LUNC Gains 1% – Can LUNC Challenge September High?

The Terra Luna Classic price has risen by 1% in the past 24 hours, with its move to $0.00006116 also marking 6.5% gain in the past week.

LUNC has been performing well ever since the acceptance of two potentially significant governance proposals, which respectively call for the cessation of new USTC mints and also the burning of the Terra Luna Classic stablecoin.

This development has provided some welcome relief for LUNC, which remains down by 79% in the past year, with this fall largely coming as a result of its community’s failure to take real action to support its price.

But with the aforementioned two governance proposals now setting the stage for a potential re-pegging of USTC, LUNC could be in for further price gains very soon.

Terra Classic Price Prediction: LUNC Gains 1% – Can LUNC Challenge September High?

Almost needless to say, LUNC has been so oversold and depressed recently that a recovery rally was long overdue, as signalled by its technical indicators.

For one, the altcoin’s relative strength index (purple) had been below 40 and largely close to 30 ever since the middle of July, something which indicates heavy selling pressure.

Likewise, LUNC’s 30-day moving average (yellow) has long been below its 200-day average (blue), and by quite some distance, yet it’s encouraging to see that its descent has now levelled off.

Another positive sign is the coin’s short-term support level (green) which has increased over the past couple of weeks, suggesting that LUNC had fallen as far as it possibly could have and is now ready to rise again.

Helping LUNC outperform the market in recent days has been the two accepted governance proposals, which were passed at the end of last week.

As shown in the tweet above, one of these calls on Binance to burn 50% of the trading fees it takes in the form of USTC.

The other will result in the halting of all minting and re-minting of the stablecoin, which should therefore begin seeing its supply decline over the long term.

Of course, these two accepted proposals haven’t actually been put into practice yet, with there being no indication so far that Binance will begin burning USTC.

However, if they are realized, then there’s little doubt that LUNC would continue its current rally, and would perhaps even rise more strongly.

The altcoin could potentially rise back up to $0.000070 in the next few weeks, with further positive developments capable of bringing it to $0.000080 by the end of the year.

On the other hand, if the above proposals don’t lead to actual progress, then LUNC may simply continue its long process of decline.

Newer, Higher Potential Altcoins

Because LUNC’s overall situation doesn’t look especially promising, most traders may perhaps be better off turning to other altcoins, particularly those with stronger fundamentals and with higher chances of rallying in the near future.

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