Ethereum

Terra Classic

Bitcoin

Terra

Reversal

Terra Classic Price: June has been a particularly bearish month for the cryptocurrency market, with <a href="https://coingape.com/bitcoin-btc-price-drop-to-60000-coming-as-per-on-chain-data/">Bitcoin</a> and <a href="https://coingape.com/hashkey-introduces-bitcoin-ethereum-futures-trading-after-regulatory-nod/">Ethereum</a> dropping to four-week lows of $64,000 and $3,350, respectively. The broader market downturn has also affected Terra classic coin, which experienced a sharp reversal from $0.000125. The bearish turnaround plunged the asset 36% to a low of $0.000079 before reverting above $0.00008668. Can buyers make a counter by June-end or will the bloodbath continue? 
Also Read: <a href="https://coingape.com/crypto-prices-today-june-19-bitcoin-regains-hold-above-65k-ldo-ens-lead-market-rally/">Crypto Prices Today June 19: Bitcoin Regains Hold Above $65K, LDO &amp; ENS Lead Market Rally</a> 
<h2 id="b-will-lunc-eyes-major-reversal-with-this-range-breakout-b">Will LUNC Eyes Major Reversal With this Range Breakout</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/r/rze3FrJL.png" alt="BINANCE:LUNCUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Terra Classic Price Analysis| Tradingview
 </figcaption>
</figure> 
Over the past two months, the <a href="https://coingape.com/terra-luna-classic-lunc-burn-tax-change-proposal-officially-passed/">Terra Classic</a> coin has been trading in a sideways trend resonating within two horizontal levels of $0.000122 and $0.000086. The altcoin rebounded several times from these levels indicating no initiation from buyers to sellers to lead this asset. 
<blockquote>
 Amid the recent market correction, the LUNC price plunged to the $0.0000868 mark seeking support at the range bottom. The long-tail rejection candle at $0.000086 on Tuesday, hints the buyers continue to defend this support.
</blockquote> 
As per a recent update, the Terra Luna Classic (LUNC) community has overwhelmingly approved proposal 12114, which revises the LUNC burn tax distribution. This new plan, supported by over 98% of voters, will adjust the allocation of the 0.5% burn tax, with 80% going to burns and 20% split between the Community Pool and Oracle Pool. This change is set to take effect in mid-July, potentially impacting immediate block rewards but boosting long-term staking rewards. 
This development should show a slow yet steady positive impact on the <a href="https://coingape.com/price/terra-luna-classic/">Terra Classic price</a>. Enhanced staking rewards should attract long-term investors, while burning 80% of the collected tax might reduce supply, potentially increasing the token’s value. 
Thus, the anticipated reversal from the range bottom will again push the asset 37% to challenge the $0.00012 resistance. However, a sustainable breakout from range resistance with daily candle closing is needed to trigger a directional trend in <a href="https://coingape.com/breaking-binance-expands-support-for-lunc-and-ustc-revival-to-1/">LUNC</a>. 
The post-breakout rally could push the altcoin to the immediate target of $0.000173, followed by an extended rally to $0.00025. 
However, if the overhead supply persists, the altcoin will prolong its consolidation phase for another week or months. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The lower band on the <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> challenged downward with the falling price indicating the high momentum selling pressure in the market.</li> 
 <li style="font-weight: 400;" aria-level="1">RSI: The daily Relative Strength Index slope on the verge of falling below 30% to enter the oversold region could attract dip buyers in LUNC coin.</li> 
</ul> 
The post <a href="https://coingape.com/markets/terra-classic-price-analysis-reversal-to-0-0002-new-tax-distribution/">Terra Classic Price Analysis Hints Major Reversal to $0.0002 Amid New Tax Distribution Plan</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Terra Classic Price Analysis Hints Major Reversal to $0.0002 Amid New Tax Distribution Plan

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