The Terra Luna Classic price has rallied by 3% in the past hour, moving up to $0.00009746 as the wider cryptocurrency market continues to be subdued by the recent SEC actions against Coinbase and Binance. This means LUNC is up by more than 10% in the past seven days, and by 15% in the past month. The altcoin had been undervalued and oversold for several weeks, making a recovery rally long overdue.
Such a rally may also be helped by new proposals to improve the Terra Luna Classic network and re-peg the USTC stablecoin, something which could push LUNC’s price to new heights this year. LUNC’s chart is in a very promising position, with its technical indicators rising again after recently hitting bottoms.
The altcoin’s 30-day moving average climbed over its 200-day average a few days ago, forming a ‘golden cross’ that can signal breakouts, something which seems to be happening here. At the same time, LUNC’s relative strength index has just risen above 50, leaving behind the SEC-induced losses of the past two days and regaining some promising momentum. The cryptocurrency’s position is also strengthened by the fact that its support level is now rising again, enabling it to consolidate around ever-higher bottoms as it steadily rises over the medium term.
In terms of fundamentals, there is no major reason why LUNC should be rallying now, with its gains happening more because it had been sold so heavily in recent months. That said, the Terra Luna Classic community continues to vote on proposals to improve LUNC’s price and upgrade its network, efforts which have helped to support the altcoin and drive its movements in the past few days.
For example, one proposal (#11563) would re-establish the Terra Luna Classic’s use of Inter Blockchain Communication (IBC) channels, enabling it improve its interoperability with other blockchains and thereby increase its overall utility. More importantly, another recent proposal concerning a test environment for re-pegging USTC passed on June 5, providing a significant reason as to why LUNC’s price is looking healthier right now.
While the acceptance of this proposal will result only in the testing of possible re-pegging scenarios, it may end up being a very important step on the road towards returning USTC to $1, as well as towards boosting LUNC’s price. For this reason, LUNC could easily rise back up to $0.0001 in the next few days or weeks, before potentially reaching $0.0002 by the end of the year.
And if a concrete re-peg plan is put into effect, then next year could bring even bigger gains for LUNC, enabling it to lose one or two decimal places. However, the slowness of the Terra Luna Classic community’s progress in executing plans could mean that holders will be waiting a while for a substantial rally. As such, less patient traders may want to consider newer altcoins that are due rallies in the shorter term, with presale tokens in particular holding out the promise of rallies when they list on exchanges.
This includes Wall Street Memes (WSM), a new cryptocurrency associated with the meme stocks movement, which was responsible for the 2021 GameStop and AMC rallies. Wall Street Memes launched the presale for its WSM token last week, which has already raised in excess of $5 million. The rapid acceleration through different funding milestones indicates that WSM may end up becoming a very popular meme token with a big and thriving community of holders.
Investors can participate in the presale by visiting the official Wall Street Memes website and connecting their crypto wallets. Encouragingly, the vast bulk of WSM’s total supply (of two billion) will be allocated to its community, with 50% reserved for the presale and 30% kept for community rewards. Such a wide distribution could help attract more investors to its community, who may help WSM see some big rallies when it lists on exchanges in the next few months.
Source: Cryptonews
