LUNC Price: Will Terra Classic Price Reach $1 in July?

LUNC is experiencing big price swings and burns. Market trends are mixed, but strong community support might help LUNC bounce back and start rising again. Will Terra Classic price reach $1 in July? Let's take a look at this LUNC price prediction article in more detail.

How has the LUNC price moved recently?

Today, Terra Classic (LUNC) is priced at $0.00008100 with a 24-hour trading volume of $33.62 million. It has a market cap of $469.18 million and a market dominance of 0.02%. In the past 24 hours, the LUNC price dropped by 12.41%.

Terra Classic hit its highest price of $119.01 on April 5, 2022, and its lowest price of $0.00001651 on May 13, 2022. Since that low, the highest price it reached was $0.00059. Right now, the sentiment around LUNC is bearish, but the Fear & Greed Index is neutral at 53.

The circulating supply of Terra Classic is 5.79 trillion LUNC out of a maximum supply of 6.88 trillion LUNC. Over the past year, the supply decreased by 0.68%, which means 39.77 billion LUNC were removed.

Why Terra Classic Price is Down?

The recent 12% decline in Terra Classic (LUNC) highlights a cautiously optimistic sentiment among investors amid an unstable market environment. LUNC traded between $0.000106 and $0.000083, reflecting a persistent bearish trend. This drop aligns with the broader volatility seen in the cryptocurrency market. Over the past month, LUNC's 17% dip underscores the inherent instability of digital assets, particularly those like Terra Classic, which have recently experienced significant fluctuations in investor confidence and market dynamics.

Moreover, the decline in LUNC's price is not isolated but part of a larger trend affecting most cryptocurrencies. Major digital assets like Bitcoin and Ethereum have also seen notable price adjustments, indicating market-wide corrections. These broader market trends suggest that the downturn in LUNC's price is influenced by general investor sentiment and macroeconomic factors affecting the entire crypto space. As these major cryptocurrencies struggle, smaller assets like Terra Classic are similarly impacted, leading to decreased investor confidence and further price declines.

Will LUNC Price Reach $1 in July?

Given the current market conditions and performance indicators, it is highly unlikely that LUNC will reach $1 in July. Despite having high liquidity based on its market cap and a negative yearly inflation rate of -0.68%, LUNC's price has decreased by 11% over the past year. This negative performance is further highlighted by its under-performance relative to 88% of the top 100 crypto assets. Additionally, LUNC has been consistently outperformed by major cryptocurrencies like Bitcoin and Ethereum, indicating a lack of strong upward momentum compared to the broader market.

Furthermore, LUNC is trading below its 200-day simple moving average, a technical indicator often used to gauge long-term market trends. This suggests a persistent bearish trend. With only 12 green days in the last 30 days (40%) and a dramatic drop of 100% from its all-time high, the market sentiment around LUNC remains pessimistic. These factors collectively point to a low probability of LUNC reaching the $1 mark in the near future, including July.

However, LUNC continues to experience significant burns, as detailed in the latest metrics from the community’s tracking dashboard. Today's burn rate reached 4.28 B LUNC, indicating robust daily burn activity. Over the past week, the cumulative burn totaled 286.43 million LUNC, averaging approximately 40 million LUNC daily. The 30-day metrics are even more impressive, showing a massive 3.09 billion LUNC burned, averaging about 103 million LUNC daily. These figures highlight the community’s ongoing efforts to reduce the token’s supply, aiming to increase its scarcity and potential value. Despite these significant burn activities, the current market conditions and technical indicators suggest that a rapid price increase to $1 by July is improbable. Sustained community efforts and broader market improvements would be necessary to support such a substantial price surge.