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💰💰💰As Community Revises Burn Tax, Can Terra LUNA Classic Reach $100?
Even if the community changed the token's burn tax, Terra LUNA Classic is falling below its 21DMA.
After failing to break above its 21DMA for four days, LUNC was trading slightly around $0.0001050.
The LUNC burn tax modification didn't raise mood, perhaps because the burn rate stayed at 0.5%.
The recently approved proposal altered what happens to burnt tokens.
LUNC's Oracle Pool gets 10% of burnt tokens. Previously, 10% went to “rewards”.
As the crypto market suffers, Terra LUNC Classic may fall lower.
The macro background has hurt crypto prices this month. The latest Core PCE report indicates persistently strong US inflation.
It has caused investors to reduce Fed rate decrease wagers. Rising US bond rates and the dollar have hurt cryptocurrencies, like LUNC.
Terra LUNA Classic is down 34% this month and 60% from March's $0.00002550 highs.
Bearish technicals signal the sell-off may continue.
Terra LUNA Classic Price Prediction: LUNC's Future
Chat research reveals Terra LUNA Classic bears dominate the market.
The 21DMA has been a solid barrier since late March. The Terra LUNA Classic pricing has since fallen.
This week, LUNC saw heavy resistance from the March low, which it broke below in mid-April.
These are significant evidence of LUNC price cuts. In weeks, April lows just over $0.00007, a 30% decline from present levels, may be retested.
May LUNC Reach $100?
LUNC might hit $100 if the community burned enough tokens.
Assuming LUNC retains its $600 million market worth, $100 would be 6 million tokens.
The LUNC token supply exceeds 5.8 trillion. Burn 99.99999% of the token supply to reach 6 million.
Market cap growth may minimize the number of token burns needed to reach $100 for LUNC.
In May 2022, the Terra environment failed, rendering LUNC useless.
$LUNC is become a speculative shitcoin. Random 2-3x pumps may occur as risk appetite rises.
However, it is unlikely to become a multi-billion dollar currency.
#LUNC may hit $100
