Although today’s price of $0.00009607 is a 2% decline from yesterday’s high, the Terra Luna Classic price has increased by 13% over the previous two weeks as the cryptocurrency recovers some of the losses it sustained due to the SEC’s recent legal activities.
At its current price, LUNC has gained 5% in a month, but it is still down 33% year-to-date as interest in the Terra Luna Classic community’s efforts to prop up its value has waned over the previous several months.
In an effort to make up for lost ground since its price crash in May 2022, LUNC may see significant price increases in the coming weeks and months.
LUNC’s relative strength index (purple) has increased from around 30 (oversold) to about 60 today, lending credence to the notion that it has regained some momentum, as seen by the chart.
Its 30-day moving average (yellow) has levelled out and may even start climbing again after dipping below its 200-day moving average.
All of this points to fresh momentum, yet traders should be wary of LUNC given the present unclear regulatory climate in the crypto space (in light of recent SEC measures).
Nevertheless, everything else being equal, cryptocurrency is more likely to experience future gains than losses.
This is mainly because LUNC has already been significantly oversold this year, primarily due to discontent with the Terra Luna Classic community’s failure to agree on a meaningful strategy for reinstating the USTC peg.
However, there has been movement in this area recently, as the community has accepted a proposal to implement various technological enhancements for the Terra Luna Classic blockchain. These modifications will be deployed today.
This version primarily improves Terra Luna Classic’s interoperability, making the blockchain more appealing as a home for developers and their applications.
And now, thanks to a newly approved plan, we’ll also have a place to test re-pegging USTC. There is no doubt that LUNC will significantly climb if this proves fruitful and leads to an actual tangible plan of action in the progressive rehabilitation of both USTC and LUNC.
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