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Is Terra Luna Classic Going to Zero? LUNC Price Drops 20% as Novel Mining Protocol Takes All the Attention

Despite a tumultuous 2023, which saw Terra Luna Classic de-listed by major exchanges, LUNC has mounted a resounding come-back, yet, amid a -20% price drop – is Terra Luna Classic going to zero?

Upside price action appears to have been invigorated by a quick-fire burn mechanism, that has been inducing a continual reduction on LUNC total supply.

$LUNC Burn Update

Over 150M $LUNC Burned Today. pic.twitter.com/Y2wGiH6VBr

— LunaClassic HQ (@LunaClassicHQ) January 3, 2024

Indeed, in the past 24-hours more than 150,000,000 LUNC has been burned, however, the downtick in price comes amid increased woes for Terraform Labs founder Do Kwon – who last week saw a Judge rule in agreement with the Securities and Exchanges Commission that Kwon violated the law.

LUNC Price Analysis: As LUNC Hammers Down Is Terra Luna Classic Going to Zero?

With price action hammering the bottom of the channel, Terra Luna Classic is currently trading at a market price of $0.00011741 (representing a 24-hour change of 0.64%).

This comes as price retraces from upper trendline resistance at $0.00027960, in a month-long bleed-out that has seen price tumble a worrying -64%, leaving price action perilously on the edge of slipping back into rock-bottom price levels.

Moving averages have played a significant role in the downside price action over the past fortnight, with LUNC losing supportive footing from the 20DMA on December 15.

This has seen the 20DMA (now sat at $0.00014990) flip to resistance, forcing a descendant capstone that has pushed price downwards.

Meanwhile, the 200DMA is still reflecting the recent uptick recovery, showing continual but gradual ascendance at $0.00008945.

A crucial local support at $0.00011525 now stands as the last hope of desperate LUNC holders, who fear a return to capitulation.

Yet, a glimmer of hope emerges from the RSI, which has cooled down significantly over the retracement move, now showing serious oversold bullish divergence at 35.31 – suggesting price could soon resume upside movements.

But this is contrasted with negative sentiment from the MACD which is displaying bearish divergence at -0.00000523 – highlighting the fleeting momentum.

Overall, Terra Luna Classic looks weak here, with rally structure on the verge of collapse amid awful project fundamentals following the Do Kwon court ruling.

To the upside this leaves LUNC targeting a recovery to higher support above $0.00013525 (a possible +15.84%).

While downside risk could see LUNC plummet down to lower price range at $0.0000805 (a potential -31%).

This leaves Terra Luna Classic facing a risk: reward ratio of 0.51 – suggesting a weak entry dominated by downside risk.

But while LUNC offers an unappealing entry, a rapidly growing Bitcoin Cloud Mining project is emerging as a potential breakout Bitcoin halving play.

Terra Luna Classic Price Drop Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $7.46M Raised

Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$7,465,527 raised.

Offering an enticing 86% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

Just two days remaining for #BitcoinMinetrix Stage 17!

How might #Bitcoin‘s integration into #DeFi platforms impact its utility? pic.twitter.com/v5ndjZA26e

— Bitcoinminetrix (@bitcoinminetrix) January 4, 2024

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

$8M In The Crosshairs: Bitcoin Minetrix Surges Past $7.46M As Markets Rush To Bitcoin Cloud Mining

Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).

This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.

The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).

Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.

But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.m

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.

This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over Mina Protocol Price Retracement:

Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $7.46m raised towards its $8M goal. At a competitive price of just $0.0126 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.


Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

The post Is Terra Luna Classic Going to Zero? LUNC Price Drops 20% as Novel Mining Protocol Takes All the Attention appeared first on Cryptonews.

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