HomeNewsLUNC's Steady Rise: Whales Accumulate as Terra Luna Classic Gains Momentum

LUNC’s Steady Rise: Whales Accumulate as Terra Luna Classic Gains Momentum

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  • Terra Luna Classic (LUNC) has experienced a 0.5% dip in the past 24 hours, following the broader cryptocurrency market trend.
  • Despite recent setbacks, including regulatory challenges and delays in re-pegging USTC, the implementation of governance proposals and the Parity upgrade could potentially fuel future rallies for LUNC.

Terra Luna Classic (LUNC) has recently encountered a slight decline of 0.5% in the past 24 hours, aligning with the overall performance of the cryptocurrency market. LUNC has also experienced a 5% drop over the past week and a 1% decrease in the last 30 days. Furthermore, the altcoin has witnessed a significant decline of 38% since the beginning of the year, partly due to regulatory challenges and delays in re-pegging USTC.

Nevertheless, recent weeks have shown progress in addressing these issues. Prior to the SEC’s lawsuits against Coinbase and Binance, LUNC had demonstrated notable gains. As the development community begins implementing accepted governance proposals, there is potential for future rallies that could positively impact LUNC’s price.

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Analyzing LUNC’s chart, it currently exhibits some weaknesses. The relative strength index (RSI) has decreased from 50, indicating a potential further slip in LUNC’s price as the RSI heads towards 30 or lower. Additionally, LUNC’s 30-day moving average is gradually approaching its 200-day moving average, implying a higher likelihood of short-term losses rather than gains.

However, it’s worth noting that LUNC’s support level is gradually increasing, suggesting that any future declines may not be substantial. Some observers have suggested that whales, large holders of LUNC, have been unstaking their holdings in anticipation of a future price pump. The implementation of the Parity upgrade, which enhances interoperability with other networks like Cosmos, could potentially trigger a rally for LUNC.

Despite recent market instability caused by the SEC’s legal actions, LUNC demonstrated a rally leading up to the Parity upgrade, surging from approximately $0.00008498 on June 12 to $0.0001 on June 14. The current uncertainties in the market have, however, limited the sustainability of these gains. Nevertheless, the Terra Luna Classic community’s agreement to launch a testnet exploring different routes to re-peg USTC to $1 brings hope for potential large-scale rallies by the end of the year.

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While LUNC continues to face challenges without a solid plan for re-pegging USTC and boosting its price, diversifying into newer altcoins that have not yet experienced significant rallies may be a consideration for traders. Notably, presale tokens, such as ecoterra, show promise as they prepare for listing on exchanges. Ecoterra, a recycle-to-earn platform built on the Ethereum blockchain, offers an ecosystem to encourage sustainable living. With ambitious features and a successful presale, ecoterra’s launch holds potential for significant growth.

Investors can participate in the ecoterra presale by visiting the official website and connecting their software wallets, with 1 ECOTERRA currently priced at $0.00925, set to rise to $0.01 in just over eight days. The future trajectory of ECOTERRA’s price remains uncertain, but its full launch could bring further appreciation.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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