Terra Luna Classic Price Prediction: Terra Luna Classic (LUNC) has experienced a significant rise of up to 30% today, reaching a current price of $0.00009923. This surge represents a 10% gain in the past 24 hours, indicating a positive trend for the altcoin. Over the course of a week, LUNC has also seen a 12% increase as the Terra Luna Classic community begins voting on a new proposal. This proposal aims to push the network’s burn rate back up to 1.5%, which could have a significant impact on LUNC’s supply. Combined with other recent proposals related to re-pegging USTC to $1, these efforts could potentially help LUNC regain much of the value it lost in May 2022.
It’s important to note that not all members of the Terra Luna Classic community agree on the best approach to restore LUNC’s position. Consequently, the process of recovery may still require several months or even years of deliberation and consensus-building.
LUNC’s Price Outlook: Can LUNC Reach $1 Amidst a 30% Surge?
Examining LUNC’s chart, it appears that the altcoin may be on the verge of a decline following its weekend surge.
The altcoin’s relative strength index (RSI), represented by the purple line, has dropped from over 80 during the weekend to nearly 40 today. This decline signifies a loss in momentum and buying interest. Additionally, the 30-day moving average (yellow line) has flattened out after rising over the past few days, suggesting a potential downward trend towards or even below LUNC’s 200-day moving average.
It will be interesting to observe how LUNC’s support level holds as the coin approaches the $0.000095 mark in the coming hours. Maintaining a position above or around this level could allow LUNC to regain some of its weekend momentum. However, a fall below $0.000095 would carry negative implications for the altcoin.
Despite the need for caution, LUNC’s recent rally has been fueled by growing optimism surrounding recent proposals and the development of the Terra Luna Classic network and ecosystem. One notable proposal, #11549, proposes an increase in LUNC’s on-chain burn rate from 0.2% to 1.5%. The sponsor argues that this adjustment would lead to the burning of “trillions” of LUNC, thereby driving up the token’s price. However, it would also require holders to pay higher burn taxes.
Another contributing factor to LUNC’s recent gains is a proposal focused on re-pegging sister stablecoin USTC to $1. This proposal involves a gradual re-pegging process that could result in significant increases for LUNC if implemented. These proposals have injected much-needed optimism into the LUNC community.
Nevertheless, divisions within the community continue to hamper progress, as numerous validators and community members express strong opposition to the proposal to increase LUNC’s burn tax rate. Given these divisions, it is difficult to confidently predict that LUNC will rise to $1 in the near future. However, incremental gains in the short and medium-term may occur as the USTC re-peg proposal gains momentum.
Diversify with Wall Street Memes
Considering the uncertainties surrounding LUNC’s path to recovery and the need for community agreement on proposals, some traders may prefer to explore high-potential altcoins that do not rely on such diverse consensus-building.
One such altcoin with promising potential is Wall Street Memes (WSM), a cryptocurrency originating from the meme stocks movement that gained prominence during the GameStop and AMC rallies in 2021.
WSM recently launched the presale for its WSM token, which has already garnered over $3.5 million in funding. This strong financial backing bodes well for WSM’s future prospects. Additionally, the Wall Street Memes Twitter account boasts an impressive following of over 220,000 users, indicating a significant level of interest and potential market support.
The presale for WSM will consist of 30 stages, with the current stage offering WSM at a price of $0.0271. By the conclusion of the sale, the price will rise to $0.03370000. Interested investors can participate in the presale by visiting the official Wall Street Memes website and connecting their crypto wallets.
The majority of WSM’s total supply, amounting to 2 billion tokens, will be allocated to its community. The presale will account for 50% of the supply, while 30% will be reserved for community rewards. This distribution strategy positions WSM as one of the most widely distributed meme tokens in the market, which likely contributes to its early success and the potential for significant gains in the future.