With LUNC Plunging 30%, Investors Want To Know How Deep It Would Fall

In the past 24 hours, the trading price of Terra Classic (LUNC) has experienced a 2.5% dip. It is just the tip of the iceberg when we take a look at the price decline of LUNC.

The 7-day price chart assessment shows that LUNC’s price has plunged almost 30%. At the time of writing, LUNC’s trading value is at $0.00017357.

FTX Fallout has Impacted LUNC

Like the rest of the cryptocurrencies, LUNC is also an asset impacted by the FTX fallout. Even after more than a week of FTX’s massive crash, the cryptocurrency sector is facing its impact.

The FTX crash has weighed down the entire crypto market and the pressure is constantly building stronger.

LUNC is still trying hard to get out of the troublesome situation with no possible recovery in sight. The last time LUNC experienced a strong rally was back in early September.

It was in September when the trading price of LUNC recorded a strong rally, which could be attributed to Binance. Since then, the entire crypto market has continued to face quite a turbulent situation.

Therefore, LUNC has now been able to recover from the losses and its price keeps descending.

Binance Helped LUNC with Tax Burn

It was in September when Binance proposed a tax burn program to help recover the lost value of Terra Luna Classic.

The exchange announced that the users processing LUNC transactions would have the option of getting charged with 1.2% tax. The funds generated from taxes would be used to buy LUNC and then sent for burning.

The community voted in favor of the program that would see LUNC bought by Binance and then sent off to the LUNC burning address provided by the Terra network.

With the implementation of the new policy, a large number of LUNCs were sent off to the LUNC burning address, helping push the asset’s price.

Later, the communities demanded that the tax rate for the policy had to be lowered and the Binance adhered to the suggestion.

Since then, the price of LUNC has continued declining and its value is still moving south.

How Deep LUNC is expected to fall

With a 30% price drop in the past 7-days, investors are eager to understand how deep LUNC is to fall.

The RSI for LUNC has fallen below 30, which indicates a further plunge in LUNC’s trading price. The 30-day and the 200-day moving averages of LUNC are also weakening.

The sentiments of the investors are still in negative territory. They are highly likely to support a bearish run than do it for a bullish run.

Under those circumstances, LUNC’s trading price may fall 20% more in the upcoming days.