hours as the RSI is hovering above the resistance and may tend to drop slightly before pulling the next leg up.
In an interesting update, one of the popular exchanges, FTX in a recent announcement suspended the deposits & withdrawals for LUNC & USTC. Moreover, the platform will also delist Anchor Protocol(ANC) for the Spot & Future trades from September 12.
However, the Terra Classic (LUNC) price does not appear to be impacted by any odds within the crypto space. Therefore, may continue with a firm upswing until it squashes a zero from its value soon.
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TerraClasic price has been a hot topic ever since the asset experienced a steep downfall that led to a rebranding from Terra. Since then the community was pretty confident of the LUNC outperforming the Terra(LUNA), which has been materialized of-let. While the platform is been undergoing various changes, the LUNC price is expected to continue with a significant upswing.
Recently, the TerraClassic developers rolled out a new network upgrade according to which the investors can quickly take the stakes in LUNC. The version V22 update has introduced a staking feature to the blockchain which was the much-needed positive catalyst for the LUNC to break above the extended consolidation.
As the result, TerraClassic (LUNC) price jumped into action and surged more than 100% in the past 7 days.
With the network upgrade, the LUNC price raised massively above $0.00024 and quickly fell into deep consolidation. As the bulls appear to remain slightly passive, the bears jumped in to extract the profits. However, after a brief consolidation, the price may quickly rebound and pull a massive leg up to hit $0.0003.
The recent upgrade has proved to be very big news for the Terra Classic holders. Nevertheless, the asset has a pretty long way to go to reach its highs. On the contrary, some analysts still believe the asset’s upswing may be only for a short time frame as nothing has changed with the asset. Therefore, a notable drop may also be fast approaching for the TerraClassic (LUNC) price ahead.