The price of Terra Luna Classic has partially recovered after a drop of up to 3.5% this morning, with the coin trading at $0.00012738 representing a loss of only 1% over the past 24 hours.
This means that LUNC is up 2.5% over the past week, although it remains down 25% over the past 30 days as the market experiences periods of unexpected volatility.
Today’s sell off was due to this news SEC likely to take enforcement action against CoinbaseA piece of news that resulted in a huge drop in prices.
However, LUNC is a very undervalued coin, and with the Terra Luna Classic community constantly working on new ways to improve its utility, it is arguably only a matter of time before it sees a major push.
Terra Luna Classic Price Prediction: LUNC Dips, But Is This a Buying Opportunity?
LUNC indicators are in good shape as they are close to recovering from the depression.
Its Relative Strength Index (purple) is nearing 50 after dipping below 30 following an earlier decline, suggesting it is now gaining momentum.
Its 30-day moving average (red) also remains below its 200-day average (blue), which means an upside correction is in the offing (all other things being equal).
As stated above, the news regarding the SEC and Coinbase came as a shock to the market, yet it seems that the fallout was not as bad as it could have been, given that the exchange stood its ground. Appears to be and ready to put up a fight. legal battle.
For this reason, there is a good chance that the price shock is over, and LUNC should be in a position to rise again in the coming days.
If it can recapture $0.000013, it could be in a position to see further consolidation of gains.
As we mentioned earlier, any major rally is dependent on progress in realizing plans to delist LUNC (or on big news of adoption, which is probably further down the line).
while february brought Approval of proposal to re-peg sister stable USTC ,which would require a massive LUNC burn), there has been no real development recently in agreeing on a plan to implement this proposal.
Another blow for those who want to burn more is that a recent proposal to increase LUNC’s on-chain tax burn to 0.8% (from 0.2%) was rejected, largely because community development work Wants to retain more LUNC to fund.
There is a growing desire to see such results as a sign that the community’s attention should now turn to building the Terra Luna Classic ecosystem in a way that maximizes its usefulness and results in adoption.
Noteworthy, Edward Kim published a blog This week in which they announced that they will focus on building machine learning-based applications that can be integrated with Terra Luna Classic via Cosmos.
Given Kim’s position as assistant professor of computer science at Drexel University, her pivot shows that there are serious people working on LUNC who are now intent on giving it a real selling point, not just one focused on burning. Beyond being a quasi-mem token.
While Kim’s plans are far from being realized, they prove highly optimistic for LUNC, to the extent that they point to a future in which the Terra Luna Classic achieves real utility.
Of course, the LUNC token burn continues, with Binance continuing to slash LUNC-based trading fees this month.
really, some 50 billion LUNC has been burned so far, up from 36 billion just a couple of weeks ago.
Because, the price of LUNC has a good chance of a steady rise in the short and medium term with $0.0003 or $0.0004 remaining a realistic year-end target for the token.
This may sound very uncharacteristic to LUNC supporters, as many are set to rise to $0.10 or even $1 in the not-too-distant future.
However, a $1 increase would result in a gain of 788,000% from the current price of LUNC, which seems highly unlikely at the moment.
Terra Luna Classic Alternatives
Now may be a good time to buy LUNC in the sense that it’s still undervalued, yet we may not see big rallies until much later in the year.
Therefore, traders looking for short-term opportunities may want to consider other coins, as several new altcoins and presale tokens are currently showing promising potential.
If you are interested in exploring these options, cryptonews The Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, featuring some of the most exciting up-and-coming projects in the crypto space.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.