LUNC Drops 60% From 2024 Highs – What's Next?
The Terra Luna Classic (LUNC) price remains under significant pressure despite ongoing token burns. On Friday morning, LUNC was trading at $0.00007615, marking a 60% decline from its highest point in 2024 and a 75% drop from its all-time high.
👉 Is LUNC still worth buying and holding?
Token Burns Continue, Yet LUNC Price Keeps Falling
Billions of LUNC Burned – But No Price Boost
Despite massive token burns, LUNC continues to struggle.
📊 According to LUNC Metrics, over 314 million tokens were burned in the past week.
📌 The total number of burned LUNC now exceeds 403 billion.
Top Contributors to LUNC Token Burns
🔥 Binance – 70 billion tokens
🔥 DFLUNC Protocol – 4.5 billion tokens
🔥 LunaticsToken – 1.9 billion tokens
Token burning typically reduces supply and can increase the value of the remaining tokens. So why isn't LUNC benefiting from this mechanism?
Why Is LUNC Crashing? Key Factors Behind the Drop
1️⃣ Weak Demand & Damaged Reputation
Many investors still hesitate to buy LUNC due to its troubled past.
🔴 Terra Luna was once a giant in the crypto industry, with a market cap exceeding $45 billion.
🔴 Its algorithmic stablecoin, UST, promised high yields until it collapsed in 2022.
🔴 After the crash, the community took over and launched Terra Luna Classic (LUNC), while Do Kwon and his team moved on to create Terra 2.0.
Despite LUNC now being community-driven, it still carries the stigma of its catastrophic failure.
2️⃣ Overall Crypto Market Weakness
LUNC’s decline isn't happening in isolation – the entire cryptocurrency market is facing corrections.
📉 Bitcoin has dropped from $109,200 to $95,000.
📉 Ethereum, Solana, and Cardano have all seen price declines.
Historically, most cryptocurrencies move in sync with Bitcoin, affecting LUNC's performance as well.
3️⃣ Lack of a Strong Ecosystem
After Terra Classic’s collapse, the community promised to build new applications to support its ecosystem.
❌ However, no significant developments have taken place.
❌ Terra Classic network upgrades have failed to drive adoption.
❌ Without a strong use case, investors lack confidence in holding LUNC.
LUNC Price Forecast: What Comes Next?
Technical Analysis: Key Support and Resistance Levels
📊 The weekly chart shows that LUNC is near a crucial support level after dropping from its 2022 peak of $0.00076.
🔵 Key Support: $0.000054
🔵 Resistance: $0.0001792
💡 Two Possible Scenarios:
1️⃣ Bullish Scenario – Price Rebound
✅ If LUNC holds the $0.000054 support, it could climb toward the $0.0001792 resistance.
✅ A quadruple bottom formation could act as a catalyst for a potential rally.
2️⃣ Bearish Scenario – Further Drop
🔻 If LUNC breaks below support, more downside is likely.
🔻 A descending triangle pattern suggests a continuation of the downtrend.
Final Thoughts: Is LUNC Still a Good Investment?
🔥 LUNC is struggling due to weak demand and a lack of ecosystem growth.
🔥 Without new developments, price recovery will be difficult.
🔥 Technical analysis suggests both a potential rebound and a continued decline.
💡 Investors should watch the overall crypto market trends and LUNC’s support levels closely.
👉 Will LUNC become another forgotten project, or can it make a comeback? 🚀
#LUNC✅ ,
#CryptoPredictions ,
#blockchain ,
#crypto ,
#TerraLunaClassic Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“