Terra Luna Classic (LUNC) Price Reverses After Sell-Off
Despite a 5% drop on Friday, the price of Terra Luna Classic (LUNC) remains 20% higher than its lows earlier this year. The current price is around $0.00012, having pulled back from session highs in the upper $0.00013s. LUNC’s decline is in line with the broader market sell-off following the approval of the SEC’s Bitcoin ETF. Bitcoin (BTC) is currently trading in the $43,000s, down more than 10% from its recent highs. This reversal suggests that LUNC is still in a short-term downtrend and price predictions for LUNC are likely to remain pessimistic.
Terra Luna Classic’s Troubled History
Terra Luna Classic is the cryptocurrency that powers the original Terra blockchain, which experienced a blow-up in May 2022 when its stablecoin UST depegged from the US dollar. This caused hyperinflation in LUNC, driving its price to a fraction of a cent from over $120 per token.
Predictions for Terra Luna Classic Price
The latest reversal for LUNC indicates that it rejected a retest of its 21DMA, which has been strong support since mid-December. The downtrend from LUNC’s one-year highs in November remains intact, suggesting further downside. Technical indicators point towards a retest of lows at $0.00010 in the short term and even lower levels in the long term. With a market cap of just above $700 million and limited utility, LUNC is considered more of a speculative shitcoin than anything else.
Looking for Better Crypto? Consider Meme Kombat ($MK)
Instead of investing in LUNC, you may want to explore high-risk/high-reward opportunities like token presales. One project worth considering is Meme Kombat, a crypto gaming and gambling platform where users can bet on battles between characters based on popular meme coins. Early investors in $MK can also enjoy generous staking rewards of over 100% annually. The project has already raised close to $6.75 million since its launch a few months ago.
Hot Take: Terra Luna Classic Price Prediction
Despite a recent bounce from its lows, the future looks grim for Terra Luna Classic (LUNC). The cryptocurrency’s price remains in a short-term downtrend and technical indicators suggest further downside. With limited utility and a troubled history, LUNC is considered more of a speculative shitcoin than a promising investment. Instead, you may want to explore opportunities like Meme Kombat ($MK), a high-risk/high-reward crypto project that combines gaming and gambling with meme coins. Early investors in $MK can benefit from staking rewards and the project has already raised millions in funding.
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