The price of Terra Luna Classic (LUNC) has fallen by 1.5% in the past 24 hours, with LUNC’s drop to $0.0000873 coming as the cryptocurrency market as a whole rises by 1%.
LUNC is now up by 3.5% in the last seven days but is down by 2% in the last 30, while the altcoin has fallen by 39% since the start of January, in contrast to most other major cryptocurrencies (which have recovered substantially).
Much of this underwhelming performance can be pinned on the failure of the Terra Luna Classic’s community to do anything significant to support LUNC’s price and boost its ecosystem, with there remaining considerable disagreement on the kinds of proposals that need to be put into practice to do so.
However, some new proposals have been able to attract majority agreement, with a new plan to develop Terra Luna Classic’s wallet infrastructure looking as though it will be accepted.
Terra Luna Classic Price Prediction as Bears Send LUNC Toward $0.000085 Support – What Happens Next?
LUNC’s chart suggest that the altcoin may have to suffer some more losses before it can rebound again, with its indicators revealing a lack of momentum.
After rising for much of this week, LUNC’s 30-day moving average (yellow) has flattened out a bit and looks like it could begin dropping below its 200-day average anytime soon, something which would point towards more falls.
Likewise, the altcoin’s relative strength index (purple) has fallen from a moderate 50 to almost 40, signalling an overall move towards selling that could get worse in the coming days.
That said, LUNC’s support level (green) has held up well in the past week, and it will be interesting to see if the coin can resist falling below the key $0.000085 level.
If it does drop below this marker, then additional drops will likely come as a result of some traders losing confidence in the cryptocurrency.
Still, it can be argued that LUNC’s overall picture looks a little more positive at the moment than it has for several week or even months.
While a number of recent Terra Luna Classic governance proposals have been rejected by its community, one involving the creation of a wallet infrastructure for the Terra Luna Classic network looks set to win approval.
Acceptance of this proposal would be encouraging for LUNC, in that the introduction of wallet capabilities would make the Terra Luna Classic network more attractive to developers.
In turn, this could help encourage the development of more apps for LUNC’s blockchain, which would have the effect of boosting demand for the altcoin.
It could also provide the Terra Luna Classic community with something to rally around, given that previous weeks and months have seen validators disagree on a number of proposals.
Such disagreement has hampered LUNC’s performance recently, yet even with steady progress in terms of making the Terra Luna Classic blockchain more attractive to developers, it’s arguable that LUNC won’t see any substantial rallies until a concrete plan is put into action for re-pegging USTC.
This is LUNC’s sister stablecoin, which prior to the infamous de-peg event of May 2022 was really the sole reason why anyone used the Terra Luna blockchain.
Now, USTC still stands at a very low price of $0.01660229, making it all-but worthless as a stablecoin.
However, if the Terra Luna Classic community can eventually arrive at a realistic plan for re-pegging USTC, LUNC would rally massively in parallel.
Such a plan isn’t likely to arrive anytime soon, even if a proposal has been accepted to test ways in which a re-peg could be achieved.
As such, it would be unwise to expect LUNC to make big moves anytime soon, with a near-term target for the altcoin remaining at around $0.00010.
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