The Terra Luna Classic price has dropped by 3% in the past 24 hours, with its fall to $0.00005928 leaving the altcoin in 100th place in terms of cryptocurrency market cap rankings.
LUNC is also down by 3.5% in the past week, and while it’s actually up by 3% in the last 14 days, it remains down by 1% in a month and by 81% in the last year.
Such falls point to a longer term decline which has taken hold of LUNC in 2023, with the coin’s community struggling to make progress in boosting its price and that of its related stablecoin, USTC.
This likely means that LUNC will continue dropping from here on out, yet if a serious course of action can be taken to boost its ecosystem and price, then it could potentially rally once again.
Terra Luna Classic Price Prediction as LUNC Falls to 100th Place in Coin Rankings – Is It All Over?
VIDEO: Terra Luna Classic Price Prediction as LUNC Falls to 100th Place in Coin Rankings – Is It All Over?
Crypto World Daily
After riding the market’s recovery on Monday, LUNC is declining once again, with its technical indicators responding accordingly.
Its relative strength index (purple) has dropped from 60 a few days to nearly 40 today, and it could continue dropping before the coin becomes oversold in comparison to recent price movements.
Also showing signs of weakness is LUNC’s 30-day moving average (yellow), which is struggling to rise again despite seemingly flatenning out in the past week, with the average also still well below the coin’s longer term 200-day average (blue).
Such signals should be concerning, and it will therefore be interesting to see whether LUNC’s current short-term support level (green) can resist a fall below $0.0000590.
If it does drop below this level, then further falls are likely to be incoming, something already suggested by the fact that LUNC’s longer term support level has been declining consistently over the entire year.
It really does seem that the wider market has lost interest in LUNC, which has seen a number of accepted governance proposals fail to make a big impact on its price in recent weeks and months.
The latest Terra Luna Classic proposal up for voting relates to a plan to fund an experienced team of developers, who would aim to implement a detailed roadmap of improvements and bring “value to the Terra Classic blockchain so that we can help push this chain where it deserves to go.”
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