Terra Luna Classic Price Rally – Is the Sell-Off Over?
Today, the Terra Luna Classic (LUNC) coin has seen a slight increase of 1%, its price rising to $0.00007818. This comes as the cryptocurrency market in general has risen by 2% in the past 24 hours. Unfortunately, this minimal gain has done little to improve the coin’s performance over a longer period of time. Over the past week, the altcoin has gone down by 2.5%, further dropping by 4% over the past month. Since the beginning of the year, LUNC has decreased by 46%.
The current chart and indicators for the coin look weak, with its relative strength index (purple) still unable to pass the 50 mark, even with today’s small rise. The 30-day moving average (yellow) has stopped falling below the 200-day average (blue), but there is still no sign of it beginning to point upwards and start climbing. The support level (green) has been on a steady decline since mid-July, with no sign of it coming to an end.
These factors suggest that today’s rally might be short-lived and LUNC could easily drop back to $0.000070 in the next few weeks. This could be due to the divided state of the Terra Luna Classic community, with members often disagreeing on the best approach to support the coin’s price and develop its ecosystem. One example of this is the 11675 proposal, which would burn around $800 million in USTC (LUNC’s associated stablecoin) held in a pool. The proposal has met with a mixed reception, with 39% voting in favor and 44% against.
It is possible that the altcoin is locked in a terminal decline, in which case traders would be better off looking to other coins with a higher potential to bring big gains in the short and long term. One such token is XRP20, an ERC-20 token currently in its presale phase, which has already raised $1.5 million. The token is priced at $0.000092, which was the same as the original XRP in 2014. This gives investors the chance to benefit from the original XRP’s growth, as it is an Ethereum-based token that also allows them to earn a passive income via staking. The total supply of XRP20 is 100,000,000,000 with 10% gradually being burned and 0.1% of every transaction being sent to a null address. This could make XRP20 deflationary, should demand remain steady or grow, which could help it rise in price in the long run.
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.
