Altcoins
Terra Luna Classic Price Prediction as LUNC Pumps 5% in 7 Days
Last updated: October 3, 2023 at 7:42 a.m. EDT | 2 minutes of reading
Terra Luna Classic (LUNC), the cryptocurrency that powers the original Terra blockchain that faced disaster last May, has outperformed the broader cryptocurrency market over the past seven days, rising by more than 5 .0% during this period.
However, Bitcoin (BTC) is down almost 2% and Ether (ETH) is down about 3% over the same period.
LUNC was last trading just above $0.00006 per token, just north of its 21DMA at $0.0000595, although it is still stuck below its 50DMA at $0.000064.
The cryptocurrency is likely outperforming the broader market due to a recent vote from the Terra Classic community to stop any minting of new LUNC tokens.
LUNC lost almost all of its value last May when the algorithmic stablecoin UST associated with the Terra Classic blockchain lost its 1:1 peg to the US dollar, triggering a $28 billion decentralized finance (DeFi) capital flight. dollars of the ecosystem.
Nonetheless, the Terra Classic faithful hope to revive the ecosystem, and a key part of that plan is reducing the number of tokens and increasing the value of LUNC again.
LUNC remains 90% below its highs from last September.
Price Prediction – What’s Next for Terra Luna Classic (LUNC)?
Although LUNC has performed well in recent weeks despite broader market underperformance, it remains stuck in a long-term downtrend, meaning price forecast remain pessimistic.
Indeed, the cryptocurrency has been stuck in a downtrend channel since its peak last September and has continually found resistance at its major moving averages (like the 21, 50, and 100DMA).
A possible retest of the all-time lows reached last June in the $0.00003 remains a distinct possibility, despite the best efforts of the Terra Classic community to strengthen the cryptocurrency’s value proposition.
A short-term spike towards the $0.00007/8 area is possible, but many traders would likely see this as an opportunity to increase their short positions.
Terra Luna Classic (LUNC) Alternatives to Consider
LUNC is a risky bet right now.
For those looking for a greater likelihood of short-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of startup crypto projects to help fund their development.
These tokens are almost always sold at a very low price and there is a long history of presales offering huge exponential gains to early investors.
Many of these projects have fantastic teams and a great vision behind them to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward ratio of their pre-sale investment is very good.
The Cryptonews team spends a lot of time going through pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best crypto presales of 2023.
Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.