Terra Luna Classic Price fell slightly after the collapse of the main support level this month. After getting the main support at $ 0.00005650 on March 11, the distinctive symbol rose to $ 0.000065 as the burning rate remained high. So, is it safe to purchase the low price of Lunc?
Terra Luna Classic Token Burns has risen
One of the potential stimuli of the Lunc price is that burning the distinctive lunc symbol continued to grow this month.
The data indicates that more than 175 million LUNC icons have been burned in the past seven days. These burns have raised the cumulative Lunc burns to more than 406 billion symbols since 2022. The number of coins in trading has reduced to about 6.49 trillion.
Token Burn is a basic measure in the encryption industry because it helps to enhance shrinkage. It is the opposite of opening the distinctive symbol, a position in which a new symbolism project emites, which leads to the ease of current bearers.
Terra Classic has burned the distinctive symbols since its establishment in May 2022. Most of these burns came from Terraform Labs, which were forced to burn billions of metal currencies as part of the bankruptcy process.
Other burns of individuals and organizations that believe in Terra mission have come. The most prominent of which is Binance, which has burned more than 70 billion LUNC icons in the past few years.
Terra Luna codes are also burned from network fees. However, these drawings are now slim and do not contribute much.
Read more: Lunc Price Crash: Why do you send Terra Luna Classic mixed signals
Main ecosystem challenges
One of the reasons why LUNC has shattered is that the growth of the Terra Luna Classic ecological system was limited. The data shows that although dozens of DAPS are in its network, the total value is Locked (TVL) He decreased to 801,000 dollars. This is a small amount, given that the Defi industry has approximately $ 100 billion of assets.
The largest DAPS in Terra Classic Ecosystem is Terraswap, Loop Finance, ERIS protocol and edge protocol.
More data shows that the network has only $ 524,000 in Stablecoins, a small amount due to the presence of more than $ 238 billion in Stablecoins. Tether, dollars, and USDs control billions of assets.
Moreover, there are signs of the deterioration of the number of primary developers on Terra Classic over the years. He had 60 essential developers at its peak, a number that moved to 9. As a result, the number of obligations continued to move down.
Read more: The Terra Luna Classic proposal is looking for compensation for developers for the work of the main ecosystem
Technical analysis of the lunc price
The weekly graph shows that the price of Terra Luna Classic was in the direction of a strong landing in the past few years. It has decreased to a decrease of $ 0.000054, which is a major price as it failed to move below since 2023.
This price is also the underside of the descending triangle style, which is a famous continuity sign. The moving average has remained for 50 weeks, a sign of control of the bears.
Lunc Price has a potential scenario. First, the descendant triangle can work well, which leads to more negative side, and perhaps support at $ 0.000000.
Second, on the other hand, continuous monotheism can be part of the accumulation stage. If this is the case, then this means that the price of Lunc will eventually rise as it enters the coding phase in Wyckoff.
Post Terra Classic (Lunc) price even with the first time burning rate on Invezz
