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Crypto community sets Terra Classic (LUNC) price for July 31

Crypto community sets Terra Classic (LUNC) price for July 31

Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, continues to gain traction in the cryptocurrency market as the token aims for a potential recovery. One significant factor driving interest is the recent introduction of the LUNC/USTC swap pair, which has attracted attention and prompted the community to enhance the token’s utility.

Given the growing interest, Finbold explored the possible price trajectory for LUNC using CoinMarketCap’s crypto price estimate feature. As of July 16, data indicates that the Terra Classic community on the platform, with 278 votes, projects an average trading price of $0.0001445 for LUNC by July 31.

This projected value represents a price growth of approximately 54% from LUNC’s current price. Moreover, the community anticipates the bullish momentum to extend into August, predicting that the asset will trade at $0.0001355 by August 31, reflecting a 44% increase from its current valuation.

LUNC price prediction for July 31, 2023. Source: CoinMarketCap

At the same time, as reported by Finbold, machine learning algorithms by PricePredictions indicated that Terra Classic is likely to trade at $0.000076 by July 31. 

LUNC’ fundamentals 

Since the collapse of the Terra ecosystem, LUNC’s sustainability continues to hinge on network and community initiatives. Notably, with the introduction of the LUNC/USTC pair being one of the key latest developments, the community also relies on the continued burning of excess tokens. 

For instance, ClassyCrypto, a popular Terra Luna Classic community member and validator of Classy’s Sphere, has set an ambitious goal to revive the LUNC token price to $1 by initiating a significant token burn.

In a recent announcement, ClassyCrypto revealed plans to burn billions of LUNC tokens, aiming to reintroduce validator burns to increase the token’s value. As a first step, ClassyCrypto declared that 100% of the commissions earned by their validator will be burned throughout the remainder of the year.

At the same time, in a show of support for the Terra Luna Classic community, Binance has pledged to burn the spot and margin trading fees associated with LUNC on a monthly basis. This commitment aims to bolster the value of the LUNC token and strengthen the community’s efforts.

With Binance’s backing, the Terra Luna Classic community now looks to secure further assistance from the exchange in achieving the USTC repeg through a market module. The community hopes that Binance’s involvement will contribute to the successful implementation of the repeg and enhance the overall stability and growth of the ecosystem.

Terra Classic price analysis

As of press time, LUNC has recorded a gain of over 5% in the last 24 hours, with the asset currently trading at $0.00009143. Looking at the weekly chart, the token has experienced a significant surge of approximately 10%.

LUNC seven-day price chart. Source: Finbold

Meanwhile, an analysis obtained from TradingView indicates a predominantly bullish sentiment surrounding LUNC. The summary of the indicators shows a buy sentiment rating of 12, with moving averages aligning at 10. Oscillators also recommend a buy sentiment rating of 2.

LUNC technical analysis. Source: TradingView

In summary, while LUNC’s potential to reach new highs remains, it is important to consider the overall market price movement, as it will play a crucial role in determining the token’s future performance.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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