The Terra Luna Classic price has experienced a 2% drop in the past 24 hours, settling at $0.00009607. Despite this recent decline, it boasts a 13% gain over the past two weeks, seemingly recovering from the losses inflicted by the SEC’s recent legal actions. Furthermore, LUNC has risen by 5% within the last month, although it is still down by 33% since the beginning of the year. This decrease can be attributed to waning enthusiasm for the Terra Luna Classic community’s initiatives to support its price in recent months.
However, the community has passed a proposal to bring technical parity between the Terra Luna Classic blockchain and that of Cosmos. This development has led to a resurgence of momentum for LUNC as the market regains confidence in its direction. Consequently, the upcoming weeks and months could potentially see LUNC rallies as the altcoin attempts to recover lost ground since May 2022. LUNC’s chart also indicates a regained impetus, with its relative strength index rising notably from being close to oversold.
Despite these positive signs, it’s essential to note that the crypto regulatory situation remains uncertain, especially due to recent SEC actions. Traders need to be cautious, as LUNC might not be completely stable at the moment. That being said, several factors suggest the altcoin could be due for more gains than losses, given that LUNC has already been significantly oversold this year. This was mostly due to the Terra Luna Classic community’s struggle to agree on a concrete plan for restoring the USTC peg.
Nonetheless, recent weeks have witnessed progress in this area, with the community accepting a proposal that will result in several technical upgrades for the Terra Luna Classic blockchain. These upgrades shall be implemented today, with the most prominent change being enhanced interoperability, making it an increasingly attractive platform for developers and their applications. As a result, LUNC’s price could see a gradual rise as more apps begin to adopt it.
Additionally, the community has also accepted a proposal that will lead to the creation of a test environment for re-pegging USTC. This development represents a crucial step in rehabilitating both USTC and LUNC. If successful and leading to a concrete plan of action, there is little doubt that LUNC’s price will experience a significant increase.
In the meantime, many investors may opt to diversify their portfolios by investing in newer altcoins, which could potentially offer short- and long-term gains. Emerging presale tokens, such as ecoterra, provide the opportunity for substantial returns, particularly when they are first listed on exchanges. The Ethereum-based recycle-to-earn platform, ecoterra, has already raised over $5 million and is set to launch later this year. The platform aims to incentivize and reward users for recycling household waste and generating green energy, potentially making it an attractive investment for savvy investors.
Source: Cryptonews
