Terra Luna Classic: The price of Terra Luna Classic (LUNC), an altcoin, has experienced a 2% decline in the past 24 hours, with the current price at $0.00009607. However, this drop represents a 13% gain over the past two weeks as the coin begins to recover from the impact of recent legal actions taken by the U.S. Securities and Exchange Commission (SEC).
Although LUNC has seen a 5% increase in the past month, it is down by 33% since the beginning of the year. The decline can be attributed to dwindling enthusiasm among the Terra Luna Classic community in their efforts to support the coin’s price.
However, a recent proposal passed by the community to align the technical capabilities of the Terra Luna Classic blockchain with that of Cosmos has sparked renewed momentum and restored market confidence in LUNC’s direction.
With this positive development, the coming weeks and months may witness further rallies as LUNC aims to recover some of the losses incurred since the collapse in May 2022.
Terra Luna Classic’s Recovery Amid SEC Lawsuit Fallout
A closer look at LUNC’s chart reveals signs of regained momentum. The altcoin’s relative strength index (RSI), in particular, has risen from close to 30 (indicating oversold conditions) to around 60 today.
Although LUNC’s 30-day moving average (MA) had initially been trending below its 200-day average (MA), it has now flattened and shows potential for a rise once again.
These indicators suggest a revival in momentum. However, given the current regulatory uncertainties in the crypto industry, particularly in light of recent SEC actions, traders should remain cautious as LUNC may experience some volatility.
Nonetheless, considering the oversold nature of LUNC this year, it is more likely to witness gains rather than further losses, assuming other factors remain constant.
This oversold status primarily results from dissatisfaction within the Terra Luna Classic community regarding the lack of a concrete plan to restore the peg of USTC (Terra Luna Classic’s native stablecoin).
However, recent weeks have seen progress in this area, as the community has accepted proposals for several technical upgrades to the Terra Luna Classic blockchain. These upgrades are set to be implemented today.
The most significant change introduced by these updates is an enhancement in the interoperability of the Terra Luna Classic blockchain, making it more appealing to developers and their applications.
Consequently, as more applications begin to utilize the Terra Luna Classic blockchain, it is plausible to expect a steady increase in LUNC’s price.
Additionally, the community has also approved a proposal to create a test environment for re-pegging USTC. This step plays a vital role in the gradual rehabilitation of both USTC and LUNC. If successful and a concrete action plan is devised, LUNC’s value is likely to rise substantially.
Exploring Altcoin Potential
It is worth noting that substantial gains may not materialize for several months, considering the time required to resolve practical disagreements and establish a realistic plan for re-pegging USTC.
In the meantime, investors may opt to diversify their portfolios by exploring newer altcoins that offer better prospects for short-term as well as long-term gains.
One promising presale token currently gaining attention is ecoterra, an Ethereum-based recycle-to-earn platform that has already raised over $5 million and is scheduled to launch in the latter half of this year.
Once operational, ecoterra’s platform will reward users for recycling their household waste at designated recycling points. Users will receive the native token ECOTERRA as a reward, encouraging them to recycle more and adopt a sustainable lifestyle.
Furthermore, ecoterra’s platform will recognize and reward users who provide proof of generating their own green energy. These rewards will come in the form of NFT-based carbon offsets.
The carbon offsets can be traded on ecoterra’s dedicated carbon credit and NFT marketplace, further incentivizing users to embrace sustainable living practices.
Investors interested in participating in ecoterra’s presale can visit the official website and connect their software wallets. Currently, 1 ECOTERRA is priced at $0.00925, with the price set to rise to $0.01 in two weeks.
As ecoterra secures its initial exchange listings, early investors may realize significant profits, surpassing market benchmarks.
In conclusion, despite the recent dip in Terra Luna Classic’s price and the SEC’s lawsuit fallout, LUNC is showing signs of recovery. The community’s proposal to align the Terra Luna Classic blockchain with Cosmos has rejuvenated momentum and restored confidence. The altcoin’s oversold status and progress in re-pegging USTC contribute to its potential for future gains. However, traders should exercise caution due to regulatory uncertainties. Exploring newer altcoins like ecoterra presents investors with additional opportunities for diversification and potential short-term profits.