The price of Terra Luna Classic (LUNC) has dropped by 0.5% in the past 24 hours, with its fall to $0.00010959 coming as the wider cryptocurrency market barely moves within the same timeframe.
LUNC’s current price means it has fallen by 12% in a week and by 13.5% in the last 30 days, while the coin is also down by 24% since the beginning of the year.
One slight ray of hope is that its 24-hour trading volume has climbed beyond $30 million in the past few days, suggesting an increase in volatility, even if it seems that trading has increased as a result of selling.
Still, the continued work by the Terra Luna Classic community to grow the platform’s utility and boost LUNC’s price may have the altcoin witness a significant recovery later in the year, particularly when market conditions become more favorable.
Terra Luna Classic Price Prediction as $30 Million Trading Volume Floods In – Time to Buy?
Based on a purely technical reading, it would seem that LUNC has to recover in the not-too-distant future, given how oversold its indicators are right now.
Its relative strength index (purple), for example, has sunk close to 30, with a substantial dip below this level usually signaling a rebound.
LUNC’s 30-day moving average (yellow) has also dropped far below its 200-day (blue), while its actual price has fallen below both averages.
This normally suggests that an upward correction is due, a suspicion which may be heightened by the fact that LUNC’s trading volume has risen slightly to more than $36 million.
However, $36 million is still pretty low as far as trading volumes go, even if it’s slightly higher than the averages LUNC has seen in recent weeks.
On top of this, the fact that LUNC continues to fall through support levels — and has done pretty much all year — paints a picture of an altcoin in terminal decline.
It would therefore be not very surprising if LUNC fell from its current level of $0.00010959 to $0.00009 in the next few days, and perhaps even lower.
On the other hand, if you accept the Terra Luna Classic community’s belief that LUNC will gradually recover in the medium- and long-term, then the coin becomes drastically undervalued.
In other words, now would be a good time to buy, seeing as how cheap LUNC is right now.
And to be fair, the coin’s community of developers and validators continues to produce proposals to help it grow, with a recent proposal emerging that would push ahead with plans to re-peg USTC.
Needless to say, re-pegging USTC to $1 would have a massively positive effect on LUNC’s price, with the altcoin’s supply being directly linked to its sister stablecoin.
Other recent submissions include Layer 1 Task Force proposal that would increase funding for their work in developing LUNC’s network, while it would also introduce a number of useful technical changes such as increased interoperability with Cosmos.
Such development work on Terra Luna Classic is necessary if LUNC is to avoid becoming a ‘dead’ coin, while it’s also encouraging to note that regular LUNC burns are also continuing, with Binance destroying a total of 1.6 billion LUNC over the course of March.
Such burns have brought the total amount of LUNC destroyed to 53.1 billion, or 0.9% of LUNC’s supply.
This is only a fraction of what Terra Luna Classic would need to burn if LUNC’s price is to recover significantly, yet it’s an important start.
And assuming that the plan to re-peg USTC does gain acceptance, large-scale burning of LUNC could see its price lose one or two decimal places in the following months.
High-Potential Alternatives
Given the infighting that still racks the Terra Luna Classic community, there remains a chance that serious plans to boost its ecosystem and LUNC’s price never really get off the ground.
This is why some traders may prefer to turn to newer altcoins with (arguably) more potential, with a number of presale tokens appearing in recent weeks that promise to make above-average gains for early investors.
One of these is DeeLance, an Ethereum-based decentralized marketplace for remote work in the Web3 sector.
Having launched the presale for its DLANCE token less than a month, DeeLance has now raised in excess of $450,000.
Set to launch its platform later this year, DeeLance will boast several unique features that will differentiate it from pre-existing sites for remote work (e.g., Upwork).
Interestingly, it will use NFTs to claim and transfer ownership of completed pieces of work.
This feature could have the effect of providing freelancers with a steady stream of supplemental income, in that their work will effectively become a tradeable commodity.
DeeLance will also launch its own metaverse, where workers and businesses will be able to set up virtual offices and conduct online meetings, in the process helping them to network more effectively and find more work (or more freelancers).
Taken together, such features have enabled DeeLance to attract a growing stream of early investors in its token.
New investors can join by visiting its official website and connecting their crypto wallets before buying DLANCE using either USDT or ETH.
One DLANCE token currently costs $0.029, although this will rise to $0.033 in 19 days.
It expects to list on exchanges by the end of the current quarter when early investors will have a chance to make some substantial gains.
