The Terra Luna Classic price has fallen by 12% in the past 24 hours, dropping to $0.00012029 as the news of Silvergate Bank’s liquidation sends shockwaves through the cryptocurrency market.
LUNC’s current price means that it has also declined by 28% in the past week and by 35% in the last 30 days, with the coin actually down by 16% since the start of 2023.
It’s in this context that LUNC’s 24-hour trading volume has risen up to $100 million, yet given the direction of its price, it’s likely that most of this volume is driven by sellers rather than buyers.
However, with the Terra Luna Classic community continuing to work on ways to boost the LUNC price, and with burning continuing apace, it may only be a matter of time before the token mounts another comeback.
Terra Luna Classic Price Prediction as $100 Million Trading Volume Comes In – What’s Going On?
As with most coins right now, LUNC’s indicators suggest that it’s about to reach a bottom.
Its relative strength index (purple) has dropped to 20 in the past few hours, signalling that it’s oversold and should correct upwards.
Likewise, LUNC’s 30-day moving average (red) has sunk well below its 200-day average (blue), while its actual price has fallen below both.
Again, this suggests that, once the dust has settled on this particular market-wide selloff, LUNC should witness a recovery rally.
Aside from its technicals, there are various reasons to be confident that the coin will enjoy substantial rallies again later in the year.
For one, last month saw the acceptance of a proposal to re-peg LUNC’s sister stablecoin, USTC.
This is highly bullish for LUNC, since it would necessitate the large-scale burn of LUNC tokens, given the interrelatedness of the two coins.
And a large-scale burning of LUNC is needed, since to date only 39.6 billion LUNC has been destroyed, out of a circulating supply of 5.9 trillion.
As such, it’s important that the Terra Luna Classic community rallies behind a specific and realistic plan for implementing the now-accepted proposal.
Unfortunately, in-fighting within this community potentially means that the arrival of a concrete plan could be delayed, with the past few days seeing a contentious proposal to exclude a developer from Terra Luna Classic’s L1 Task Force (which is responsible for developing and supporting the network).
This follows a similar proposal from January to stop paying another developer, indicating that not everything is plain sailing for Terra Luna Classic and its community right now.
But as the above tweet shows, support for the latest divisive proposal is very, very low, highlighting how the Terra Luna Classic community is largely united on the whole.
Indeed, recent weeks have witnessed a number of important updates to the Terra Luna Classic blockchain, including an upgrade from last month that introduced the ability for developers to change code parameters more efficiently.
On top of this, Binance has resumed its own burn of LUNC trading fees, with its latest update showing that it had burned over 8 billion LUNC in the couple of months leading to the end of February.
Given all of these developments, LUNC still has the potential to rise substantially later this year.
Its first likely target is a return to the $0.0002 it saw at the beginning of February, and from there it could even return to $0.0004 or $0.0005 by the end of 2023.
Of course, this all depends on the wider market, but with the Terra Luna Classic community helping to support LUNC’s growth, it has all the ingredients it needs to recover when the time is right.
Buy Terra Luna Classic Now
Is Now A Good Time to Buy Terra Luna Classic?
LUNC is likely to continue falling in the short-term, while it may not experience substantial gains until a definite plan for re-pegging USTC is agreed upon and realized.
Because of this, traders may prefer to look at other coins for big gains, with a variery of newer altcoins showing lots of potential at the moment.
Accordingly, we’ve compiled the best of such tokens into a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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