Can Terra Classic gain 100% by December 31, 2022? LUNC price analysis

As the entire cryptocurrency market continues to feel the devastating effects of the crisis related to the crypto exchange FTX and most of its assets are trading in the red, Terra Classic (LUNC) is no exception, but there might still be hope.

Timeline of Terra-luna

The LUNA Classic (LUNC) community has now been burning the cryptocurrency for a couple of months now following the collapse of the Terra network. It has been on a reasonable momentum since then with the likes of Binance joining in on the action.

Terra Luna Classic price prediction remains bullish above $0.00020, a triple bottom support level. LUNC has formed a descending triangle pattern, which usually indicates the possibility of a bearish breakout, but the leading technical and fundamental indicators point to a buying trend.

Crypto exchange Binance has switched from a weekly Terra Classic (LUNC) burn mechanism to a monthly burn. Until now, Binance has burned 13.712 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs.

Terra Classic's (LUNC) price has been on an extended correction after weeks of consistent rallying despite the existing bear market. Although LUNC, the original chain of the collapsed Terra (LUNA) ecosystem, still faces questions about its overall utility, the token's community believes it's likely to make a rebound in the coming weeks.

LUNC (Terra Luna Classic) continues to experience severe losses as its market capitalization took a heavy hit earlier today. On November 1, the asset's overall valuation stood at $1.60 billion but in just a span of 24 hours, the value declined by almost 10% as it settled at $1.

The LUNC price, the SLP price and the STEEM price are all showing bearish signs and are likely to resume their downward movements. The post 3 Cryptos That May Never Make All-Time Highs Again appeared first on BeInCrypto.

Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) token, continues to be at the mercy of sellers, with the asset witnessing a sustained capital outflow. After recording gains contrary to the general crypto market bearish sentiment, it appears LUNC is losing momentum.

TerraClassic prices have been trading in a steep descending trend ever since the beginning of the October trade. Meanwhile, the asset underwent a significant upswing as Binance validators burned over 1.5 billion LUNC tokens, which all went in vain as bears dragged the price lower quickly.

Binance, the world's largest crypto exchange, has burned over 1.26 billion Terra Classic (LUNC) tokens in the fifth batch of Binance burn mechanism on trading fees. It is the first burn after passing Proposal 5234 that effectively reduced the tax burn from 1.2% to 0.2%.

The first draft of the Terra Classic (LUNC) community's new Holacratic Governance adoption was just made public. Officials said that Terra Classic uses the holacracy method of governance to encourage the wide use of blockchain technology.