In the last 24 hours, the price of Terra Luna Classic has risen 3.5% to $0.0030768. This means that in the last week, LUNC has fallen by 8%, but in the last 14 days it has risen by 56%. The price of LUNC has also fallen 28.5% in the last month, and these different percentages make up a complex representation of altcoins, which have fallen lately despite a very energetic start in September.
Nonetheless, it is likely to rise further as resources continue to shrink and Binance and other players support the mass burning of LUNC tokens. Terraluna Classic Price Forecast
September LUNC prices
In comparison with the begining of September, LUNC doesn’t look much better: it reached $0.00057449 on September 8 and was $0.00018478 on September 26, down just 67.8%. Fortunately, LUNC actually rose after that drop, and the current level is 66.5% above the September 26 low, so if you only look at the price, LUNC may have bottomed at the end of September.
Since hitting 00036234, it has fallen 15%. So, the current level is a little lower, and prices have just risen 3.5% in the last 24 hours, so everything looks normal. In fact, the Relative Strength Index (in purple above) is up from a low of 30 a few days ago to almost 70 today. This indicates that the market is coming out of oversold conditions, and the 30-day average has also crossed the 200-day line.
The future for LUNC
These bullish indexes are likely to be achieved by good news for LUNC. Binance appears to be destroying all fees collected on LUNC again after destroying about 5.8 billion of its LUNCs (worth about $1.8 million) in the past two weeks; assuming Binance burns them regularly, the market could see a significant reduction in LUNC supply.
Of course, the current supply is about $6.9 trillion, so Binance will have to raise a little more before its efforts really make sense. However, there was other promising news about LUNC today: Lithosphere (LITHO) developer KaJ Labs announced that it will spend $450 million to burn about 2.5 trillion LUNC.
This is significant: once incineration is complete, the circulating LUNC stockpile will be reduced by more than 36% (more than a third).
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