LUNC has increased by 1% over the past day to reach $0.00016354, following the upward trend of the whole cryptocurrency market. Its price has dropped by 1% in the last week and 32% in the last month. The digital asset is being pulled in several directions by its ongoing token burns and plans to merge it with LUNA.
The collapses of FTX, BlockFi, and BlockFi have not helped LUNC to gain substantial returns. Additionally, the idea of turning it into its older counterpart LUNA has raised uncertainty around its future. Although the proposal has not been welcomed by the community, it is still unclear if it will make a difference.
Projected Terra Luna Classic Value as Crypto Markets Rebound: Is LUNC Moving Towards $1?
The LUNC chart shows a steady buildup of momentum in recent days. The Relative Strength Index (purple) hovering in the 60s indicates overall buying pressure, although not very strong. Additionally, the 30-day moving median (red) is about to overtake the 200-day moving median (blue), creating a “golden cross”, which may be a sign of a breakout.
Despite this, the market remains precarious and there is no assurance that LUNC will experience a prolonged rally anytime soon.
The recent suggestion to use IBC Bridge to enable holders to swap LUNC for LUNA is another problem. This bridge will open at the end of this month. If the proposal is accepted, the community will anticipate trades.
Although LUNA is currently less valuable than LUNC, proponents of the idea want to make it attractive by offering unspecified DEX-related incentives that will ensure liquidity. However, they have not provided any details, making it difficult to know if they will be sufficient to attract a large number of LUNC owners.
It is important to note that the proposal is just that: a proposal. It has not been accepted by enough people yet and there
