The price of Terra Luna Classic (LUNC) has fallen by 2.5% in the past 24 hours, with the altcoin also down by nearly 30% in the past week, at $0.00017357. The drops come as the fallout from FTX’s collapse continues to weigh down the wider market, with LUNC’s momentum from early September unable to carry out through a turbulent period for crypto.
Back in September, the Terra Luna Classic community voted to implement a 1.2% tax burn, which was quickly followed up by Binance introducing its own independent burn on all trading fees collected in LUNC. This had helped to boost the altcoin to the highest level it had seen since TerraUSD (UST) infamously collapsed in May, yet market-wide troubles and a subsequent vote to lower the tax burn have meant that LUNC has sunk steadily since September.
Now, with the market reeling from FTX’s bankruptcy, LUNC is likely to continue falling for the foreseeable future, even with ongoing burns.
Terra Luna Classic Price Prediction as LUNC Falls 30% in 7 Days, How Low Can it Go?
LUNC’s chart shows a coin in the midst of a decline, with its relative strength index (purple) plunging below 30, meaning it’s close to being oversold. Likewise, its 30-day moving average (red) is falling further below its 200-day average (blue).
Normally, indicator declines such as these would signal the approach of an eventual turnaround and recovery. However, with the market still likely to see the aftereffects of FTX’s collapse (including contagion effects and knock-on failures), there remains every chance that LUNC may continue slipping for a while yet.
Such falls are likely to come despite ongoing LUNC token burns. So far, just over 27 billion LUNC has been burned to date, which comprises only 0.4% of the altcoin’s total supply of 6.9 trillion.
Clearly, the Terra Classic community will need to do more if it wants to have a substantial impact on LUNC’s supply and, by extension, its price.
Some within this community have called on other exchanges to follow Binance’s lead in introducing their own fee burns, yet none have done so. And while one small developer of blockchain-based games has mooted plans to burn as much as 2.5 trillion LUNC in the distant future, this ambition is based on the assumption that a yet-unreleased game will prove highly popular (which is far from guaranteed).
As such, burns are likely to continue making a minor difference to LUNC’s overall supply, and with the altcoin having little in the way of a fundamental use case (post-Terra collapse), it’s hard to imagine it rising substantially or dramatically higher in the near future.
Indeed, with the aforementioned FTX crisis still raging on (something which occurred in the middle of a bear market and global macroeconomic downturn), it’s likelier that LUNC will fall further in the coming weeks and months. As for how far, how long is a piece of string?
More Promising Alternatives
With LUNC remaining a highly unpredictable cryptocurrency, it’s worth looking at other tokens that arguably have more promising futures. In particular, a significant percentage of coins that have had their presales this year have posted impressive gains upon listing, and while not every new cryptocurrency can be assured of success, some are worth following.
As such, here are three new tokens currently holding their respective token sales, with each boasting strong fundamentals.
Dash 2 Trade (D2T)
Running on Ethereum, Dash 2 Trade is a trading intelligence platform that will launch in Q1 2023. It will provide investors with real-time market data and social indicators so as to help them make more informed decisions.
Its native token D2T, began its token sale over three weeks ago and has raised over $6 million, while it also recently announced its first CEX listing on LBank Exchange.
Visit Dash 2 Trade Now
RobotEra (TARO)
Another Ethereum-based platform, RobotEra (TARO) is developing a Sandbox-like Metaverse in which gamers can play as robots and participate in the creation of its virtual world. Scheduled to release its alpha version by the end of Q1 2023, it will enable players to create land, buildings, and other in-game items, all of which are represented and owned as NFTs.
Investors can participate in the sale of its TARO token by heading over to its website and buying with either USDT or ETH, with 1 TARO currently going for 0.020 USDT. This price will increase to $0.025 in the second stage of its presale.
Visit RobotEra Now
Calvaria (RIA)
Calvaria (RIA) is a play-to-earn blockchain-based game in which players can collect, battle with and trade NFT-based cards. Also scheduled to launch its alpha in Q1 2023, it has the distinction of enabling users to play it without having to hold any crypto, something which could make it more accessible than other similar blockchain-based games.
That said, the native token RIA can also be used to purchase in-game items and for staking, giving it a strong use case within its ecosystem. The presale for the token has raised just over $1.7 million and is currently in its fourth stage, during which 40 RIA can be had for 1 USDT.
Visit Calvaria Now
