Is Terra Luna Classic Going to Zero? LUNC Price Dumps 11% as New Mining Protocol Secures $5.1 Million

12 December 2023

in Mining

Reading Time: 6 mins read

The LUNC price has remained flat in the past 24 hours, with the altcoin struggling to recover after dumping by as much as 11% in the last couple of days.At $0.00018135, LUNC has fallen by 23% in a week, although it has actually risen by 92% in a fortnight and by 109% in a month.

Yet the coin now seems to be correcting after a period of exuberance within the Terra Luna Classic community, with further losses potentially likely in the coming days.

However, there are alternative alts for traders to consider, with stake-to-mine platform Bitcoin Minetrix raises over $5 million its presale as it prepares to list.

Is Terra Luna Classic Going to Zero? LUNC Price Dumps 11%

LUNC’s chart suggests that the coin may need to fall a little further at least before it can right itself and begin growing again.

For one, its RSI (purple) has fallen from 90 at the start of the month to just under 60 today, leaving it with plenty of room to continue dropping further before it enters oversold territory.

Not only that, but LUNC’s 30-day average (yellow) has now been well above its 200-day (blue) for a few weeks now, implying that it may be due a correction.

Having said that, LUNC’s volume is still much higher now than where it was a few weeks and months ago, indicating healthier interest in the coin.

Also, the altcoin had suffered so much heavy overselling in previous months that it can certainly stand to enjoy a few months of more or less sustained increases.

Whether LUNC enjoys such increases will depend on whether it can build on the hope and momentum it generated a few weeks ago, when the Terra Luna Classic community implemented a proposal to halt all minting of new USTC (LUNC’s associated stablecoin).

This boosted the price of USTC massively, as well as the LUNC price, with observers hoping that the stablecoin will one day return to parity with the USD.

As such, the LUNC community needs to capitalize on its recent good turn and come through with more positive proposals and updates, increasing confidence in LUNC and USTC further.

#Lunccommunity proposal #11868 is live for voting on Station wallet. If passed it would totally remove any minting of $USTC on chain by creating a 100% Tobin tax. This is a another step forward to reviving #Lunc
Send it!????#Crypto #Binance    @GarudaUniverse #Lunc???? $USTC pic.twitter.com/GJNBS0LIEn

— LUNC_COMMUNITY ???????? ✊️???? (@family_clips) November 10, 2023

If not, the LUNC price may struggle to see future strong gains.

New Mining Protocol Secures $5.1 Million

Given the uncertainty that continues to hang around LUNC (even with its recent progress), some traders may be comfortable investing in other altcoins.

There are various other promising coins right now, with several new tokens currently holding their presales.

And one of the biggest sales happening right now belongs to Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised more than $5.1 million in the space of a few weeks.

#Tether freezes 41 wallets linked to OFAC’s SDN List, taking precautionary measures. ????

CEO Paolo Ardoino emphasizes a safer #Stablecoin ecosystem.

How do you think such actions impact the stability and trust in stablecoin technology?#BitcoinMinetrix attains another… pic.twitter.com/EOIjneI5f3

— Bitcoinminetrix (@bitcoinminetrix) December 12, 2023