Terra Luna Classic Burn: Terra Classic Aims for $0.000123 as Terra Community Burns LUNC
- As bulls battle for dominance of the altcoin market, Luna Classic has its sights set on the $0.000123 goal.
- To maintain a higher LUNC, the Terra community keeps Luna Classic burn.
- Customers on Terra are concerned about the 1.2 percent burn of Luna Classic and Proposal 3568.
The United States community has moved its attention from burning Luna Classic to the growing number of lawsuits filed against Do Kwon, Daniel Shin, and Terraform Labs (LUNC). Bears are making an effort to reclaim control of Luna Classic (LUNC) since the price trend has showed positive potential.
The community is concentrating on Proposal 3568, which proposes adding a burning mechanism to Luna Classic. In order to increase the value of remaining LUNA Classic tokens, the proposal discusses a tax burn method to reduce the overall supply of LUNA Classic. As long as there are more than 10 billion in circulation, the burning mechanism must be accurate.
After breaking out of the falling wedge, the price trend for LUNC has turned bullish for the near term. Overall, LUNC still has a negative long-term prognosis. Following the precipitous drop in price of LUNA-UST, Terra’s sister coin, there was intense selling pressure on LUNA Classic.
Given the prevalence of LUNA 2.0, this has led numerous analysts to forecast a decline in the value of LUNC. Importantly, Luna Classic was negatively affected by LUNA 2.0 airdrops.
Bullish Target Price
By staying above its 200-day Moving Average, Luna Classic is on track to reach the bullish target price of $0.0001234 and set a new weekly high. There is a high probability that the current downturn in Luna Classic will be maintained if the price is rejected at $0.00011.
Bullish objectives of $0.0009807, $0.00011180, and $0.0001234 must be reached for Luna Classic to break out of its downtrend.
Indicators point to a reversal of the present downtrend as transaction volume has been falling since the beginning of July 2022. There has been a fall in enthusiasm for Luna Classic, but the increasing rate at which LUNC are being burned can inspire a buying frenzy among investors.