By The Terra Luna Classic price has gained by 2.5% in the past 24 hours, reaching $0.000132 on a day when the crypto market as a whole posts a very slight 0.5% rise.
LUNC’s modest increase today means that the coin is now down by 30% in a week and by 47% in relation to its three-month high of $0.0002.
It gets worse for the altcoin, in that its sustained falls over the past week have left it with only a 0.5% gain in a month and a 1% increase in year.
Such underperformance points to the severe problems Terra Luna Classic has been having in restoring itself, yet it’s also arguable that the market’s overselling of LUNC could help it bounce aggressively sooner or later.
Terra Luna Classic Price Prediction as LUNC Drops 47% From Local Top – Next Leg Up Starting Soon?
LUNC’s chart makes for some grim reading, with its indicators all signalling that the coin is in the middle of a sustained contraction.
Alarmingly, the coin’s RSI (purple) has been more or less below 50 for just over ten days now, suggesting its failure to attract interest from new buyers.
Source: TradingView
It’s also concerning that the coin has been trading in a very narrow band between its resistance (red) and support (green) levels, both of which have been declining precipitously.
This doesn’t bode well for LUNC’s immediate future, neither does the fact that its price has fallen below its 30-day (yellow) and 200-day (blue) averages.
This all suggests that we can expect the Terra Luna Classic price to fall further in the near future, before hopefully correcting upwards.
We are still holding $LUNC Strongly #LUNC #USTC #LUNA #LuncBurn #LUNCcommunity #luncArmy pic.twitter.com/PWCsyBXIMU
— Terra Luna army (@terra_army) March 20, 2024
Traders should also remember that its trading volume remains suppressed at around $80 million, down from $750 million in early March.
In other words, the wider market interest in LUNC is pretty much minimal, which is part of the reason why it’s struggling.
And the reason why general interest in LUNC is low is because the coin has struggled to re-legitimate itself in the wake of 2022’s Terra Luna collapse.
Its community continue to propose and implement governance proposals aimed at upgrading its chain and ecosystem, yet these have all been modest in their effects.
1.5% tax on-chain –> 1.2% burn tax off-chain –> #LUNC to $119+
Let’s support the original recovery plan for #LUNC of proposal #4793 from September 2022, which passed governance with 99.31% YES, for the 1.2% burn tax off-chain on exchanges!
This was always the best… pic.twitter.com/x1wFo2Zlkh
— JESUSisLORD (@ForTheCross_CH) March 16, 2024
There has also been considerable in-community disagreement and stalling in how to best restore LUNC’s price, with the past week witnessing calls to resuscitate a plan for a 1.5% burn of off-chain (e.g. on exchanges) transactions.
If LUNC’s community can successfully realize such proposals, then the Terra Luna Classic price could have a chance in the future.
For now, it’s likely to continue falling.
Newer Coins with More Rally Potential
Because LUNC appears to have stagnated terminally, most traders may prefer to turn to newer tokens with more potential.
While the wider market is going through a mini-correction right now, there are a number of promising presale tokens available right now, many of which could rally big once they list.
A great example of this is Green Bitcoin (GBTC), an ERC-20 token that launched its hotly tipped presale a few weeks and has now raised more than $6 million.
To celebrate $6M we’re launching our GBTC GIVEAWAYS!
To enter, simply: Like + RT + Tag a friend!
The first prize is a $200 GBTC Airdrop. THERE WILL BE MANY MORE! Winner will be announced in replies in 24hrs. pic.twitter.com/k0sxIFOMnQ
— GreenBitcoin (@GreenBTCtoken) March 18, 2024
The reason for all the market interest is that Green Bitcoin promises an environmentally friendly version of Bitcoin (BTC), marrying a hard cap of 21 million tokens to the energy efficient of the PoS Ethereum blockchain.
On top of this, GBTC boasts an innovative predict-to-earn staking model, which delivers greater rewards to those stakers who correctly predict future Bitcoin prices.
It also provides greater rewards to stakers who keep their tokens locked for longer periods, a setup which encourages long-term holding.
And given that GBTC has such a limited supply, this system is likely to help drive up GBTC’s price over time.
Did you know you can earn HUGE, simply by staking your Green Bitcoin?
If you haven’t yet, go to our website and check out the Staking feature! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
The fact that Green Bitcoin has already raised just over $6.7 million suggests that many traders believe in its roadmap and future potential.
New investors can join the sale by heading over to the official Green Bitcoin website, where they can buy GBTC in exchange for USDT, ETH or fiat currency.
1 GBTC token currently costs $1.1062, although this price is likely to surge once the token lists and users begin staking.
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