Is Terra Classic likely to outperform DOGE and SHIB in the long run? By CoinEdition

0

Is Terra Classic likely to outperform DOGE and SHIB in the long term?

  • Nearly 40 dApps support Luna Classic (LUC), and the number keeps growing.
  • Major exchanges like Binance have implemented the LUNC burning mechanism.
  • LUNC recently outperformed various meme pieces like and Shina Inu.

Classic could outperform Dogecoin and in the near term, with major exchanges burning over 12.5 billion LUNC tokens and the massive adoption of its stablecoin, LUNA, by major platforms like Binance. Binance has announced a higher frequency of LUNA token burns to increase scarcity and drive demand. Additionally, the Luna Classic platform has solid fundamentals, with over 40 dApps currently supporting it and more being added every day.

After the fifth batch of trading fees on LUNC spot and margin trading pairs was withdrawn from circulation. Binance changed its LUNC burning mechanism and said that this procedure would take place monthly rather than weekly. In the most recent weekly burn, 1.5 billion LUNCs were lost.

Dogecoin and Shiba Inu have seen rapid price gains, but lack the strong fundamentals and real use cases that Terra Classic offers. However, the supply of Dogecoin is not limited, which makes it susceptible to inflation. Exchanges removed a significant amount of LUNC from circulation during the fire tax. Due to coins like Dogecoin and Shiba Inu, this must further increase the price of LUNC.

LUNCH is currently trading in a declining symmetric triangle and may experience a breakout soon. Despite the declining channel, LUNC traded higher highs and lower lows indicating bullish momentum. Much earlier than the DOGEUSDT price in mid-August this year, the SHIBUSDT price broke through the downtrend channel.

However, based on the +150% increase in the price of DOGECOIN over the past week, it seems that there are considerably more buyers of the “older brother” of DOGE. This could mean that Dogecoin could continue to outperform Luna Classic in the short term. LUNC is currently trading at $0.000238 after a price drop of 3.32% in the past 24 hours. On the other hand, Dogecoin is trading at $0.1427 after a price increase of 16.54% in the same period, while the current price of Shiba Inu is $0.00001287, with a decline of 5 .07% in the last 24 hours.

LUNC is up against the 21-day and 50-day moving averages, and a breakout could signal further upside movement. Technical analysis of the weekly chart shows an intact bearish trend over the past two weeks. However, LUNC/USD managed to break above the descending triangle pattern and is currently trading at $0.0002374 as it tests resistance at $0.00035.

Disclaimer: Views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their own research and due diligence. Any action taken by the reader is strictly at his own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Is the Terra Classic post likely to outperform DOGE and SHIB in the long run? appeared first on Coin Edition.

See the original on CoinEdition

Share.

About Author

Comments are closed.