Terra Luna Classic price prediction as bears push LUNC towards $0.000085 support. What comes next?

Terra Luna Classic price prediction as bears push LUNC towards $0.000085 support. What comes next?

The State of Terra Luna Classic: Price Analysis and Community Proposals

The cryptocurrency market has been experiencing a wave of positive growth, with most major cryptocurrencies recovering substantially. However, the price of Terra Luna Classic (LUNC) has fallen by 1.5% in the past 24 hours, reaching $0.0000873. Despite a 3.5% increase in the last seven days, LUNC has dropped by 2% in the last 30 days and a significant 39% since the start of January.

The underwhelming performance of Terra Luna Classic can be attributed to the lack of significant support from its community, which has hindered efforts to boost the price and ecosystem of LUNC. The community remains divided on the implementation of proposals that would have a positive impact. However, there have been recent developments that have garnered majority agreement, particularly a plan to develop Terra Luna Classic’s wallet infrastructure.

Price Prediction and Technical Analysis

Analyzing LUNC’s chart reveals a potential for further losses before a rebound can occur, as the altcoin’s indicators currently show a lack of momentum. The 30-day moving average has flattened, and there is a possibility of it dropping below the 200-day average, indicating a potential for further falls.

Additionally, the altcoin’s relative strength index has decreased from a moderate 50 to almost 40, signaling a shift towards selling and suggesting a potential worsening of the market sentiment in the coming days. Despite these indicators, LUNC’s support level has remained strong, particularly around the key $0.000085 level.

If LUNC falls below this level, it may face additional drops as traders lose confidence in the cryptocurrency. However, the overall outlook for LUNC appears more positive than in previous weeks and months.

Community Proposals and Future Prospects

While several recent governance proposals for Terra Luna Classic have been rejected, one specific proposal involving the creation of a wallet infrastructure is likely to be approved. This acceptance would be encouraging for LUNC, as it would make the Terra Luna Classic network more attractive to developers.

By introducing wallet capabilities, the development of more applications on LUNC’s blockchain would be stimulated, subsequently increasing demand for the altcoin. Additionally, this proposal could serve as a rallying point for the Terra Luna Classic community, which has been divided in recent times due to disagreements on various proposals.

Despite progress in making the Terra Luna Classic blockchain more appealing to developers, it is argued that substantial price rallies for LUNC will only occur when a concrete plan is implemented to re-peg USTC (LUNC’s sister stablecoin). Prior to the de-peg event in May 2022, USTC was the primary reason for using the Terra Luna blockchain. However, USTC’s current price of $0.01660229 renders it virtually worthless as a stablecoin.

Although a proposal to test methods for re-pegging USTC has been accepted, it is unlikely that a realistic plan will be developed in the near future. Consequently, it is unwise to expect significant movements in LUNC’s price. The near-term target for the altcoin remains around $0.00010.

In conclusion, the performance of Terra Luna Classic has been lackluster compared to other major cryptocurrencies. The lack of community consensus on proposals has hindered its growth potential. However, the acceptance of a proposal to develop a wallet infrastructure offers hope for increased developer interest and demand for LUNC. Nevertheless, until a concrete plan to re-peg USTC is implemented, significant price rallies for LUNC are unlikely.

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