Terra Classic price in recent times has made the biggest comeback since the crisis by recovering remarkably with a jump of more than 37,000%. Mainly after the proposal to implement a 1.2% token burn tax on all the transactions, the LUNC is closer to becoming a deflationary asset very soon.
With the bearish clouds floating over the crypto space, the LUNC price is experiencing a slight downfall that compelled the price to drop more than 20%. However, the market sentiments still remain bullish and after a brief consolidation, the price is set to take off towards the next target very soon.
The LUNC bulls after a significant spike appear to have exhausted slightly and may soon become active as the price reaches the local bottoms. Therefore, the price may continue to consolidate for a couple of days before breaking out towards the next target. If the asset follows the upper trend line, then the next resistance to test would be around $0.0005355, which may be accomplished before the end of the weekly trade.
On the other hand, more platforms are jumping in support of the 1.2% Tax burn proposal of Terra Classic. While the asset is approaching becoming deflationary, in simpler terms, the issuance of new coins will be less than the tokens being destroyed in 24 hours, LUNC price will be due to a massive rally in the coming times.
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Source: https://coinpedia.org/altcoin/terraclassiclunc-price-dropped-nearly-20-yet-seems-to-be-preparing-for-another-60-spike-this-september/