As the overall cryptocurrency market recovers by a small margin, the modestly hiked LUNC price gains a mere 0.5%, inching up to a humble $0.00006095. Unfortunately, the altcoin’s trading volume diminishes to a paltry $12 million, negating enthusiasm and buying pressure necessary to rescue LUNC from a long-running rut. Reduced by 1% weekly and a tooling 22% in the last 30 days, LUNC continues to report a steeply plunging 58% since 2021’s inception.
Factoring in LUNC’s frail indicators, an upcoming rebound in the near future ordinarily appears plausible considering its drastic oversell and extensive underperformance. Its relative strength index (RSI), a momentum oscillator, hovers continuously around the 30-level since mid-August. Coupling this with LUNC’s 30-day moving average sliding further below its 200-day average, it clearly indicates the altcoin’s sustained downturn and failure to recoup from a long-term slump.
However, the specifics surrounding LUNC suggest sustained losses emanating from a seemingly terminal decline. The reason being, Terra Luna Classic community’s attempts to organize a coherent course of action to restore LUNC and the larger Terra Luna Classic ecosystem have proved unsuccessful. The community seems fragmented rather than harmonious, with recent developer proposals to limit freshly minted LUNC per block facing resistance and stirring dissension among members.
If this trend of internal discord persists, LUNC’s reversal from its ongoing decline appears increasingly bleak. An altcoin drop seems inevitable, potentially slipping to $0.000050 in the coming weeks, followed by a further drop at the year-end.
Given the cloudy Uncleared future of LUNC, traders might consider switching to fresher altcoins with a more promising growth trajectory. One such emerging altcoin is WSM, an ERC-20 meme token. With a fundraiser amount over $25 million, WSM stems from the meme stocks movement behind 2021’s GameStop rally, backed by a robust community essential for meme token enthusiasts.
WSM’s popularity reflects in its 269,000+ followers on Twitter, many of whom have already invested during its presale. A 50% allocation of WSM’s maximum supply of two billion is reserved for the presale alongside 30% for community rewards. These rewards, in turn, will robustly embed WSM’s community, fortifying its position amongst new meme tokens.
Better act quickly if you intend to participate in this opportune, high-return investment. Visit the official Wall Street Memes to avail 1 WSM at a price of $0.0337.
Source: Cryptonews
