The Terra Luna Classic price has risen by 1% in the past 24 hours, with its move to $0.00006116 also marking 6.5% gain in the past week.
LUNC has been performing well ever since the acceptance of two potentially significant governance proposals, which respectively call for the cessation of new USTC mints and also the burning of the Terra Luna Classic stablecoin.
This development has provided some welcome relief for LUNC, which remains down by 79% in the past year, with this fall largely coming as a result of its community’s failure to take real action to support its price.
But with the aforementioned two governance proposals now setting the stage for a potential re-pegging of USTC, LUNC could be in for further price gains very soon.
Terra Classic Price Prediction: LUNC Gains 1% – Can LUNC Challenge September High?
Almost needless to say, LUNC has been so oversold and depressed recently that a recovery rally was long overdue, as signalled by its technical indicators.
For one, the altcoin’s relative strength index (purple) had been below 40 and largely close to 30 ever since the middle of July, something which indicates heavy selling pressure.
Likewise, LUNC’s 30-day moving average (yellow) has long been below its 200-day average (blue), and by quite some distance, yet it’s encouraging to see that its descent has now levelled off.
Another positive sign is the coin’s short-term support level (green) which has increased over the past couple of weeks, suggesting that LUNC had fallen as far as it possibly could have and is now ready to rise again.
Helping LUNC outperform the market in recent days has been the two accepted governance proposals, which were passed at the end of last week.
As shown in the tweet above, one of these calls on Binance to burn 50% of the trading fees it takes in the form of USTC.
The other will result in the halting of all minting and re-minting of the stablecoin, which should therefore begin seeing its supply decline over the long term.
Of course, these two accepted proposals haven’t actually been put into practice yet, with there being no indication so far that Binance will begin burning USTC.
However, if they are realized, then there’s little doubt that LUNC would continue its current rally, and would perhaps even rise more strongly.
The altcoin could potentially rise back up to $0.000070 in the next few weeks, with further positive developments capable of bringing it to $0.000080 by the end of the year.
On the other hand, if the above proposals don’t lead to actual progress, then LUNC may simply continue its long process of decline.
Newer, Higher Potential Altcoins
Because LUNC’s overall situation doesn’t look especially promising, most traders may perhaps be better off turning to other altcoins, particularly those with stronger fundamentals and with higher chances of rallying in the near future.
And while 2023 has been a so-so year for crypto, there has been a healthy supply of new and promising tokens, with various presale coins having successful raises and listings.
One of the most interesting presale tokens right now is Bitcoin BSC (BTCBSC), new a BNB Chain-based cryptocurrency that has raised over $5.4 million since beginning its sale a few weeks ago.
What makes Bitcoin BSC interesting is that it offers a stakeable version of Bitcoin, combining the latter’s deflationary tokenomics with the ability to earn a staking income.
Accordingly, the coin will come with a hard cap of 21 million tokens, with 6.125 million of these tokens being available during its sale.
The presale will make the coin available at $0.99, a price Bitcoin itself last had way back in 2011, meaning that the sale offers investors the chance to make up for having missed out on BTC the first time around.
The remainder of the coin’s supply will be made available as staking rewards, with its distributing also helping to make it a relatively decentralized token.
Investors can buy some early by going to the official Bitcoin BSC website and connecting their software wallets.
Bitcoin BSC is scheduled to list on BNB Smart Chain DEX once its sale ends, a listing that should push its price higher than it is now, especially if other exchanges also list the exciting new token.
Visit Bitcoin BSC Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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