The price of Terra Luna Classic has decreased by 12% in the past 24 hours, currently sitting at $0.00012029 due to the recent news of Silvergate Bank’s liquidation impacting the entire cryptocurrency market. The coin has fallen by 28% over the past week and 35% over the last 30 days, and even down by 16% since the start of 2023. Despite the 24-hour trading volume rising to $100 million, it is likely driven by sellers rather than buyers. However, the Terra Luna Classic community is working on ways to boost the price and burning of the coin is ongoing, leading to potential future growth. Technical indicators suggest that LUNC may soon hit a bottom and experience a correction upwards. The Terra Luna Classic blockchain has seen important updates and Binance has resumed burning LUNC trading fees. The potential for LUNC still remains, with a possible return to $0.0002 seen in February and $0.0004-$0.0005 by the end of 2023, pending agreement on a definite plan for re-pegging USTC. It may not be the best time to buy LUNC in the short-term as traders may prefer looking into other altcoins.
