The Terra Luna Classic price has fallen by 3% in the past 24 hours, as the market continues to reel from the ongoing effects of the FTX collapse and subsequent hack. At $0.00015053, LUNC is also down by 13% in the past week and by 35% in the last 30 days, with ongoing token burns currently doing little to counteract the effects of negative investor sentiment.
However, the Terra Luna Classic community and ecosystem continues to support LUNC's price as best as it can, with last month witnessing a proposal to re-peg USTC to $1. If implemented, such a plan would see LUNC's price rise significantly, potentially returning itself to $1 or higher.
Terra Luna Classic Price Prediction – Can LUNC Reach $1 in the Next Bull Market?
Looking at LUNC's price chart, it's clear there isn't much momentum behind the altcoin at the moment. Its relative strength index (purple) has dropped to 30 in the past couple of days, indicating a surge in selling.
At the same time, its 30-day moving average (red) continues to drop further below its 200-day average (blue), and may reach a bottom soon. If so, this would signal an incoming rebound, although with the market still feeling the FTX collapse, it's not clear when such a rebound may occur.
Nonetheless, there are a few things happening with the Terra Luna Classic ecosystem which suggest that LUNC could rally sooner or later. Most notably, developer Tobias Andersen published a proposal last month that would potentially re-peg USTC, the stablecoin to which LUNC's price has historically been tied.
This proposal would see the creation of a system of 'quantitative tightening,' whereby burn taxes on USTC and LUNC would be increased, as would interest rates and lock-up periods for staking. In theory, this would take significant quantities of USTC and LUNC out of circulation, and by extension the prices of both coins would gradually increase over time.
As of writing, this proposal remains just that, a proposal. However, its publication was enough to double the price of USTC in the second week of October, raising hopes of further rises in the future for both coins.
Its publication also typifies how the Terra Luna Classic community is banding together to produce plans to boost the respective prices of LUNC and USTC. Back in September, it implemented a 1.2% tax burn for all on-chain LUNC transactions, and while this has since been reduced to a 0.2% burn, calls remain for the rate to return to 1.2% or rise even higher.
Additionally, exchanges such as Binance have introduced their own burns on LUNC trades, helping to whittle down the coin's circulating supply even further. That said, with 6.879 trillion LUNC still doing the rounds (down from 6.9 trillion roughly a month ago), there's a very long way to go before burns will have a substantial impact.
Altcoins with More Short-Term Potential
While there does remain a chance of LUNC reaching $1 in the more distant future, other coins offer a higher probability of above-average gains in the nearer term. Most notably, coins undergoing their presales present a good opportunity for returns, with some presale coins rising by over 1,000% upon their initial listings this year.
Accordingly, here are three coins currently holding their presales. Each of these boast solid fundamentals, boosting their chances for witnessing gains in the short and long term.
