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Terra Luna Classic Price Prediction as LUNC Approaches Long Term Support – Will LUNC Bounce Up Soon?

Simon Chandler
Last updated: | 4 min read
Source: TradingView

The price of Terra Luna Classic (LUNC) has fallen to $0.00011681 today, marking a 3% decline in 24 hours and an 8% decrease in the last 30 days.

LUNC has also fallen by 19.5% since the beginning of the year, only one of the few top 100 cryptocurrencies to have not seen gains since 2023 kicked off.

This comes after the token fell through the key $0.00012 support level, a drop that could potentially signal further losses to come.

However, while things don’t look great for LUNC in the short-to-medium term, the continued efforts of the Terra Luna Classic community to restore its value and that of sister stablecoin USTC may help it see sustained price increases in the longer term.

Terra Luna Classic Price Prediction as LUNC Approaches Long Term Support – Will LUNC Bounce Up Soon?

The important point to make about LUNC’s recent price falls and its chart at the moment is that the coin is severely undervalued, meaning that now may be the best time to buy it for a discount.

Source: TradingView

Its relative strength index (purple), for example, has sunk back down towards 30, after several weeks during which it rose slowly towards 50.

Likewise, LUNC’s 30-day moving average (yellow) has sunk much further in relation to its 200-day (blue), with the implication being that it can’t fall much further without the coin needing to correct upwards.

This may be true, but 2023 has found LUNC falling through one support level (green) after another, as if the token is trapped in a long-term death spiral.

This is largely the case at the moment, with the coin breaking through the all-important $0.00012 support level today.

As such, it would be sensible to expect further falls in the near term, potentially sending LUNC down to $0.0001 or lower.

However, one bright spark for LUNC is that the Terra Luna Classic community is constantly working to improve the altcoin’s ecosystem.

Most recently, a proposal has been put forward to implement a definite plan for re-peg USTC, something which would require the burning of LUNC.

This proposal is still under debate within the Terra Luna Classic community, yet it would almost certainly boost the LUNC price if accepted.

At the same time, work is still underway to improve Terra Luna Classic’s utility as a platform, with its Layer 1 Task Force also submitting a governance proposal in the past few weeks that would increase funding for their work in developing LUNC’s network, while also introducing a few useful technical changes (e.g. improved parity and interoperability with Cosmos).

This is important since development work on Terra Luna Classic is ultimately what’s needed if its network and its native token are to witness sustained recovery and growth.

Nonetheless, it needs to be remembered that considerable infighting and disagreement still undermine the community, which continues to witness a semi-regular stream of divisive and sometimes personal governance proposals.

As such, there’s no certainty that Terra Luna Classic will ever recover, something which needs to be considered by any trader hoping for a massive LUNC gain in the future.

Still, regular LUNC burns do continue apace, with Binance destroying a total of 1.6 billion LUNC over the course of March.

This is encouraging, in that it helped to bring the total amount of LUNC burned to 53.1 billion, or 0.9% of LUNC’s supply.

Yes, this is a pretty modest figure compared to LUNC’s circulating supply of 5.9 trillion, but it potentially stands as the beginning of more large-scale burning.

And assuming that LUNC burning does increase, the market could see the altcoin’s price eventually rise back up to $0.0002 by the latter half of the year, and even higher if market conditions are right.

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An Alternative Option: DeeLance

While LUNC does have a chance of witnessing a massive recovery, it also can’t be ruled out that it simply continues along its current path of apparent terminal decline.

As such, investors may prefer to turn to newer altcoins with more positive long-term prospects, with a number of presale tokens offering the opportunity to make some big gains this year.

One of these is DeeLance, an Ethereum-based decentralized marketplace for remote work in the Web3 sector.

Having launched the presale for its DLANCE token several weeks ago, DeeLance has now raised more than $300,000.

Due for a full launch later in the year, DeeLance aims to add several innovative features to its freelancer marketplace.

Most notably, it will use non-fungible tokens in order to secure and transfer ownership of pieces of work online, something which could end up providing freelancers with a steady stream of supplemental income.

Just as excitingly, DeeLance will also have its own metaverse, enabling businesses and workers alike to establish virtual presences and network remotely.

This promises to make DeeLance one of the most innovative and promising remote work platforms to have emerged in a while.

Investors can join its presale by visiting its official website and connecting their software wallets, before buying DLANCE using either USDT or ETH.

One DLANCE token currently costs $0.025, a price which will rise to $0.029 in four days, when the sale enters its second stage (out of six).

Visit DeeLance Here