The LUNC price has dropped by 3.5% today, slipping to $0.00020204 as the cryptocurrency market as a whole gains by 1% in the past 24 hours.
Despite this fallback, LUNC remains up by an impressive 74% in the past week and by 200% in the last 30 days, amid rising optimism surrounding Terra Luna Classic and its potential recovery.
Yet LUNC seems to be correcting now after a couple of weeks of strong euphoria, with the altcoin potentially set to fall a bit further before it returns to growth.
Fortunately, there are other promising alts in the market right now, with stake-to-mine platform Bitcoin Minetrix raising over $5 million in its ongoing presale and accumulating plenty of momentum before it lists.
Is Terra Luna Classic Going to Zero? LUNC Price Drops 3.5%
The key detail in LUNC’s chart is that it appears to be going through a correction after a very bullish end to November and start of December, as signalled by its indicators.
Its RSI (purple) has just dipped below 70 after it rose above 90 earlier in the month, a sign that most traders may be taking profits from the coin at the moment.
Source: TradingView
Having said that, LUNC’s 30-day average (yellow) remains comfortably above its 200-day (blue), which it overtook only a couple of weeks ago, meaning that the coin could have several more weeks of growth to look forwards to.
This is a possibility, yet LUNC is something of a special case, in that the spectacular collapse of the Terra Luna ecosystem in May 2022 may still be having negative effects on trader perceptions of the token.
In this respect, it may be somewhat discouraging to note that its trading volume has dropped from around $1.4 billion a week ago to only $250 million today.
This fall suggests that the coin may have to fall further before it begins growing again.
As for the longer term picture, things certainly seem more optimistic than they were a month or so ago, given the recent progress the Terra Luna Classic community has made.
With the successful adoption of LUNC proposal #11868 the minting capability of USTC tokens has been eliminated. Consequently, stable-to-stable swaps have been disabled. It is important to note that swaps between #LUNC and #USTC through terraswap can still be executed as before. pic.twitter.com/AubsFDbc0v
— Terra Classic Community (@marketinglunc) November 11, 2023
For instance, it accepted a proposal to halt the minting of USTC a few weeks ago, a move which has boosted the stablecoin’s price massively.
The passage of such proposals has increased the sense that the LUNC community is improving its ability to reach agreements on important matters, a positive sign for its future.
So while the LUNC price may fall a little further in the coming weeks, its longer term trajectory looks good.
New Mining Protocol Secures $5 Million
Assuming that 2024 sees the SEC approving Bitcoin ETFs and triggering a bull market, LUNC will rally big again sooner or later.
Yet for now it could struggle, meaning that traders looking for above-average returns may have to look elsewhere.
One good area in this respect remains presales, which can be promising in that the biggest presale tokens gain strong momentum before listing on exchanges.
One coin doing this just now is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised over $5 million to date.
Exciting announcement! #BitcoinMinetrix has raised over $5,000,000!
To celebrate this milestone, we have prepared a special competition for our #CryptoCommunity.
Stay tuned as we will be sharing more information soon! pic.twitter.com/hwNGQ5kgYc
— Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
Due to launch in early 2024, Bitcoin Minetrix will enable users to stake its native BTCMTX token in order to mine actual Bitcoin (BTC).
By staking BTCMTX, users receive tokenized mining credits, which they can then spend to purchase hashing power on the Bitcoin blockchain.
Doing this ultimately earns them newly mined BTC, with Bitcoin Minetrix’s launch coming at just the right time, given that Bitcoin will undergo its next halving event in April.
Benefits of #BitcoinMinetrix:
Easy accessibility.
Cost-effective operations.
Unlimited space and tranquil setting.
No worries about resale. pic.twitter.com/i4yoLMhfV1
— Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
Given that the project has raised $5 million, it seems that there’s plenty of demand for the simplified mining solution it’s offering.
On top of this, the fact that users can also earn BTCMTX by staking makes it a potentially highly profitable platform.
To join its presale, investors can go to the Bitcoin Minetrix official website, where they can buy BTCMTX at a price of $0.0121 per token.
This presale price will rise in just under three days, while it could rally big once exchanges begin listing it next year.
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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