{"id":326756,"date":"2024-06-19T20:48:43","date_gmt":"2024-06-19T15:18:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/terra-classic-price-analysis-hints-major-reversal-to-0-0002-amid-new-tax-distribution-plan-crypto-news\/"},"modified":"2024-06-19T20:53:43","modified_gmt":"2024-06-19T15:23:43","slug":"terra-classic-price-analysis-hints-major-reversal-to-0-0002-amid-new-tax-distribution-plan-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/terra-classic-price-analysis-hints-major-reversal-to-0-0002-amid-new-tax-distribution-plan-crypto-news\/","title":{"rendered":"Terra Classic Price Analysis Hints Major Reversal to $0.0002 Amid New Tax Distribution Plan &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">Terra Classic Price: June has been a particularly bearish month for the cryptocurrency market, with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-btc-price-drop-to-60000-coming-as-per-on-chain-data\/\">Bitcoin<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/hashkey-introduces-bitcoin-ethereum-futures-trading-after-regulatory-nod\/\">Ethereum<\/a> dropping to four-week lows of $64,000 and $3,350, respectively. The broader market downturn has also affected Terra classic coin, which experienced a sharp reversal from $0.000125. The bearish turnaround plunged the asset 36% to a low of $0.000079 before reverting above $0.00008668. Can buyers make a counter by June-end or will the bloodbath continue?<\/span><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/crypto-prices-today-june-19-bitcoin-regains-hold-above-65k-ldo-ens-lead-market-rally\/\">Crypto Prices Today June 19: Bitcoin Regains Hold Above $65K, LDO &#038; ENS Lead Market Rally<\/a><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<h2><b>Will LUNC Eyes Major Reversal With this Range Breakout<\/b><\/h2>\n<figure style=\"width: 1946px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3.tradingview.com\/snapshots\/r\/rze3FrJL.png\" alt=\"BINANCE:LUNCUSDT Chart \" width=\"1946\" height=\"893\"\/><\/noscript><figcaption class=\"wp-caption-text\">Terra Classic Price Analysis| Tradingview<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Over the past two months, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/terra-luna-classic-lunc-burn-tax-change-proposal-officially-passed\/\">Terra Classic<\/a> coin has been trading in a sideways trend resonating within two horizontal levels of $0.000122 and $0.000086. The altcoin rebounded several times from these levels indicating no initiation from buyers to sellers to lead this asset.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">Amid the recent market correction, the LUNC price plunged to the $0.0000868 mark seeking support at the range bottom. The long-tail rejection candle at $0.000086 on Tuesday, hints the buyers continue to defend this support.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">As per a recent update, the Terra Luna Classic (LUNC) community has overwhelmingly approved proposal 12114, which revises the LUNC burn tax distribution. This new plan, supported by over 98% of voters, will adjust the allocation of the 0.5% burn tax, with 80% going to burns and 20% split between the Community Pool and Oracle Pool. This change is set to take effect in mid-July, potentially impacting immediate block rewards but boosting long-term staking rewards.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><span style=\"font-weight: 400;\">This development should show a slow yet steady positive impact on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/terra-luna-classic\/\">Terra Classic price<\/a>. Enhanced staking rewards should attract long-term investors, while burning 80% of the collected tax might reduce supply, potentially increasing the token\u2019s value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, the anticipated reversal from the range bottom will again push the asset 37% to challenge the $0.00012 resistance. <\/span><span style=\"font-weight: 400;\">However, a sustainable breakout from range resistance with daily candle closing is needed to trigger a directional trend in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/breaking-binance-expands-support-for-lunc-and-ustc-revival-to-1\/\">LUNC<\/a>.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1718783588\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/style.css?ver=1718783589\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"bootstrap-css-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/bootstrap.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"Carousel-css2-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/owl.carousel.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"Carousel-css-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/css\/owl.theme.default.css?ver=1718783589\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-magazine-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/style.css?ver=1718783589\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-font-awesome-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/includes\/font-awesome.min.css?ver=1718783589\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"tablepress-default-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/tablepress-combined.min.css?ver=1718783589\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/maincss.css?ver=1718783589\"\/><\/noscript><\/p>\n<p><span style=\"font-weight: 400;\">The post-breakout rally could push the altcoin to the immediate target of $0.000173, followed by an extended rally to $0.00025.<\/span><\/p>\n<p>However, if the overhead supply persists, the altcoin will prolong its consolidation phase for another week or months.<\/p>\n<h2><span style=\"font-weight: 400;\">Technical Indicator<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>BB Indicator: <\/b><span style=\"font-weight: 400;\">The lower band on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/bollinger-band\/\">Bollinger band<\/a> challenged downward with the falling price indicating the high momentum selling pressure in the market.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>RSI<\/b><span style=\"font-weight: 400;\">: The daily Relative Strength Index slope on the verge of falling below 30% to enter the oversold region could attract dip buyers in LUNC coin.<\/span><\/li>\n<\/ul>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1718783588\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" 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for the cryptocurrency market, with Bitcoin and Ethereum dropping to four-week lows of $64,000 and $3,350, respectively. The broader market downturn has also affected Terra classic coin, which experienced a sharp reversal from $0.000125. The bearish turnaround plunged the asset 36% to a low of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":326761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-326756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/326756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=326756"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/326756\/revisions"}],"predecessor-version":[{"id":326763,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/326756\/revisions\/326763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/326761"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=326756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=326756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=326756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}