• The Terra Luna Classic (LUNC) price has jumped by over 5% in the past 24 hours.
• The surge was caused by a proposal to build a task force aimed at boosting its growth, as well as potential whale buying.
• The recent introduction of an on-chain tax burn and Binance listing signal further potential gains in 2023.
The Terra Luna Classic (LUNC) price has been on a streak lately, jumping by over 5% in the past 24 hours and reaching a high of $0.00016077. This marks a 0.5% drop in a week but a 23% gain in a fortnight, with the altcoin down by 7% in a month. Today’s surge was largely caused by the acceptance of a proposal to build a task force aimed at boosting its growth, although it’s also likely that whales have been buying the coin after a dip.
The Terra Luna Classic community has been increasing its efforts to support the coin’s ecosystem and reduce its supply, and this could be a major driving force behind its continued growth. In early September, a 1.2% on-chain tax burn was introduced, giving an immediate boost to LUNC’s price and causing many to speculate that its supply would steadily decline over time. That same month, Binance announced that it would be listing LUNC, further increasing its visibility and strengthening its prospects as an investment.
The LUNC chart also shows a lot of potential for further gains. Its relative strength index (purple) has risen above 70 in recent hours, indicating growing momentum, while its 30-day moving average (red) has overtaken its 200-day average (blue), forming a ‘golden cross’ that could signal further bullish activity.
If the Terra Luna Classic community can continue to bolster its ecosystem and reduce its supply, there’s a good chance that the coin could keep on its upward trajectory. With Binance’s listing and the tax burn both helping to drive demand and reduce the coin’s supply, the future of LUNC looks increasingly bright.