LUNC rebounds after SEC lawsuit crypto slump. Where is it heading now?

The price of Terra Luna Classic has fallen by 2% in the last 24 hours, but its drop to $0.00009607 today represents a 13% gain in the past two weeks, as the altcoin compensates for some of the losses caused by the SEC’s recent legal actions.

Currently, LUNC’s price has risen by 5% in a month, but the coin is actually down by 33% since the beginning of the year, due to enthusiasm gradually waning for the Terra Luna Classic community’s attempts to support its price over the past few months.

However, with the community recently passing a proposal to give the Terra Luna Classic blockchain technical parity with that of Cosmos, momentum appears to be returning to LUNC, as the market regains confidence in its direction.

This means that the next few weeks and months may bring further LUNC rallies as the altcoin attempts to recover some of the ground it has lost since May 2022’s collapse.

Terra Luna Classic as LUNC Bounces Back From SEC Lawsuit Crypto Slump – Where is LUNC Heading Now?

LUNC’s chart also strengthens the view that it has begun to regain a little impetus, with its relative strength index (purple) in particular rising from close to 30 (oversold) to around 60 today.

While its 30-day moving average (yellow) had been in the process of falling below its 200-day average (blue), it has now flattened a bit and may actually resume rising again.

This all suggests renewed momentum, although given how uncertain crypto’s current regulatory situation is at the moment (in light of recent SEC’s actions), traders need to be aware that LUNC may not be entirely stable.

However, it does seem that, all other things being equal, the altcoin is due for further gains rather than further losses.

This is largely because LUNC has already been massively oversold this year, mostly because of dissatisfaction with the Terra Luna Classic community’s inability to agree on a concrete plan for restoring the USTC peg.

That said, recent weeks have actually seen some progress in this regard, with the community accepting a proposal that will result in the introduction of several technical upgrades for the Terra Luna Classic blockchain, upgrades which will actually be implemented today.

The biggest change introduced by this update will be an increase in the interoperability of the Terra Luna Classic blockchain, making it more attractive as a destination for developers and their apps.

For this reason, we could see LUNC rise steadily in price as more apps begin to use it.

In addition, the community has accepted a proposal that will see the creation of a test environment for re-pegging USTC.

This is a vitally important step in the gradual rehabilitation of both USTC and LUNC, and if it bears fruit and leads to an actual concrete plan of action, there’s little doubt that LUNC will rise substantially.

Buy Terra Luna Classic Now

Altcoin Potential

Of course, such gains may not come for several months, seeing as how long it can take to iron out practical disagreements and devise a realistic plan for re-pegging USTC.

In the meantime, many investors may end up choosing to diversify into newer altcoins with a better chance of gains in the short- (as well as long-) term.

In particular, presale tokens present the opportunity for sizable returns, especially when they list for the first time on exchanges.

One promising presale token at the moment is ecoterra, an Ethereum-based recycle-to-earn platform that has raised more than $5 million and will launch in the latter half of this year.

Once launched, ecoterra’s platform will reward users for recycling their household waste at participating recycling points.

Users will receive the native token ECOTERRA as the reward for their recycling, incentivizing them to recycle more and improve their lifestyles.

In addition, ecoterra’s platform is set to reward users who provide proof of generating their own green energy, with such rewards coming in the form of NFT-based carbon offsets.

These offsets can be bought and sold on ecoterra’s carbon credit and NFT marketplace, which will motivate users to live a more sustainable lifestyle.

Those interested in investing can participate in ecoterra’s presale by visiting its official website and connecting their software wallets.

Currently, 1 ECOTERRA is priced at $0.00925, but this price will increase to $0.01 in two weeks.

After gaining its first exchange listings, the price of ECOTERRA could increase even more, providing early investors with a profitable return.

Follow this link to visit ecoterra’s official website.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more