A belt-tightening 1.5% decline has been recorded in the last 24 hours for Luna Classic (LUNC), this despite an overall 1% growth in the cryptocurrency market. Picking up from a 3.5% rise in the last seven days, LUNC’s monthly performance illustrates a 2% dip. Since the year’s onset, the altcoin has tumbled by a staggering 39%, presenting a striking contrast to the revival of many other notable cryptocurrencies. The underwhelming progress could be tied closely to the LUNC community’s ineffectiveness in supporting LUNC’s price or bolstering its ecosystem.
However, it is crucial to note that a majority consensus is supporting a few fresh plans. One such proposal looking likely to be given the green light involves revamping Terra Luna Classic’s wallet infrastructure. Despite the spirited efforts to breathe life back into the altcoin, LUNC’s indicators reveal a sobering lack of momentum.
A glance at LUNC’s chart shows its 30-day moving average has slackened after a steady rise throughout the week. It teeters on the edge of plummeting below its 200-day average—an ominous sign of impeding falls. Concurrently, LUNC’s Relative Strength Index has slipped from a moderate 50 to a lower 40, pointing towards a surge in selling and probable dark days ahead. The sole glint of optimism stems from LUNC’s support level, which has displayed resilience in the past week.
Although threats of LUNC crashing below the critical $0.000085 mark cannot be ignored, the bigger picture offers a sliver of optimism. Acceptance of the wallet infrastructure proposal could potentially beef up LUNC’s appeal to developers, and encourage more apps for LUNC’s blockchain. This could have the dual effect of boosting demand for the altcoin and offering the LUNC community a cause for unification.
That said, without a concrete strategy for re-pegging USTC—LUNC’s beleaguered sister stablecoin—LUNC is unlikely to witness any substantial rallies. The USTC’s pitifully low price of $0.01660229 has essentially rendered it worthless. Thus, any significant leaps for LUNC are ill-advised until a feasible plan for re-pegging USTC is implemented and tested, making an approximate near-term target for LUNC hover around $0.00010.
Source: Cryptonews
