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- Binance shows support for the upgrade of Terra Classic’s network, potentially increasing its price.
- Terra Luna Classic’s long-term sentiment remains bullish, with a price prediction of $0.0003 by 2024, despite its recent decline and neutral price movement.
Recently, Binance announced that it is endorsing the upgrade of Terra Classic’s (LUNC) network to version 2.0.1. This development has generated additional enthusiasm from the crypto community and increased the price potential for the network.
Unquestionably, given recent market swings, Binance’s support for the upgrade is a positive development for the Terra Classic project. It is worth noting that The burn rate for Luna Classic has been raised to 0.5%, but Binance has not yet supported it.
Currently, Binance is processing the on-chain burn using the previous burn rate. Nevertheless, Nevertheless, Binance is anticipated to help the Terra Classic community raise the burn tax to 0.5%. According to Cryptocurrency expert Javon Marks, this could indicate a huge price surge accumulating on the LUNC chart. Additionally, The Terra Classic (LUNC) network’s burn tax is set to increase from 0.2% to 0.5% following the approval of a proposal.
One of the GREATEST runs for $LUNC can still be on its way as prices are holding BROKEN OUT and trend can be implying $0.00139122 to be met and exceeded!
A >15.3X can be coming for #TerraClassic and it may take many by surprise! https://t.co/jQH52xRVlV pic.twitter.com/1Ce5BglEwt
— JAVON⚡️MARKS (@JavonTM1) May 16, 2023
Additionally, KuCoin, a cryptocurrency exchange, has announced its support for the increase.KuCoin has promised that once the 0.5% burn tax is enabled at a specific block height, it will allow the rise for Terra Classic (LUNC) and TerraClassicUSD (USTC) on its platform. The change is anticipated to come into effect on May 23rd.
Terra Luna Classic Price Prediction
Terra Luna Classic is currently trading at $0.00008724and in the last 24 hours, LUNC has dumped by -2.92%. There is a slight bearish sentiment in the crypto market. The long-term sentiment, however, remains bullish, and LUNC could hit $0.0003 in 2024. As of press time, the total circulating supply of Terra Luna Classic is $5,874,902,006,035, and the market cap of LUNC remains at $512,949,768.
Luna Classic has experienced a decline of approximately 40% so far this year. Terra Luna Classic is at its lowest point in the past eight months. The Relative Strength Index (RSI) is situated in the neutral zone of 30-70, implying that the price is moving in a neutral direction and has the potential to maintain this status for some time.
Over the last 14 candles, there is no indication of either bearish or bullish divergence, which means that there is no signal for a price reversal from its current. Although Luna Classic’s publicity is moderate, its robust community has played a crucial role in the coin’s resurgence. Luna Classic has some utility, but not many applications are being created on Terra Classic’s blockchain.
