Despite Binance’s latest monthly burn of over $150,000 worth of LUNC tokens and the recent appointment of a new, highly experienced senior Cosmos developer to the Layer-1 Blockchain Task Force team, Luna Classic (LUNC) is threatening to breakout to new nine-month lows.
As a result, price prediction Be pessimistic.
Lunch is the token that powers the original Luna layer-1 blockchain protocol that experienced a disaster last year.
Exactly one year ago, the blockchain’s algorithmic stablecoin TeraUSD (UST) diverged from the US Dollar after the value of the collateral backing it (LUNC tokens) fell below the 1:1 dollar value of UST supply.
UST owners massively redeemed their tokens for LUNC amid fears that the tokens were now undervalued (akin to a bank run), triggering hyperinflation of LUNC through a so-called death spiral.
Since then the Terra blockchain ecosystem has been experiencing a mass exodus of decentralized finance projects and developers as well as capital.
Despite the best efforts of the rest of the Luna Classic community members to revitalize the project, LUNC has struggled to regain its luster.
Despite bitcoin nursing gains of over 70% so far this year, Lunch is down over 30%.
Price Prediction – Here’s Where Luna Classic (LUNC) Is Going Now
LUNC/USD was last changing hands above $0.0001.
If the cryptocurrency breaks below this level, the doors are open for a test of last summer’s lows in the $0.0009 area.
Meanwhile, a break below here could see LUNC retrace back to record lows in the mid-$0.0004 range.
This would mark a decline of around 60% from the current levels.
And given the pessimistic outlook for a full-scale revival of the Luna Classic blockchain, due to the irreparable damage done to the project’s reputation after its ecosystem collapse a year ago, LUNC price predictions will likely continue to decline.
Alternatives to Consider Luna Classic (LUNC)
With the outlook not looking great for Luna Classic (LUNC), many investors may prefer to invest in safer cryptocurrencies like bitcoin.
While blue-chip cryptocurrencies may continue to perform well in the months and years ahead, 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 that 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.