The LUNA community in the U.S has despite the various lawsuits against the Terraform Labs CEO, Do Kwon, Daniel Shin, and Terraform Labs shifted their target to the burning LUNC.
Since this time, the LUNC’s price has revealed bullish potential, trying to overcome the bear. The community is now focused on the proposal 3568 for the enhancement of the LUNC through the integration of the burning method.
This proposal stated a tax burn mechanism or method to limit the overall supply of LUNA classic, therefore increasing the remaining tokens. as stated, the burning will continue till the circulation remain 10 billion.
Since the incident of the UST collapse, there has been a massive selloff. The LUNC price lately flipped bullish for a short period after the price broke out of the resistance. In the same period, different analysts gave bearish predictions for LUNC with the rise of LUNA 2.0. unfortunately, LUNA 2.0 airdrops had a negative influence on LUNC.
The present may reverse as the trade volume has declined since the onset of July 2022. The interest in the number of LUNC has reduced. Notwithstanding the current rise in the LUNC burn could as well initiate the bullish sentiment among the holders.
From the above chart, the LUNA classic is trading above its 200-day high. Probably, the LUNC could target the bullish level of $0.0001234 if it continues toward its weekly high and the go below $0.00011.
For Luna Classic to break out of its downtrend, the price needs to sustain above support and climb towards the bullish targets of $0.0009807, $0.00011180, and $0.0001234.