Terra Luna Classic and EVM: Will the LUNC Price MOON ?

The Terra Luna Classic community is doing something different from usual chain developments. They’re making their chain more diverse by adding support for Ethereum virtual machine (EVM). This helps the Terra Classic chain stay up-to-date with new technologies and brings many benefits. With EVM support, Terra Luna Classic can now use the Solidity programming language, which is commonly used on EVM chains. Will LUNC price rise in the coming days? Let’s take a look at this LUNC price prediction article.

How has the LUNC Price moved in recent days?

As of today, the price of Terra Classic is $0.000120, and it has a 24-hour trading volume of $35.66 million. The market cap is $696.60 million, and Terra Classic holds a market dominance of 0.04%. In the last 24 hours, the price has decreased by -2.47%.

The highest price Terra Classic ever reached was on April 5, 2022, when it hit an all-time high of $119.01. On May 13, 2022, it recorded its lowest price at $0.00001651, which is considered the all-time low. Since the all-time high, the lowest price reached was $0.00001651 (cycle low), and the highest price since the last cycle low was $0.000590 (cycle high).

Currently, the sentiment for Terra Classic’s price prediction is bearish, and the Fear & Greed Index shows a neutral value of 52.

The circulating supply of Terra Classic is 5.80 trillion LUNC out of a maximum supply of 6.88 trillion LUNC. The current yearly supply inflation rate is -3.28%, indicating that -196.65 billion LUNC were created in the last year.

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Is LUNC Price About to Explode?

The Keplr wallet is currently in the voting phase for Proposal 11978, known as “Investigate EVM Functionality,” and it has already exceeded the required approval threshold. This proposal aims to enhance the capabilities of Terra Luna Classic by integrating the programmability and compatibility features of the Ethereum Virtual Machine (EVM), while still retaining the autonomy and connectivity aspects of the Cosmos network.

Having garnered more than 62% of favorable votes, with support from 29 validators, the final decision on this proposal is expected by January 17.

If approved, the adoption of EVM on Terra Classic brings forth new possibilities, keeping it in step with emerging technologies like Optimistic transactions and Rollups. These advancements eliminate the need for direct security information on each transaction and significantly amplify the transaction processing capacity, thereby improving the overall performance of Terra Classic.

The incorporation of EVM support aligns with Terra Classic’s strategic objective of embracing interoperability and adhering to widely-accepted blockchain development standards. This move could potentially attract noteworthy projects.

Moreover, capitalizing on the limitations of inter-blockchain communication (IBC) on EVM provides an additional advantage to Terra Luna Classic. The proposal underscores a meticulous and governance-driven decision-making process, outlining potential approaches to maximize the benefits derived from this strategic initiative.Due to these improvements it will be interesting to see how LUNC price behaves in the next three months.

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 How High Will LUNC Price Go?

Despite having high liquidity, as indicated by its market capitalization, Terra Classic (LUNC) faces several challenges. The negative yearly inflation rate of -3.28% suggests a decrease in the overall supply, potentially contributing to scarcity. 

However, this has not translated into positive price performance, as the token has experienced a significant drop of -33% over the past year. 

Surprisingly, LUNC has underperformed 95% of the top 100 cryptocurrencies in the same period, indicating a struggle to keep pace with the broader market trends. The fact that it is trading below the 200-day simple moving average raises concerns about its long-term trend. 

Additionally, with only 13 green days in the last 30 days, accounting for 43% of the period, there seems to be a lack of sustained positive momentum. 

Moreover, being down -100% from its all-time high signals substantial challenges and potential obstacles to recovery. In light of these factors, a careful assessment of the token’s market dynamics and potential catalysts for a turnaround is essential for any predictive analysis.

Given the prevailing market conditions and key points highlighted for Terra Classic in the year 2024, the forecast suggests a trading range between $0.000102 and $0.000223. This projection takes into account the challenges faced by LUNC, including a negative yearly inflation rate of -3.26%, a significant 34% drop, and its underperformance compared to 95% of the top 100 cryptocurrencies. The token’s current position below the 200-day simple moving average and the limited number of positive trading days in the recent 30-day period further contribute to a cautious outlook.

If Terra Classic manages to reach the upper end of this predicted range, at $0.000223, it would signify an increase of more than 82%. However, it’s crucial to approach this forecast with caution, considering the historical challenges and the need for sustained positive momentum to reverse the downward trend observed in recent times. 

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