Terra Luna Classic Price Prediction as LUNC Blasts Up 9% and Becomes Best Performer – What's Going On?
The price of Terra Luna Classic (LUNC) has jumped by nearly 9% in the past 24 hours, following the acceptance of two governance proposals that would help boost it and its sister stablecoin, USTC.
At $0.00006136, LUNC is up by 7% in a week but down by 4% in the last 30 days, with the altcoin also having declined by 57% since the beginning of the year.
However, the accepted proposals calling for the re-pegging and burning of USTC, it may not be long before LUNC returns to some of its former price levels, making current holders a considerable profit.
LUNC's indicators support the notion that the altcoin could be on the brink of a big rally, seeing as how they've been depressed for so long.
LUNC's relative strength index (purple) has encouragingly risen to 50 today, up from 30 only a week or so ago, providing a sign that buying momentum is returning to the token.
On the other hand, LUNCs 30-day moving average (yellow) remains far below its 200-day average (blue), yet this could be taken as a sign that the coin has been drastically oversold and is about to regain lost ground in a big way.
As positive as things look right now, investors should bear in mind that, for pretty much the entire year, LUNC has been on a consistent downwards trajectory, implying that today's jump may be little more than a blip in the context of inescapable decline.
This negativity aside, the Terra Luna Classic community has had something positive to celebrate in the past 24 hours, with two key governance proposals being accepted.
This includes Proposal 11784, which calls for the complete cessation of all minting and reminting of USTC, a key step in re-pegging the stablecoin to $1.
It also includes Proposal 11785, which asks Binance to begin burning USTC (in
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