The Terra Luna Classic community celebrated the approval of a proposal to repeg USTC stablecoin by pumping LUNC 20% to highs above $0.0002. Traders made good of a bullish outlook, confirming our prediction for gains above this level. Terra Luna Classic price stretched the leg to $0.00021 in two successive candlesticks.

However, LUNC appears to have eased into an immediate trend correction and is trading at $0.0001935 at the time of writing. These declines may continue in the coming sessions to give room for profit-taking before more sidelined buyers join the moon-bound rocket over the weekend.

Why Is Terra Luna Classic Price Pumping Today?

The Terra Luna Classic community has been working tirelessly to gain recognition following the birth of Terra Luna 2.0 (LUNA). Following the merciless crash of Terra USD (UST) stablecoin last May, most members voted to create a new token—LUNA 2.0. However, some people stayed with the old token that came to be known as Terra Luna Classic (LUNC).

A discussion has been brewing within the Terra Luna Classic ecosystem on a proposal to repeg UST to match the value of other stablecoins at $1. As reported on Thursday the poll leaned in the affirmative, showing growing interest among community members to have USTC repegged, but it was too early to tell at the time.

At the time of writing, this proposal had sailed through, triggering a 20% spike in LUNC and a 68% move in USTC. If all goes as planned, the crypto community could see the rebirth of a once-thriving stablecoin ecosystem.

The proposal touched on several strategies on how the proposal would be implemented, starting with holding reserves in multiple assets and currencies, implementing a buyback and burn program, which will regulate supply and demand for USTC.

The team is also considering paying out interest in USD, a move likely to incentivize investors to hold onto USTC tokens when the price slides below the peg. This mechanism would be designed to charge an interest whenever the price moves above the peg.

Another key strategy likely to be implemented is the integration of several oracles systems that send real-time exchange rate data to curb the risk of market manipulation. Although USTC is trading roughly at $0.038, the community hopes the proposal will restore the stablecoin’s $1 peg.

(2) Wu Blockchain on Twitter: “The Signal proposal to re-peg with UST proposed by the LUNC community has passed. Signal proposals do not represent immediate technical consequences. The proposer said that after the voting is completed, he will discuss with the L1 team how to proceed.” / Twitter

Terra Luna Classic Price Retreats Ahead of Weekend Rally

Terra Luna Classic price is giving back the gains accrued in the last 24 hours, with support at $0.00019 expected to absorb the selling pressure. According to the four-hour chart, if declines intensify, LUNC’s next potential support would be at $0.00018 – a former resistance level.

LUNC/USD four-hour chart

However, an extended dive is unlikely, considering sentiment across the cryptocurrency market is relatively bullish. Investors have been embracing Jerome Powell, the chair of the US Federal Reserve’s disinflationary speech earlier in the week. Moreover, the Federal Open Market Committee (FOMC) hiked interest rates by only 0.25%, matching market watchers’ expectations.

An influx of money into riskier assets like cryptos is expected to increase and support the uptick in prices since the beginning of the year. Moreover, as the Terra Luna Classic community reshapes its ecosystem, more investors are expected to consider it a viable asset – mainly because of its affordability.

(2) Saqlain Ali on Twitter: “Today #LUNC pumped hard & after long time reached 0.0002 price & this was waited by people & Short sellers must got rekt. #LUNCcommunity this is how I said that just #HODL it strongly for good pumps & don’t be panicked. RT to spread positivity. #LUNCBURN #LUNCARMY #USTC #LUNA” / Twitter

In addition to the positive macro factors backing a LUNC price rally, the Moving Average Convergence Divergence (MACD) on the same daily time frame chart shows that buyers have the upper hand. Apart from a buy signal sustained since the beginning of the year, notice the green histograms above the mean line currently supporting the bullish narrative.

Investors can also look forward to an incoming golden cross pattern which would manifest as the 50-day Exponential Moving Average (EMA) (in red) crosses above the 200-day EMA (in purple). A similar pattern occurred when the 50-day EMA flipped above the 100-day EMA, however, traders mostly look forward to the former, as it often validates a believable uptrend – sometimes triggering a bull market.

For now, investors should watch out for Terra Luna Classic price movement between $0.00018 and $0.00019. If support at $0.00019 holds, bulls would quickly resolve another breakout above $0.0002 for gains aiming for $0.0003. On the other hand, a break and hold below the same $0.00019 level may force LUNC to seek refuge at $0.00018 before regaining momentum.

Buy Terra Luna Classic Now.

Terra Luna Classic Alternatives To Buy Today

Before buying Terra Luna Classic, investors may want to consider some of the best crypto presales in the market. A dedicated team of experts reviews various tokens every week to come up with a list of the best altcoins to buy as you build your crypto portfolio.

Meta Masters Guild (MMG) is one of these up-and-coming ecosystems likely to take the web3 gaming sector by storm. In addition to promoting play-and-earn, it presents numerous avenues for users to generate revenue, including game development, supply of in-game assets, and content creation among others.

The team is introducing MEMAG, the token powering the ecosystem in a presale that has raised $2.66 million and is currently in stage 5. Investors have less than 7 days to buy MEMAG at $0.019 before the price rises to $0.021.

Visit Meta Masters Guild Now.

Similarly, Fight Out (FGHT) is another revolutionary web3-centered crypto project. It is built around enabling access to the fitness lifestyle globally by employing strategic web3 solutions. Fight Out stands out from other move-to-earn protocols for removing barriers to entry for people wishing to lead healthy lifestyles.

Customized training programs will help Fight Out to change the lives of people around the world. The FGHT presale has brought in $3.82 million in a few weeks with the price increasing in 12-hour intervals.

Visit Fight Out Now.

Investors are also considering RobotEra (TARO) as they plan out their crypto portfolios for 2023. This crypto project is building a metaverse that will link to other virtual worlds. It can closely be compared to The Sandbox. Owning land in the metaverse will allow members to build assets and offer various tailor-made services.

RobotEra is quite versatile as it offers gaming applications – built by community members. Other key elements to look forward to are 3D scenes, payments, and user interactions. TARO’s presale has raised $880k far ahead of the first exchange listing.

Visit RobotEra Presale Now.

Related Articles: