In the wider cryptocurrency showcase, a 2% increase over the past 24 hours has been observed, with Terra Luna Classic’s (LUNC) 1% climb to $0.00007818 grabbing attention. However, this minor surge doesn’t help LUNC’s long-term performance, which has been down by 2.5% over the week and 4% over the last month. Matters worsen when we factor in that LUNC is down by 46% since this year’s start. Some might view the current rally as a silver lining, but it certainly isn’t substantial enough to overshadow long-term declination — a fate primarily sealed due to community discord on how to bolster the coin’s price and develop its ecosystem.
Evaluating LUNC’s chart and indicators doesn’t offer much promise, given the relative strength index is still struggling to exceed 50, despite the small upward nudge. Furthermore, the 30-day moving average, though it has stopped falling further below its 200-day average, shows no signs of an upward trend. The support level adds to this somber portrait, consistently sliding downwards since mid-July with no apparent end. This raises doubts on whether the recent 1% gain will translate into a significant long-term improvement.
The ongoing disconnect in the Terra Luna Classic community is certainly not doing any favors to LUNC’s price. A notable instance is the recently introduced proposal 11675, suggesting the burning of ~$800 million in USTC (LUNC’s associated stablecoin). Despite potential uplift for USTC’s price and reverberation effect on LUNC’s position, the proposal garnered meager support with 39% votes in favor against a 44% contesting vote. This level of division may seriously hamper the coin’s recovery possibilities.
Moreover, there’s the lurking possibility of LUNC enduring a further drop post this small surge, potentially descending to $0.000070 in the future. Therefore, it may be in traders’ best interest to explore other altcoins exuding more substantial growth potentials.
One promising contender is an ERC-20 token XRP20, potentially ticking all the right boxes. In addition to its enticing presale amount (just over $1.5 million within a week, priced at $0.000092), it also offers the usability benefit of staking, enabling passive income generation. The token is set to have a maximum supply of 100,000,000,000, 40% of which will go to presale and reserved for staking rewards, respectively. Additionally, a 10% supply will gradually be burnt over time, making XRP20 potentially a deflationary cryptocurrency, should the demand be consistent or increasing.
Interested investors can connect to XRP20’s presale through the official website using their software wallets. But do remember, despite its promising trajectory, the crypto domain holds high-risk, and it’s essential to tread carefully.
Source: Cryptonews
