Is Terra Luna Classic dead? Will LUNC make a comeback, or keep going to zero?

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Terra Luna Classic price prediction Promising Alternative Currency: Wall Street Memes Related

Terra Classic (LUNC) is now down more than 90% since its 2022 high, which was reached almost a year ago in September. Is LUNC dead or can it recover?

This challenging situation raises questions about the strategies the Terra Luna Classic community might consider to reverse its potential to bounce back and regain its former momentum.

However, a proposal to burn 800 million USTC received approval this week, bringing a glimmer of hope to those eagerly awaiting significant gains for $LUNC.

Terra Luna Classic price prediction

Terra Luna Classic’s (LUNC) journey over the past six months has been marked by a consistent downtrend, driven largely by the gravity of a declining channel pattern. This pattern features a succession of lower highs and lows, reflecting market sentiment favoring selling during attempts at bullish rebounds.

In mid-July, the classic Terra coin entered a correction trend, resulting in a significant drop in market value. During this period, the price fell from a high of $0.0000096 to a low of $0.0000052. Interestingly, this decline coincided with the lower bound of the bearish channel, fostering a sense of optimism for a possible reversal.

$LUNC reached a pivotal point in mid-August when intense selling caused a sharp drop from $0.0000658 to $0.0000523. This rapid and marked decline prompted a crucial retest of the supporting trendline embedded in the declining channel pattern.

Currently, the $LUNC price stands at $0.000062, reflecting a 1.61% increase in the last 24 hours. In addition, the $LUNC price experienced a 5.56% decline over the past week. The altcoin’s market cap has dropped below $400 million to about $360 million, accompanied by an 88.95% increase in the asset’s 24-hour trading volume.

The current classic pivot point (P1) is $0.0000624 for Terra Luna Classic. The support levels are at $0.0000620, $0.0000617 and the strongest at $0.0000613. Meanwhile, resistance levels are positioned at $0.0000627, $0.0000630 and $0.0000634.

If the price continues to fall after breaking the support level at $0.0000613, it may be on a bearish trend. Certain traders and experts expect Terra Luna Classic’s trading range for 2023 to likely range from $0.0000622 to $0.0000635, with a potential price of around $0.000071 in the following year.

Traders may want to look for more levels of support to find potential points for a reversal. Additionally, as $LUNC failed to surpass the $0.0000634 resistance level, it could enter a consolidation phase, which could cause further price declines as traders may see this as a sign to exit long positions.

This price challenge serves as a clear indicator of the continued losses $LUNC has suffered this year. In recent months, Terra Luna Classic has faced challenges in advancing network upgrades and development updates, while governance proposals continue to spark divisive debates within the community.

However, $LUNC is an unusual case as the rate has been steadily declining since the beginning of the year, suggesting that the rate may be in a state of permanent decline with no chance of a recovery. The severity of this drop was further emphasized this week when Terra’s official Twitter account issued a warning against the terra.money domain to prevent potential phishing scams.

It is clear that the Terra Luna Classic website has been hacked, eroding trust in $LUNC and its ecosystem. The issue’s unresolved status, almost 24 hours later, exacerbates the problem and may hinder $LUNC’s recovery potential from weekend losses, which typically catalyze recovery in healthy cryptocurrencies.

The path to recovery remains uncertain for $LUNC, especially as no substantial progress has been made in recent months in terms of price growth or re-linking its companion stablecoin, $USTC. In this context, a recent proposal has gained momentum calling for the burning of 800 million USTC.

Does anyone in the $LUNC $USTC ecosystem has received updates regarding the 800m $ust which was presumably sent directly to the burn wallet after two proposals passed
#lunch #ustc

— LUNC Burn  (@LunaBurn_13) August 27, 2023

This fire could partially fuel hopes for LUNC and $USTC, potentially paving the way for further constructive action. Nevertheless, substantial moves remain ahead, with $LUNC’s best-case scenario for the coming weeks pointing to a recovery to $0.0000751.

Promising Alternative Currency: Wall Street Memes

While there is a small chance that $LUNC will recover, the process will likely be extended. In the meantime, traders should consider diversifying into newer altcoins with greater potential for significant market gains. Not every new token will outperform the market average, but several have gained momentum recently, especially some presale tokens.

Wall Street Memes (WSM) stands out as a promising presale coin with strong growth potential. This new ERC-20 token has collected more than $25 million in funding since its presale launch a few months ago, drawing attention for its integration of internet culture, meme-based humor, and the support of Elon Musk.

With over 1 million followers on social media, Wall Street Memes have become extremely popular, especially on Twitter, with over 200,000 followers. Notably, even Elon Musk, the world’s richest person, has dabbled in the platform’s Twitter account, further increasing its visibility and credibility.

This new cryptocurrency is in the final pre-sale phase, offering investors one last chance to buy $WSM at a price of $0.0337. After the presale, the project team plans to list $WSM on multiple Tier-1 crypto exchanges.

In addition, the project introduces passive income prospects through the betting pool. The latest staking update reveals $WSM’s accumulated stake of over 235 million tokens, yielding an estimated annual return (APY) of 84%.

To celebrate the launch, Wall Street Memes has organized an airdrop, allowing token holders across various social media platforms to participate and join the Wall Street Memes Discord for a chance to win a share of $50,000. For more information on acquiring $WSM, you can check out our comprehensive guide available here.

The total supply of $WSM tokens is 2 billion, fully allocated to the community. Within this allocation, 50% will be reserved for the pre-sale, with the remainder being split between community rewards and liquidity.

Despite the inherent risk of meme tokens as an investment, the Wall Street Memes $WSM token offers a competitive advantage over other available tokens in this domain, and is currently known as the best crypto presale of 2023. Invest in $ WSM at wallstmemes.com.