Things are not looking good for Terra Luna Classic (LUNC).
The cryptocurrency, which powers the original Terra blockchain, experienced a meltdown after its corresponding algorithmic “stablecoin”, UST, lost 1:1 against the US Dollar last May, trading around $0.000084 in the $0.000084 area on Wednesday. % was trading less.
UST lost its 1:1 peg to the US dollar last year when the market cap of LUNC (formerly LUNA), which served as collateral for UST, fell below the supply of UST, causing a bank run. began, which led to the so-called “death spiral“In Lank.
Lunch Holders lost everything as the LUNA mint-burn mechanism was over-inflated by the supply UST, and the Terra ecosystem saw an exodus of nearly all its capital, users and developers.
Price Prediction – Will Terra Luna Classic (LUNC) test the yearly low?
luncheon The drop on Wednesday suggests that the $0.00008 area is likely to be tested for the yearly low.
This is because the technicals are looking very bad.
Lunch It again found strong resistance at its 21DMA a few days ago, indicating that the bearish bias remains very much intact in the near term.
During this, Lunch A pennant is on the verge of breaking south of the structure, which could trigger new tech sales.
The $0.00008 level is a key long-term resistance area, with a break below it at the $0.000035 area likely to end a run towards last June’s low.
This could mean that LUNC’s in-store price has dropped by another 60%.
This is not surprising.
The token represents a long-dead and gone cryptocurrency network – the May 2022 disaster dealt a fatal blow to the Terra project and its credibility.
Alternatives to Consider Luna Classic (LUNC)
Investors should always be looking to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors may consider is getting involved in crypto presales.
This is where investors buy tokens of up-start crypto projects to help fund their development.
These tokens are almost always sold very cheaply and have a long history of pre-sales providing huge exponential returns to early investors.
Many of these projects have great teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their pre-sale investment is great.
The Cryptonews team spends a lot of time on pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best crypto pre-sales of 2023.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.