With a 13.6% drop in April, Can Terra Classic (LUNC) rebound this month?

With a 13.6% drop in April, Can Terra Classic (LUNC) rebound this month?

The Terra classic ecosystem has faced various difficulties in the past months this year, which has resulted in LUNC experiencing several price fluctuations. According to data from Coinmarketcap, Terra classic (LUNC) price has been down 13.6% in the past 30 days.

In the past 30 days, the Terra classic (LUNC) ecosystem has been experiencing several adverse developments, most of which are responsible for the token negative price movement.

Last month, the Korean court declared that Terra Classic (LUNC), the renamed native token of the Terra network that crashed severely last year, is not a security. The community members are worried about the token’s price trend and wonder if LUNC can recover this month.

Related Reading: Terra Classic (LUNC) Up 4.02% in the Last 24 Hours; What’s Next?

Terra Classic Price Trend in April

The Terra classic price has gradually declined over the last 30 days, beginning at $0.000125. As the crypto market turned green, the token reached a high of $0.000131 on April 13th, 2023, which thrilled many community members. However, on April 19th, 2023, the price returned to where it began the month ($0.000125).

Since then, the LUNC price has fluctuated over the remaining days of the month and is now valued at $0.000108 with a 24-hour trading volume of $32,351,821. This represents a 13.6% decrease in the last 30 days.

Terra Classic (LUNC) is down 13.6% in the past 30 days. Source: @Coinmarketcap

Can LUNC Recover this Month?

Although past performance should never be used as a guide for the future, understanding LUNC’s price history for the previous month—which has already been covered—can help us determine whether the token can recover this month.

The attack on Terraport, a DeFi platform based on the Terra Classic (LUNC) network, less than two weeks after its inception, is one of the causes that may have contributed to the decline in the price of Terra Classic (LUNC) last month.  However, Rex “Rexyz” Harrison, a senior TerraCVita member, has planned to secure the $2 million in cash taken in the Terraport hack. 

The Terra community has also adopted the most recent proposal to limit the Terra Classic USD (USTC) re-peg. This change is predicted to increase the price of LUNC. Notably, the passage of this proposal will significantly impact the supply of LUNC, potentially leading to high demand for the token and driving its price up to the desired $1 mark.

Read Also: Financial Crime Unit Indicts Co-Founder of Terraform Labs and Nine Others

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