LUNA is the native asset of the Terra protocol, Terraform Labs’ blockchain built on the Tendermint consensus and the Cosmos SDK. The LUNA currency is a native asset that serves as collateral for the stablecoins on the Terra network. In other words, when people invest in Terra, they are purchasing LUNA. Binance, Huobi, OKEX, Hashed, Polychain, Kakao, Coinbase, Galaxy, Arrington XRP, and Pantera are among those that have invested.
On the Terra network, LUNA is used to manufacture a stablecoin, such as UST, in which case a user must burn the equivalent dollar amount of LUNA. In the Terra system, a user may also burn the equal value of stablecoins to earn LUNA, which serves as a financial incentive to keep Terra stablecoins pegged to the USD.
In the initial private sale of LUNA, 10% of the token was reserved for Terraform Labs future development, 20% for project participants and employees, 20% for the Terra Alliance, 26% for project backers, 20% for price stability reserves, and the remaining 4% was allocated to genesis liquidity. The distribution is intended to assist Terra sustain its current footing, with tokens given to the Terraform Labs team and private investors expected to be completely vested by Spring 2022. The number of LUNA coins made at Genesis is unknown.
PRICES:
Terra Classic now has a market value of $ 453.40M USD with a live price of $ 0.000078 per (LUNC / USD). The 24-hour trading volume is $ 16.32 million USD. The LUNC to USD exchange rate is updated in real time. Terra Classic is down -0.59% in the last 24 hours, with a total supply of 5,816.86B.
The all-time high price of LUNC as of May 2022 was $119.02 (when it was still the previous LUNA token), set in April 2022. In less than a year, the token rose from a few dollars to one of the top ten cryptocurrencies by market capitalization as persistent demand for Terra’s stablecoin resulted in declining LUNC supply.
Anchor, Terra’s yield-generating platform, was the primary driver of demand, offering eye-popping but ultimately unsustainable yearly returns on UST deposits of up to 20%. As Anchor deposits surpassed $14 billion in UST in April 2022, the circulating quantity of the old LUNA tokens dipped below 400 million tokens for the first time in history.
Analysis:
LUNC price is now trading below the 200-day EMA, indicating a bearish effect, with resistance from the 100 EMA in the overall trend. Recently, following a bearish crossover between the 20 and 50 EMAs, the price retested the 50 EMA and was rejected, losing 35% of its value. Terra classic is now confronted with resistance from its most recent resistance level of 20 EMA.
Indicators:
MACD: Terra Classic is now trending bearish on the 1 day time frame, with the 50 day moving average sloping down and above the current Terra Classic price, which might function as resistance the next time it interacts with it.
Terra Classic’s 200-day moving average is dipping downward and has been doing so since 7/9/2023, indicating a negative trend.
The 200 daily moving average is now above the price, which implies that if the price comes into contact with it again, it might be utilized as resistance to maintain the trend.
If we had to make a Terra Classic price forecast on the 1 day time frame, it would be bearish given the way the 50 day and 200 day moving averages are behaving.
Index of Relative Strength
The RSI is currently in the 30-70 neutral zone, indicating that the price is moving neutral and will be able to hold the RSI in that position for some time.
There is now no bearish or bullish divergence during the previous 14 candles, indicating that price will not reverse from current levels.
According to our technical indicators, Terra Classic’s 200-day SMA will fall during the next month and reach $ 0.000104 on September 07, 2023. Terra Classic’s 50-Day SMA is expected to reach $ 0.00008010 by September 07, 2023.
The momentum oscillator Relative Strength Index (RSI) is a prominent indicator that indicates if a cryptocurrency is oversold (below 30) or overbought (over 70). The RSI is currently at 35.06, indicating that the LUNC market is in a neutral state.
Terra Classic has support levels of $ 0.00007579, $ 0.00007408, and the strongest at $ 0.00007217 based on today’s classical pivot point (P1) of $ 0.00007770. Similarly, the resistance levels for Terra Classic are $ 0.00007940, $ 0.00008131, and $ 0.00008302.
Prediction:
Terra Classic is expected to climb by 0.00% to $ 0.00007762 by August 13, 2023, according to our current Terra Classic price projection. The present emotion is Bearish, according to our technical indicators, while the Fear & Greed Index is 54 (Neutral). Over the previous 30 days, Terra Classic had 10/30 (33%) green days and 4.63% price volatility. According to our Terra Classic forecast, now is not the time to buy Terra Classic.
Terra Classic price forecast 2025
Terra Classic’s 2025 price forecast is now between $ 0.00007762 on the low end and $ 0.00007762 on the high end. If LUNC achieves the top price objective, Terra Classic might lose -0.17% in value by 2025.
Terra Classic pricing forecast for 2030
The Terra Classic price projection for 2030 is now between $ 0.093499 and $ 0.083175 on the low end. If Terra Classic meets the highest price objective, it might lose -100.00% compared to today’s price by 2030.
