The Terra Luna Classic price has dropped by 4.5% in the past 24 hours, falling to $0.00017108 as the wider cryptocurrency market declines by 3% within the same timeframe. Despite this slip, it remains up by just over 16% in the last 30 days, helped along by ongoing token burns and an overall market recovery.
With the aforementioned burns continuing apace, there's a very real expectation that LUNC will continue to post significant gains over the course of 2023. However, if its community want it to return to $1 or higher, it will have to adopt more drastic token burns, since the current rate is much too gradual.
LUNC's chart indicates that it's currently weathering a little correction after a couple of weeks of gains. Its relative strength index (purple) dropped below 30 yesterday, signalling overselling, yet it's rising back up towards 40, potentially hinting at a recovery.
On the other hand, LUNC's 30-day moving average (red) is above its longer term 200-day average (blue) and looks set to fall, meaning that further losses are potentially in store for the altcoin.
Still, even with a correction on the cards for LUNC, it remains in a good position to enjoy significant rallies this year. This is mostly because of the ongoing burns that are taking place on-chain and on various crypto exchanges, such as Binance.
As of writing, some 38 billion LUNC has been burned, out of a total circulating supply of 6.87 trillion. This may not seem like too much relative to the total supply, but it will continue increasing as the year progresses, especially given the amount of community effort dedicated to increasing the burn rate.
LUNC had received a blow a few weeks ago, when Binance temporarily stopped its burning of LUNC trading fees,Read more on cryptonews.com