The cryptocurrency Terra Luna Classic (LUNC), which powers the original Terra blockchain, has experienced volatility in recent days and is around 12% higher compared to its Tuesday lows in the $0.000085 area. LUNC/USD was last changing hands around $0.000094 following a huge 33% surge after a bullish breakout above a short-term pennant structure and the cryptocurrency’s 21DMA. However, it finds itself unable to break back above resistance in the $0.000115 area.
Despite being able to hold to the north of a downtrend from the earlier yearly highs, the prospect of a longer-term rebound remains weak, with fundamentals certainly not working in LUNC‘s favor. When its associated algorithmic “stablecoin” UST lost its 1:1 peg to the US dollar last May, a “bank run” ensued, leading to a so-called “death spiral” in LUNC. Holders lost everything as the supply was hyper-inflated due to UST owners redeeming their tokens en masse through the protocol’s mint-burn mechanism.
The Terra ecosystem saw a massive exodus of capital, users, and developers and has never really recovered. LUNC could be considered a long-dead cryptocurrency since the May 2022 disaster dealt a fatal blow to the Terra project and its credibility. That said, LUNC holders might want to consider selling while they still can.
A rally to $1.0 per token is highly unlikely without significant changes to the cryptocurrency’s tokenomics. At present, there are nearly 7 trillion LUNC tokens in circulation, and reaching a $7 trillion market cap f.athers practicality In the meanwhile, investors might want to consider diversifying their crypto portfolios by investing in projects with a better chance of delivering near-term gains, such as participating in crypto presales.
One high-risk-high-reward investment strategy involves buying tokens of crypto startups through presales to help fund their development. One such project identified by the team at Cryptonews as having strong potential is yPredict – a ground-breaking new AI-powered crypto trading and market intelligence platform that offers an institutional-grade crypto price prediction system.
What sets yPredict apart is that its crypto price predictions will be accessible to everyone, with no login required. These predictions are powered by yPredict’s in-house deep data analysis. In addition to price predictions, the platform provides advanced crypto research and trading tools, pattern recognition, and social/news sentiment features built by top AI developers and quants.
For now, it seems that LUNC may have a difficult road ahead, while other projects like yPredict offer alternative investment opportunities with impressive potential.
Source: Cryptonews
