Terra Luna Classic Price Prediction – Can LUNC Reach $1 in the Next Bull Market?

cryptonews.com:

The terra luna classic price has fallen by 3% in the past 24 hours, as the market continues to reel from the ongoing effects of the FTX collapse and subsequent hack. At $0.00015053, LUNC is also down by 13% in the past week and by 35% in the last 30 days, with ongoing token burns currently doing little to counteract the effects of negative investor sentiment.

However, the Terra Luna Classic community and ecosystem continues to support LUNC's price as best as it can, with last month witnessing a proposal to re-peg USTC to $1. If implemented, such a plan would see LUNC's price rise significantly, potentially returning itself to $1 or higher.

Looking at LUNC's price chart, it's clear there isn't much momentum behind the altcoin at the moment. Its relative strength index (purple) has dropped to 30 in the past couple of days, indicating a surge in selling.

At the same time, its 30-day moving average (red) continues to drop further below its 200-day average (blue), and may reach a bottom soon. If so, this would signal an incoming rebound, although with the market still feeling the FTX collapse, it's not clear when such a rebound may occur.

Nonetheless, there are a few things happening with the Terra Luna Classic ecosystem which suggest that LUNC could rally sooner or later. Most notably, developer Tobias Andersen published a proposal last month that would potentially re-peg USTC, the stablecoin to which LUNC's price has historically been tied.

This proposal would see the creation of a system of 'quantitative tightening,' whereby burn taxes on USTC and LUNC would be increased, as would interest rates and lock-up periods for staking. In theory, this would take significant quantities of USTC and LUNC out of circulation, and by