Shiba

2024

Terra Classic

Terra

Shiba Inu

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41.png" class="attachment-full size-full wp-post-image" alt="LUNC price chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41.png 2710w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Cryptocurrencies moderately rebounded this week but bulls are not in the clear yet. For instance, although&nbsp;<a href="https://coingape.com/terra-classic-l1tf-core-security-upgrade-proposal-lunc-price/">Terra Classic (LUNC)</a>&nbsp;climbed slightly above $0.0001 from support at $0.00009, it had corrected to $0.000095 during US business hours on Wednesday. 
Further losses seem to hovering across the market amid expected doldrums before an anticipated pre-halving rally. 
<a href="https://coingape.com/markets/top-3-crypto-to-buy-before-bitcoin-halving/">Halving</a>&nbsp;is an event that triggers a special Bitcoin code every four years slashing miner rewards. The impact of this is a significant reduction in the supply of BTC. 
Historically, BTC price has rallied exponentially following the halving backed by a spike in the demand for the coin. This has often positively impacted other&nbsp;<a href="https://coingape.com/markets/3-top-crypto-to-buy-today-january-25-xrp-ada-bonk/">crypto to buy</a>&nbsp;tokens like LUNC. 
<h2 id="1-terra-classic-lunc-bottom">1. Terra Classic (LUNC) Bottom</h2> 
Terra Classic is fast approaching an area where it bottomed following the massive sell-off in 2022. This support at $0.000054 was successfully tested in October 2023, allowing bulls to take the reins and push for a sharp rebound to $0.00028 in December. 
According to the Fibonacci levels, LUNC has already corrected more than the expected retracement to a ratio of 0.618 from the previous peak. 
If this decline continues, Terra Classic might explore under the rising trendline on the daily chart — a move that could lead to another sweep of liquidity at $0.000054. 
<figure id="attachment_177768" aria-describedby="caption-attachment-177768" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-177768" src="https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41.png" alt="LUNC price chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41.png 2710w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/LUNCUSD_2024-01-31_17-57-41-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-177768" class="wp-caption-text">
 LUNC price chart | Tradingview
 </figcaption>
</figure> 
Although the chart might look dilapidated for buying the dip, trading near the bottom price implies that a rebound will take place sooner or later. Besides, the Relative Strength Index (RSI) although not oversold, is gradually closing in on 30. A dash into the oversold region would be the bullish signal investors would need to buy the dip. 
More to read:&nbsp;<a href="https://coingape.com/markets/3-best-crypto-to-buy-today-january-31-xrp-solana-sol-shiba-inu-shib/">3 Best Crypto To Buy Today January 31: XRP, Solana (SOL), Shiba Inu (SHIB)</a> 
<h2 class="p1" id="2-the-terra-classic-community">2. The Terra Classic Community</h2> 
Despite the negative publicity Terra Classic and other ecosystem tokens like the TerraClassicUSD faced following the Terra Luna crash saga, the community never backed out of supporting the project. 
The&nbsp;<a href="https://coingape.com/lunc-news-terra-classic-community-votes-to-repeal-major-proposal/">Terra Classic community</a>&nbsp;was the main force behind the commendable rally in Q4. With such backing, LUNC has the potential to hit highs above $1 as it strives to regain its former glory. 
<h2 class="p1" id="3-binance-token-burn-program">3. Binance Token Burn Program</h2> 
The Terra Classic community has commutatively burned 95 billion LUNC tokens since May 2022. Reducing the project supply has become a priority likely to boost its standing and performance in the market. 
Binance, the largest cryptocurrency exchange by trading volume contributes immensely to the LUNC token burn program. So far, the exchange has removed from supply, 49.1 billion tokens, approximately 51.7% of the total burn, CoinGape&nbsp;<a href="https://coingape.com/terra-classic-burn-hits-95-billion-milestone-lunc-price-jumps-8-and-ustc-11/">reported</a>. 
<figure id="attachment_177767" aria-describedby="caption-attachment-177767" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-177767" src="https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic.png" alt="Terra Classic burn rate chart" width="2218" height="1052" srcset="https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic.png 2218w, https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic-300x142.png 300w, https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic-1224x581.png 1224w, https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic-768x364.png 768w, https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic-1536x729.png 1536w, https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic-2048x971.png 2048w, https://coingape.com/wp-content/uploads/2024/01/LUNC-Burn-Tracker-Live-Burn-Charts-LUNC-Price-for-LUNA-Classic-150x71.png 150w" sizes="(max-width: 2218px) 100vw, 2218px">
 <figcaption id="caption-attachment-177767" class="wp-caption-text">
 Terra Classic burn rate chart
 </figcaption>
</figure> 
With the next burn round upcoming on February 1, the community anticipates a total of more than 100 billion LUNC to have been sent to a nonrecoverable wallet. 
Bottom line, the Terra Classic project must purpose to increase network development and enhance LUNC’s utility to increase the burn rate as it seeks to significantly trim the supply currently at 6.81 trillion according to&nbsp;<a href="https://coingape.com/terra-classic-burn-hits-95-billion-milestone-lunc-price-jumps-8-and-ustc-11/">CoinMarketCap</a>. 
<h3 class="p1" id="related-articles">Related Articles</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/ethereum-price-prediction-is-eth-to-3000-in-february/" target="_blank" rel="noopener">Ethereum Price Prediction: Is $ETH Recovery Heading to $3000 in February?</a></li> 
 <li><a href="https://coingape.com/markets/xrp-price-eyes-lift-off-to-2-2-in-feb-as-bulls-navigate-market-volatility/" target="_blank" rel="noopener">XRP Price Eyes Lift Off TO $2.2 In Feb As Bulls Navigate Market Volatility&nbsp;</a></li> 
 <li><a href="https://coingape.com/markets/shiba-inu-price-prediction-is-shib-reclaim-0-00001-in-feb/" target="_blank" rel="noopener">Shiba Inu Price Prediction: Is SHIB Ready To Reclaim $0.00001 Value In Feb?&nbsp;</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/3-reasons-why-terra-classic-lunc-price-could-explode-to-1-in-2024/">3 Reasons Why Terra Classic (LUNC) Price Could Explode To $1 In 2024</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

3 Reasons Why Terra Classic (LUNC) Price Could Explode To $1 In 2024

Table of Contents

Coingape News Media

Other articles published on Jan 31, 2024

CoinEx’s First Brand Day Campaign Cements Exchange’s Values and Visions

Deepfake Fraud Among Emerging Risks for Insurance Industry, Says Kennedys Report

Tether (USDT) Releases Fourth Quarter Results: Record Net Profit Reported

Terraform Labs says bankruptcy will aid appeal of SEC suit

Liquid Restaking Protocols: The Top 5 LRT Tokens To Watch in 2024

Judge extends probe into Catalonia crypto deal after reading two-year-old story

Join our free newsletter for daily crypto updates!