A significant downturn is currently shaking the Terra Luna Classic (LUNC) market, with the coin’s price falling to a meager $0.00007840. The cryptocurrency has seen a 0.5% loss in the last 24 hours, a 3.5% decline over the week, a 7.5% plummet in the previous fortnight, and a staggering 46% drop since the inception of the year. This notable underperformance stands in stark contrast to many leading cryptos such as Bitcoin and Ethereum, which have enjoyed considerable gains since January 1.
LUNC’s distressing lapse coincides with the Terra Luna Classic community’s struggle to re-peg LUNC’s associated stablecoin, USTC, to $1, and increase LUNC’s value via burning. However, despite apparently bleak prospects, there’s a silver lining as developers make strides toward improving the network and its usability, placing a potential gradual recovery for LUNC on the horizon.
Examining LUNC’s chart, it’s clear this coin has been on a consistent downturn, with no definitive signs of recovery. Its 30-day moving average stands considerably below the 200-day average, with a descending angle that intimates continuous falls before a potential rebound. Coupled with this, the coin’s weak support level exacerbates the negative outlook, suggesting an inability to ward off further losses, possibly dropping to $0.000070 in the forthcoming week.
Adding salt to the wound, constant disagreements arising with each new governance proposal seem to impede significant advancement on LUNC and USTC. For every proposed idea that garners majority approval, another incites bitter disaccord, arguably sabotaging the Terra Luna Classic community’s efforts to revitalize LUNC and USTC. Despite recent acceptance of a proposal to reopen Terra’s use of the Inter-Blockchain Communication (IBC), any substantial gains in the near future may still be a remote possibility.
Nonetheless, attention is shifting towards newer altcoins, particularly presale tokens that have yet to experience initial surges. Shibie (SHIBIE), an ERC-20 token playfully combining memes from Shiba Inu and Barbie, offers a potential opportunity. Launching its presale last week, it offered 60% of its overall 2,107,202,300 token supply and has already raised over $150,000 in funds. Generating a strong community will be crucial for SHIBIE to secure long-term price support. Highly speculative though, investing in mature coins or new presale offerings like SHIBIE should be approached with caution, considering the inherently high-risk nature of cryptocurrency investments.
Source: Cryptonews
