In recent cryptocurrency market movements, Terra Luna Classic (LUNC) presents a curious case. The altcoin’s trajectory is currently marked by a 1% fall in the past 24 hours and an overall 25% dip within the last 30 days. This is in stark contrast to popular coins like BTC, ETH, and XRP, which have shown positive leaps since the start of the year.
LUNC also depicts an interesting situation given its inability to roll out significant network enhancements, resulting in divided consensus among its community. However, hope lingers with the recent proposal approval to burn 800 million USTC, believing the move to provoke considerable gains for LUNC.
Yet, with a relative strength index creeping back up from 20 to 30, it suggests a budding recovery of momentum, which might just inspire a rebound in the coming days. The coin’s 30-day moving average, which has slipped well below its 200-day average, suggests substantial overselling and undervaluation and may also herald a strong incoming recovery.
However, a continuous downward trend since the year’s commencement might depict LUNC as a potentially terminal case. The plate shifts all the more following the recent security breach on the Terra Luna Classic website, triggering a severe warning from Terra’s official Twitter handle regarding potential phishing scams.
Although no considerable amount of money has been reported stolen, the incident itself further erodes the trust and confidence in LUNC and its ecosystem, especially when not rectified fully within 24 hours.
This unsavory event could rob LUNC of the needed momentum to recover from its recent losses. While most cryptocurrencies might take such a plunge only to recover eventually, it’s hard to precisely predict that for LUNC. This is crucially owing to the lack of significant strides in recent times to boost its price or re-peg its associated stable coin, USTC.
Amidst this tug of opposites, LUNC did see a glimmer of positive movement this week with the approval of an 800 million USTC burn. This new development could infuse some much-needed hope into the LUNC and USTC ecosystem, setting the stage for future actions.
Yet, a journey of substantial recovery might not be an immediate scenario for LUNC, especially when traders are leaning towards newer altcoins, promising better gains. For instance, Wall Street Memes (WSM), a new ERC-20 meme token, has bagged over $26 million since its presale a few months ago. WSM owes its ability to out-raise most other presales this year to its decentralized tokenomics, dedicated rewards for community involvement, and an impressive base of investors and supporters, courtesy of its affiliation with the meme stocks movement.
Yet, the hype is ebbing with the presale entering its final stage, enforcing a sense of urgency in investors before the coin lists on exchanges. The coin also indicates possible high initial trading fluctuations when it lists in 36 days. As such, the emerging and volatile crypto landscape is indicative of high-risk nature and demands careful consideration before investments.
Source: Cryptonews
