Terra Luna classic price has been struggling for support through the week’s trading. Bulls suffered another setback last week LUNC broke out of consolidation between $0.0001468 and $0.0002,
LUNC currently trades at $0.0001308 after losing 2.3% of its value on the day. Terra Luna Classic has had a disappointing performance this year, considering it is trading down almost 100% from its all-time high of $119.
Value data from CoinMarketCap shows that LUNC is ranked 45th in the market with $782 million in market capitalization. In the past 24 hours, its trading volume fell by over 30% to $58 million.
Bulls push for lower prices ahead of potential Terra Luna Classic price rally
As seen on the daily time-frame chart below, Terra Luna Classic price has sustained a downtrend below a few trend lines. Attempts to break this move south have only crossed the lower trend line (dotted). LUNC needs to make a clear breakout above the upper trend line (sustained line) to validate an uptrend as well as a return of the bulls.
An immediate recovery is highly unlikely based on the position of the Stochastic Oscillator in the oversold region. If LUNC does not hold the support at $0.0001251, it may be forced to seek refuge at lower price levels, where fresh liquidity can be collected.
After a rush of buyers at $0.0001251, the next pit stop could be at $0.00008. However, if the pressure starts to mount, investors can expect Terra Luna Classic to bottom out between $0.000035 and $0.000085.
How high can the Terra Luna Classic go in 2023?
The short term outlook in LUNC appears to be bearish, But like other cryptocurrenciesIt is expected to make a solid recovery in 2023. Ardent crypto investors holding on to a loose thread could see LUNC rally back to its all-time high.
Terra Luna Classic price may need to make a move of 750,000% to achieve this great milestone. If the value of each LUNC token rises to trade at $1, this means that Terra Luna Classic alone would have a market capitalization of $5.98 trillion.
Considering that the largest and most popular cryptocurrency Bitcoin (BTC) has a market capitalization of only $324 billion, such expectations are dim. LUNC’s ecosystem is only a pale reflection of the robust and vibrant network it was before the crash in May.
Could reducing supply help bring LUNC back to $1?
A token burn drive for the ecosystem may be the most logical way to help LUNC return to $1. However, its huge supply is the biggest hurdle. If we assume a $1 billion market cap for the token, the supply reduction would have to be very aggressive such that only 1 billion LUNC tokens are left in circulation.
The agreed burn tax is only 0.2% on all LUNC transactions. At that rate it would be impossible to achieve the required supply reduction. The community is currently pushing to increase the burn tax to 1.2%. Still, more than this would be needed to see positive results.
That said, the cryptocurrency space is very dynamic. So, a lot could change for the Terra Luna Classic. However, the supply of LUNC will remain at the heart of its performance. This is definitely a token to keep under the microscope going into 2023.
Altcoins promising quick returns
Cryptocurrencies have taken another hit in the past week as investors profited from bullish movements due to better-than-expected inflation data in the United States. Meanwhile, investors constantly search for crypto projects that return above-average returns within short periods. Selected tokens listed below are currently in their pre-sale stage – working towards their initial exchange listing.
FightOut (FGHT) – Revolutionizing the Fitness Industry
FightOut, a new Move-to-Earn (M2E) fitness app that doubles up as a chain of fitness gyms. The blockchain-based platform aims to change how you and I look at the fitness lifestyle.
Its tokenized economy is powered by FGHT, with which users can earn rewards for completing M2E tasks. FightOut is also integrating Web3 solutions where community members can create their own digital NFT avatars for the Metaverse.
FightOut’s pre-sale is underway and has raised over $2.25 million. For purchases made before the $5 million mark, the team is offering up to a 50% bonus.
Dash 2 Trade (D2T): Leading Crypto Analytics
Dash 2Trade is a cryptocurrency platform built with the crypto trader in mind. This world-class crypto project brings social sentiment and on-chain trading analysis closer to investors so that they can make informed decisions.
There is also a strategy builder equipped with social trading tools for traders to create and test new strategies – while easily sharing them with others. Investors have access to a pre-reserved scoring system on the dashboard where they can participate in presales.
The Dash 2 Trade pre-sale is currently in its final stages with $10.3 million raised Raised out of an expected $13.35 million. The first CEX launch of the token will go live on Wednesday, January 11, 2023.
C+ charge (CCHg)
C+Charge is a crypto-powered Electric Vehicle (EV) charging and payment solution designed to democratize the carbon credits industry. It prides itself on being the first on- or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits at the CCHG while charging their vehicles. Charge station operators will also receive payments in CCHG, increasing the utility of the token.
The C+Charge pre-sale recently launched with $4.1 million raised. Investors can buy 1 CCHG for 0.013 USDT, but the price will rise to 0.0165 USDT in the next round.
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