Terra Classic Price Plummets: What Does it Mean for You?
If you’ve been following the crypto asset selloff in August 2023, you may have noticed that the Terra Classic Price (LUNC) has experienced a significant drop. But don’t worry, the developers have come up with a new proposal to protect the Terra Luna Classic network against potential vulnerabilities.
Weak Support for Terra Classic?
In the past 30 days, the LUNC market cap has decreased by $100 million, currently sitting at $360 million. This could indicate a decline in interest to buy the coin, potentially leading to further price drops. According to Blastoise, a LUNC supporter, the support level for the token with the USDT pairing is around $0.000055, while the resistance level is around $0.000068.
“The current price is at the support level, which is a positive sign. If the price can stay above the support level, it could indicate an upward reversal.”
However, if the price breaks below the support level, it may signal a continuation of the downtrend. The upcoming US Federal Reserve’s FOMC meeting between September 19-20, 2023, could bring volatility to the crypto market, potentially impacting Terra Classic.
Hot Take: Stay Vigilant Amidst Terra Classic’s Price Fluctuations
As an investor in Terra Classic, it’s important to stay informed about the market conditions and potential events that could affect the price. Keep an eye on the support level and monitor developments related to the US Federal Reserve’s FOMC meeting. Stay vigilant and make well-informed decisions to navigate through the fluctuations of Terra Classic’s price.
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