The Terra Luna Classic price has seen an uptick of 1% in the last day and clocked in a 6.5% gain in the last week, moving to $0.00006116. This encouraging performance followed the endorsement of two critical governance proposals; one slowing USTC minting and another suggesting a burn of the Terra Luna Classic stablecoin. A glimmer of optimism for LUNC, a digital asset which has seen its fortunes slashed by 79% in the past year, largely due to its community’s lackadaisical response to support its value.
The twin governance proposals have potentially set the scene for a possible re-pegging of USTC, which should pave the way for a rise in LUNC’s value. Technically, the altcoin has been oversold and battered recently, and a recovery rally seemed imminent. LUNC’s relative strength index had been languishing below 40 for most part since July, indicating severe selling pressure.
However, the short-term support level for the coin has increased in the past couple of weeks, suggesting that LUNC may have reached its nadir and is primed for a comeback.
The governance proposals came into effect late last week, one of them urging Binance to incinerate half of the trading fees it collects in USTC. The second proposal would put a halt on all USTC minting, resulting in its supply dwindling, long term.
But LUNC’s rally is contingent on these proposals being effectively implemented and seeing action; there is no indication yet that Binance will start burning USTC. If realised, LUNC could potentially rise to $0.000070 in a few weeks, possibly reaching $0.000080 by year end. On the flip side, failure to progress may see LUNC continue its downward trajectory.
In light of LUNC’s tenuous prospects, some traders may find solace in newer altcoins with robust fundamentals and better rally odds, especially at a time when 2023 has been mediocre for crypto, but a hefty supply of promising tokens has risen from successful presale coins.
One notable presale token is Bitcoin BSC (BTCBSC), built on the Binance Smart Chain, having raised more than $5.4 million in recent weeks. It offers a stakeable version of Bitcoin, marrying Bitcoin’s deflationary tokenomics to a steady staking income, and comes with a finite cap of 21 million tokens. Available at a presale price of $0.99, it offers investors a chance to hitch a ride on Bitcoin’s potential upward trajectory.
Investors can buy early by connecting their wallets to the official Bitcoin BSC website, with a listing expected on BNB Smart Chain DEX, post-sale. Other exchange listings could also beckon, potentially driving its price significantly upward.
Source: Cryptonews
