Terra Classic is bearish today after dropping 0.8% in the last 24 hours. At the time of writing, LUNC was trading at $0.000164, according to CoinGecko. LUNC is currently down by 6% over the past week.
Terra Classic price prediction
In the last 24 hours, LUNC has dropped in tandem with the broader cryptocurrency market. LUNC is the token powering the Terra blockchain, and at the time of writing, it was trading lower than it did the previous day.
LUNC is showing mild volatility, with the token trading between $0.000163 and $0.000171 over the past day. Over the past few months, LUNC’s volatility has been considerably low, with the FTX contagion pushing the token even lower from its September highs of nearly $0.0006.
LUNC has attempted to make several uptrends over the past month but failed to report any significant gains. If the current bearish pressure persists, LUNC will likely continue dropping to the $0.00015 zone. Such price action is more likely than an uptrend, given the negative sentiment still being seen across the broader market.
LUNC has a Relative Strength Index (RSI) of 34, showing high selling pressure. The RSI also points towards a bearish thesis, indicating that the bulls have lost control. Given that there is no support from the broader market, it is likely that LUNC will continue plunging as the sellers erase any profits that have been made in the past few days.
Can LUNC make 3x gains from here?
Bulls hope the broader market will recover if the US reports friendly inflation data. The Federal Reserve is expected to announce its decision on interest rates, and if they are no longer hawkish, it could result in significant buying pressure. On the other hand, another aggressive hike in interest rate will create panic and result in intense selling pressure that will drop LUNC to $0.00012.
Moreover, South Korean prosecutors seem to have located the co-founder of Terraform Labs, Do Kwon, in Serbia. Do Kwon’s whereabouts had remained unknown since the collapse of the Terra ecosystem in May. There is no certainty on whether the South Korean prosecutors will arrest Kwon. Kwon has previously said that the regulatory pressure around him was politically motivated.
With these factors in play, it is unlikely that LUNC can make 3x gains from its current price. Nevertheless, there is an unlikely situation where this would happen, which is a notable reduction in the LUNC supply. LUNC’s supply currently stands at over 6.8 trillion tokens, and the current burn mechanism is not doing enough to lower the supply.
On the other hand, the LUNC ecosystem looks dead. Before its demise, Terra Classic was one of the largest blockchains by total value locked (TVL). However, with the ecosystem collapsing, developers have been unwilling to create on the network. A lack of utility for LUNC translates to dips for the token.
Altcoins to buy for 10x gains
As LUNC continues with the bearish trend, investors are already diversifying their portfolio with some of the best presales happening toad. Dash 2 Trade, Calvaria and RobotEra are some of the best presales happening today.
Dash 2 Trade
The Dash 2 Trade presale is garnering a lot of interest from crypto investors. Dash 2 Trade is a crypto signals platform that is slated to launch soon. Amid the FTX scandal, crypto investors are looking for a reliable platform that will keep them ahead of the market.
The Dash 2 Trade platform’s beta launch is around the corner. Some of the features that will be available on the platform include buy and sell signals, on-chain analysis, crypto presale details, strategy building tools among others.
The Dash 2 Trade presale is in the last stage. The presale has already raised more than $9.6 million. So far, 73% of the presale tokens have been sold out.
The Calvaria presale is also garnering much attention. Calvaria is a Web3 gaming project seeking to promote the broader adoption of blockchain gaming. Calvaria plans to do this by making it easy for both crypto and non-crypto players to access all the game’s features.
The Calvaria presale is also in the last stage. The presale has raised more than $2.4 million. It will end after $3,075,000. 79% of the presale tokens have already been sold out.
RobotEra is a blockchain gaming ecosystem where players can create robots and use them to explore a virtual world. In this digital world, the players can also buy land, develop it and access multiple opportunities to generate a passive income.
The RobotEra team plans to integrate virtual and augmented reality into the game by 2023. Moreover, there will be quarterly updates, making the game even more interesting. The TARO presale is currently in the first stage, and more than $538,000 has also been raised.
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