Terra Luna Classic price continued its recent parabolic rally, sparking online speculation that it could jump to $1. LUNC, the remnant of the collapsed Terra ecosystem, jumped to $0.00018, its highest level since March 4, and 210% from its lowest level this year.
Can Terra Luna Classic price jump to $1?
This week’s Bitcoin performance confirmed that anything in the crypto industry is possible. A coin that was trading at around $1 in 2009 jumped to a record high of nearly $104,000. Also, a crypto industry that was virtually worthless has become a 3.7 trillion-dollar market.
Terra Luna Classic itself is evidence that anything is possible in the crypto industry, as its market cap remains slightly below $1 billion. This is an impressive figure since Terra collapsed in 2021. Terra, the other coin in its ecosystem, is valued at $530 million, while TerraClassicUSD has a market cap of $164 million.
So, can the LUNC token jump to $1 in the near term? For that to happen, the coin needs to rise by over 624,900% from the current level. While this is possible, odds are that it will take many years for that to happen.
Instead, the most realistic Terra price forecast is for it to jump to $0.000254, its highest level on March 5 and 50% above the current level. This price action is likely possible because the coin has formed a golden cross chart pattern and a cup and handle chart pattern, which is a bullish sign.
Why LUNC price could keep rising
There are several reasons why the LUNC price could keep rising. The first one is that it has strong technicals, as described above. Not mentioned is the fact that it has a strong momentum, as evidenced by the rising Average Directional Index (ADX). The RSI and other oscillators have also continued rising.
Second, the Terra Luna creators have submitted the v3.3.0 upgrade that aims to simplify tax handling and increase chain utility. With most people voting yes, this upgrade will be implemented on December 17. Altcoins tend to do well ahead of a major network upgrade.
Third, Terra Luna Classic is burning millions of tokens, a move that will create value for the remaining ones. Over 393 billion tokens have already been burned, and 2.29 billion have been incinerated in the last seven days. These burns have brought the circulating supply to 5.53 trillion tokens. Therefore, the burning trend will likely create more value for the remaining coins.
