Terra Luna Classic Price Prediction as LUNC Bounces on Support: Are Bulls in Control?
The Terra Luna Classic price has bombed by 4.5% in the past 24 hours, falling to $0.00006193 as the altcoin continues what looks like a terminal decline.
Despite dropping heavily in the past day, LUNC has actually bounced a little in the past hour, rising from a 24-hour low of $0.00006174.
It also remains up by 2.5% in the past week and by 10% in the past fortnight, with the coin benefitting from last week’s market-wide rally.
And with LUNC remaining down by a massive 74% in the last 12 months, some meaningfully positive news could help it stage a big comeback.
Terra Luna Classic Price Prediction as LUNC Bounces on Support: Are Bulls in Control?
Looking at LUNC’s chart, it would seem that the bulls aren’t really in control at the present moment in time.
Its relative strength index (purple) is sliding steeply towards 50 and looks like it could fall much lower.
Likewise, it’s important to note that LUNC’s 30-day average (yellow) has flattened after rising steadily last week, a sign that buying momentum has left the token.
Other negative signs include a declining trading volume, as well as a declining medium-term support level (green).
The latter indicator plots the downwards course LUNC has been charting over the past year, and while the coin is currently well above it, the next couple of weeks could see it return to this lower level.
This will, of course, depend on whether the market enjoys any further positive news regarding Bitcoin ETFs, which lifted LUNC – along with the rest of the market – last week.
Yet as for LUNC itself, its own situation and fundamentals would arguably suggest further pain to come.
For one, Terraform Labs and its co-founder Do Kwon have begun proceedings in their case with the SEC, which is accusing both parties of a multi-billion dollar fraud.
⚖️📃 Do Kwon and Terraform Labs Submit Motion for Case Dismissal against U.S. SEC#Terraform Labs and co-founder Do Kwon have filed a motion against the U.S. SEC, seeking to dismiss allegations of multi-billion-dollar securities fraud. #CryptoNews #newshttps://t.co/puE0iiRAVS
— Cryptonews.com (@cryptonews) October 31, 2023
Such a case is likely to damage LUNC by association, while the altcoin is also struggling to make headway on its own account.
Specifically, this year has seen a litany of new governance proposals aimed at boosting LUNC and its ecosystem, yet these have generally done very little to support its price and get new users on board.
What’s more, many of these of have caused disagreement and animosity between community members, highlighting the possibility that LUNC could be stuck.
The #LUNC governance proposal #11849 I brought to reverse and nullify blacklisting failed. The vote reached quorum with a good voting turnout but was rejected.
You can see those who stood for decentralisation under the yes votes, and those who wanted #LUNC to become a… https://t.co/KmOzdxojnX pic.twitter.com/u7eTdYbrhD
— JESUSisLORD (@ForTheCross_CH) October 30, 2023
For this reason, the Terra Luna Classic price is likely to decline further before recovering, potentially plumbing to $0.000050 in the next few weeks.
Promising New Altcoins
Given that LUNC continues to struggle, most traders may prefer to invest in newer altcoins that show more promise and have stronger fundamentals.
There are few such coins in the market right now, with several presale tokens looking like they could rally big once they list on exchanges.
One of the likeliest to do this is TG.Casino (TGC), a decentralized casino that has raised over $1.6 million in a presale that has been running for barely a month.
We have passed the $1.6 million checkpoint🎰$TGC is blowing up! pic.twitter.com/1RriRQSHPU
— TG Casino (@TGCasino_) October 31, 2023
Encouragingly, TG.Casino has already launched its casino platform, which in an interesting take on the format operates on popular social messaging app Telegram.
This means TG.Casino has been able to tap into Telegram’s large userbase, with the platform’s own Telegram channel already boasting over 5,000 members.
This bodes very well for the platform’s future, giving it an edge over its rivals.
And aside from its strong social element, TG.Casino also features an exhaustive array of gambling experiences, from traditional card games to sports betting.
TG Casino doesn't sleep over weekends!
There are now 5000 of you in the Telegram community🤩 pic.twitter.com/xEc0faIFNN
— TG Casino (@TGCasino_) October 28, 2023
This variety has enabled it to attract a wider audience, yet it also helps that native token TGC looks set to be a highly profitable cryptocurrency.
On the one hand, players will use TGC to place bets, giving it a strong utility.
On the other, they can also use it for staking, earning them a passive income, on top of any price increases.
This explains why the coin’s presale is accelerating quickly, with newcomers able to join proceedings by visiting the official TG.Casino website.
1 TGC currently costs $0.15, yet this could rise much higher once the token lists on exchanges.
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.
