Terra Luna Classic Price Prediction as LUNC Pumps Up 7.7% in 24 Hours – $1 LUNC Incoming?
The Terra Luna Classic price has risen by 5% in the past 24 hours, reaching $0.00013703 as the wider cryptocurrency market barely budges in the same period. At one point today LUNC was up by as much as 7.7%, although its current price still means it's down by 17% in a week and by 10% in a month.
LUNC's inconsistent movements over the past few weeks have been caused by a mix of negative investor sentiment and ongoing attempts by its community to boost its price via burns. And this time, a proposal to reverse a recent move to re-mint 50% of all burns (for a developer/community fund) is responsible for the latest surge, with LUNC holders excited that the altcoin can get back on track towards substantially reducing its supply.
LUNC's chart appears to be presenting a 'bullish reversal.' This means that one of its indicators has turned bullish, contradicting another indicator which has been signalling bearish action for several days now.
In this particular case, LUNC's relative strength index (purple) has shot up to nearly 70, indicating substantial momentum and buying pressure. This has occurred at the same time as its 30-day moving average (red) being well below its 200-day average (blue), implying that LUNC had hit a bottom and is now in the process of rebounding upwards.
The main reason for today's rally is that the community is voting on a new proposal, which would reverse a decision to send 50% of all LUNC burns to a communtiy development pool. It seems as though this new proposal will be accepted, strengthening the expectation that LUNC's supply will drastically reduce over the longer term.
As for the longer term, it seems that people within the Terra Luna Classic communtiy are hoping for an eventual climb to $1.
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