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Terra Luna Classic Price Prediction as LUNC Spikes Up 1% – Is the Sell-Off Over?

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

The price of Terra Luna Classic (LUNC) has risen by 1% today, with its move to $0.00007818 coming as the wider cryptocurrency market gains by 2% in the past 24 hours.

LUNC’s slight rise has done little to improve its performance over longer timeframes, however, with the altcoin remaining down by 2.5% in the past week and by 4% in the past month.

And with LUNC also down by 46% since the beginning of the year, it’s arguable that today’s rally is just a little blip in the coin’s long-term decline, which has been caused largely by community infighting over how best to support the coin’s price and develop its ecosystem.

However, with some modest progress being made in this respect in the past couple of weeks, there remains a chance that LUNC could see a steady recovery over the next few months.

Terra Luna Classic Price Prediction as LUNC Spikes Up 1% – Is the Sell-Off Over?

LUNC’s chart and indicators continue to look decidedly weak, with its relative strength index (purple) still struggling to pass 50, even with today’s little bump upwards.

Source: TradingView

Much the same goes for the coin’s 30-day moving average (yellow), which has stopped falling any further below its 200-day average (blue), but which doesn’t seem to be able to point upwards and begin climbing.

This negative picture is completed by LUNC’s support level (green), which has slid consistently downwards since the middle of July, with no obvious end in sight.

So even though LUNC has gained 1% today, and even though some might argue that it has been oversold in recent months, there’s no guarantee that holders are going to see sustained improvements in its position.

The main problem with LUNC at the moment is that the Terra Luna Classic community has done little to provide its price with a lift, with validators and community members often divided on the best proposals for boosting LUNC’s position.

<oembed url="https://twitter.com/ForTheCross_CH/status/1687303952923303937[/embed]

One good example of this is the recent 11675 proposal, which would burn around $800 million in USTC (LUNC’s associated stablecoin) that is currently being kept in a pool.

While such a move would potentially boost USTC’s price and also help LUNC’s position, it has been met with a strong position in some quarters, with 39% currently voting in favor, in contrast to a total of 44% voting against.

This highlights just how divided the Terra Luna Classic community has been in recent months, something which has impeded – perhaps fatally – LUNC’s ability to recover in any substantial way.

As such, LUNC could easily drop further after today’s little spike, falling to $0.000070 in the next few weeks, and perhaps lower.

New Altcoins With Better Potential

It’s possible that LUNC is now locked in some kind of terminal decline, with the altcoin unable to prevent itself from falling lower.

If this is the case, traders would be much better off looking to other altcoins that show more potential for big gains in the near and more distant future.

And some of the most promising new tokens in the market right now are presale coins, with the best of these in line to see significant rallies once they list on exchanges.

One big candidate for strong rallies is XRP20, a new ERC-20 token that has already raised just over $1.5 million in its presale, which started only last week.

<oembed url="https://twitter.com/XRP_20/status/1689220171573997569[/embed]

XRP20’s presale has it priced at $0.000092, which was precisely the price XRP itself reached in 2014.

This means that XRP20 provides investors with the chance to make up for having missed the original XRP while it was still extremely cheap, yet as an Ethereum-based token, it also provides the opportunity to earn a passive income via staking.

Much like the original XRP, the token will have a total maximum supply of 100,000,000,000, with 40% of this going to its presale and another 40% being reserved for staking rewards.

<oembed url="https://twitter.com/XRP_20/status/1689184822030159872[/embed]

Even more bullishly, 10% of XRP20’s total supply will be burned gradually over time, while another 0.1% of every transaction will be sent to null address.

This could potentially make XRP20 a deflationary cryptocurrency, assuming a constant or growing demand, something which could help it rise steadily in price in the longer term.

Investors can get involved in the coin’s presale by visiting XRP20’s official website and connecting their software wallets, with XRP20 buyable using ETH, USDT or fiat currency.

The sale is expected to end in the next few weeks, at which point XRP20 will list on exchanges, where it should make its early investors a nice profit.

Visit XRP20 Now

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.