Terra Luna Classic Price Prediction: LUNC Blasts up 24% in a Single Month – Are Whales Buying Terra Luna?
The news that USTC would be repegged meant that Terra Luna Classic’s price was pumped to the max on Thursday and Friday. After the May collapse of UST, the community was looking for validation.
After the cryptocurrency market crashed, nearly destroying it all, sending crypto giants Three Arrows Capital, Celsius Network and others out of business, the community voted for a new token. This was how Terra Luna 2.0 (LUNA), which is still used by the majority of the users, was created.
Some people remained with the original token which was later recognized as Terra Luna Classic (LUNC). The LUNC community felt that it had to be successful in the market since then. Binance, which is the largest market exchange by daily volume, seems to be the strongest supporter of the chain.
Binance has pledged to help Terra Luna Classic regain its former glory. The exchange supports the LUNC burning program to decrease the network’s total supply.
Terra Luna Classic Price Exceeds $0.0002 as Proposal to Repeg LUNC Passes
The LUNC community overwhelmingly voted in favor of a proposal to reinstate the lost UST. However, it is now called USTC. The blockchain’s developers and maintainers hope that the governance approval will enable them to link USTC to its dollar peg using various strategies.
The development team proposed that USTC’s reserve be held in multiple currencies and assets to reduce the risk of instability. To help regulate the supply and demande of stablecoins, it will establish a buyback-and-burn mechanism.
As a way to incentivize holders to keep USTC, even if it is below its peg, another strategy would be to pay interest in US dollars. However, interest will be charged for any time that the stablecoin exceeds its peg.
Terra Luna Classic plans to integrate multiple oracle systems in order to provide real-time exchange information. This will reduce the manipulation risk associated with one oracle, according to the proposal.
What is the Terra Luna Classic Price?
The news that USTC would return to its dollar value prompted a rally in Terra Luna Classic’s price by more than 20% Friday. LUNC climbed above $0.0002 for the first time since November.
“Today #LUNC “I pumped hard and after long time reached the 0.0002 price & that was waited by people & short sellers must got rekt,” Saqlain Alam remarked via Twitter.
The token reached highs of $0.0001963, but there was a sharp correction, possibly due to attempts to lock in gains. Terra Luna Classic’s price dropped to $0.0001870 in a red candle wick before recovering support above $0.00019 as shown in the lower yellow band of the four-hour chart.
Terra Luna Classic must have enough liquidity to overcome the support level before it can launch another attack on seller congestion at $0.000021 – upper yellow band. The token would have to consolidate gains between the two bands, as bulls and bears wage a fierce tug-of-war for a breakout.
Investors may be encouraged by the formation of a gold cross pattern on the same chart. This pattern was formed when the 50-day Exponential moving average (EMA) (in pink) crossed above 200-day (in violet).
Golden cross patterns are a sign that an uptrend is likely to continue, which traders love. They also often signal the start of a bull markets for assets such as Bitcoin.
Investors must be careful to avoid bull traps. This is especially true for the Moving Average Convergence indicator (MACD), which has likely exhausted its momentum above the average line.
Traders should be aware of the movement in the momentum indicator. If the MACD line in yellow crosses below the signal line, it would be a sell signal.
Trades against the trend may not be wise, but traders may consider shorting Terra Luna Classic price if LUNC prices fall below $0.00019 or if they like the lower yellow range. They must ensure that the MACD line is in blue and not below the signal line. Then, they should drop towards the mean line at 0.
Buy Terra Luna Classic Now.
Terra Luna Classic Alternatives Available Today
You might want to look at other high-potential crypto projects before you make an investment in Terra Luna Classic.
We have reviewed the top 15 cryptocurrency for 2023 as analyzed and ranked by the CryptoNews Industry Talk team.
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