•The price forecast for the Terra Luna Classic-LUNC coin remains negative despite the community's attempts to reduce its circulating supply through coin burning. According to a tweet posted on the @AlexCryptoBull account, 700 million LUNC coins were burned this week, along with 230,000 UST coins, the algorithmically stable Terra Classic blockchain token that lost its peg to the US dollar in May 2022.
•One of the results of the separation of the UST currency from the US dollar during that period was the departure of huge investments in this currency, which led to a massive inflation in the LUNC currency, which was used in the Terra Classic technical system as a guarantee for the peg of the value of the UST currency to the US dollar.
•The Luna Classic coin is currently trading slightly below the $0.000095 level after declining by approximately 25% within a week. This price decline comes after the price fell from the ascending line that has been extending since last November and stabilized below.
•The recent decline also shows that the price of LUNC remains on a downward trend from its highest levels recorded at the beginning of last December above the $0.00028 level.
•Luna Classic coin price chart - Source: TradingView Accordingly, the LUNC coin has lost 66% of its value since its last price increase.
•It is noteworthy that the recent burning of LUNC coins did not have any significant effect in boosting investor morale, as the 700 million coins that were burned constitute no more than 0.00012% of its total supply, which amounts to about 5.79 trillion coins, according to CoinMarketCap.
•Returning to the luncmetrics.com website, 94.78 billion LUNC coins have been burned since May 13, 2022, that is, a short period after the major collapse of the original Terra blockchain. The Binance platform burned about 52% of these coins and continued to provide support for the Terra blockchain. .
•Expectations for the price of the Terra Luna Classic coin: Will it witness an upward shift soon?
•The price of LUNC coin is currently trying to maintain its levels at the 50-day moving average (50DMA) indicator at $0.000092, and if the price falls below this indicator, the possibility of it falling towards the support level at $0.00007 will increase, which will turn into a resistance level after breaking it.
•Luna Classic coin price chart - Source: TradingView The possibility of the Luna Classic coin price changing upward trend remains very weak, as the projects associated with Luna Classic no longer enjoy the confidence of investors after its blockchain collapsed in 2022, causing billions in losses.
•According to DeFi website LIama, the total value locked (TVL) on the Terra blockchain was only $3.25 million. TVL refers to the total value of digital currencies locked in smart contracts on the blockchain in dollars.
•For comparison, the total value locked on the Terra blockchain was close to $35 billion before its collapse in May 2022; The decrease in the total value locked on the Terra blockchain confirms its transformation into an unused pariah network, causing LUNC to fall into the status of a useless coin (shitcoin).
#Follow.us To see more news and details about digital currencies 🙂🔥💯💵✅