Terra Luna Classic (LUNC) has seen a surge in price, rising by 3% in the past 24 hours, with the coin currently priced at $0.00013313. Despite this recent rally, LUNC has experienced a 6% loss in the past week and a 19% drop in the last 30 days, contrasting with the performance of major tokens like Bitcoin (BTC) and Ethereum (ETH) which have seen gains within the same timeframe. Despite the recent downturn in value, LUNC’s rally suggests that further gains may be on the horizon.
LUNC’s current value represents a significant rise of over 13,000% relative to its all-time low of $0.000000999967, which was set in May 2022. With plans in place to re-peg LUNC’s sister stablecoin, USTC to $1 under development, it could be only a matter of time before large quantities of LUNC are burned, causing the altcoin’s price to surge.
Chart analysis reveals that LUNC’s relative strength index (RSI) and its 30-day moving average (MA) both have promising indicators. Currently, the 30-day average is rising steeply towards the 200-day, and If the shorter average overtakes the longer, LUNC could be in for a breakout. At the same time, LUNC’s RSI has jumped to 70 in recent days, indicating overselling. While it has dipped in the past few hours, it’s still hovering around 60, indicating some decent upwards momentum.
The key resistance level for LUNC is $0.000135, and if it can make a clean break through this price, it could be in for further gains in the coming days. The recent performance of LUNC suggests that it is currently oversold and undervalued and could rally significantly in the next few weeks. This suspicion is reinforced by ongoing efforts to burn LUNC and boost its price, with recent proposals to increase the on-chain burn tax and changing the burn tax split.
However, dissent remains among some validators, with concerns around the proposed increase in the burn tax rate to 0.8%, which could hamper LUNC’s growth. Additionally, there is ongoing debate around the removal of a developer from the task force aimed at supporting the growth of the Terra Luna Classic ecosystem. LUNC’s slow recovery is due to the lack of concrete plans for re-pegging USTC.
While Terra Luna Classic’s prospects for significant gains appear to be limited until a concrete plan for re-pegging USTC is developed and implemented, traders seeking short-term opportunities may want to consider other coins, as several newer altcoins and presale tokens are currently showing promising potential.
LUNC’s recent performance suggests that it could reach $0.00015 in the next few weeks, with $0.0002 being a slightly more distant target. From there, LUNC could have a real chance of returning to $0.0004 or $0.0005 by the end of 2023, assuming that the market continues its apparent recovery. Bigger gains are dependent on the Terra Luna Classic community rallying behind a specific plan to re-peg USTC, something which could send LUNC surging if and when it happens.
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Overall, while LUNC has seen a recent surge in value, the lack of a concrete plan for re-pegging USTC, coupled with ongoing debate around proposals aimed at boosting LUNC, has contributed to its slow recovery. Nonetheless, LUNC’s performance over the past few weeks suggests that further gains may be on the horizon.
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