Is Terra Luna Classic Going to Zero? LUNC Price Drops 3.5% as New Mining Protocol Secures $5 Million
Despite this fallback, LUNC remains up by an impressive 74% in the past week and by 200% in the last 30 days, amid rising optimism surrounding Terra Luna Classic and its potential recovery.
Yet LUNC seems to be correcting now after a couple of weeks of strong euphoria, with the altcoin potentially set to fall a bit further before it returns to growth.
Fortunately, there are other promising alts in the market right now, with stake-to-mine platform Bitcoin Minetrix raising over $5 million in its ongoing presale and accumulating plenty of momentum before it lists.
The key detail in LUNC’s chart is that it appears to be going through a correction after a very bullish end to November and start of December, as signalled by its indicators.
Its RSI (purple) has just dipped below 70 after it rose above 90 earlier in the month, a sign that most traders may be taking profits from the coin at the moment.
Having said that, LUNC’s 30-day average (yellow) remains comfortably above its 200-day (blue), which it overtook only a couple of weeks ago, meaning that the coin could have several more weeks of growth to look forwards to.
This is a possibility, yet LUNC is something of a special case, in that the spectacular collapse of the Terra Luna ecosystem in May 2022 may still be having negative effects on trader perceptions of the token.
In this respect, it may be somewhat discouraging to note that its trading volume has dropped from around $1.4 billion a week ago to only $250 million today.
This fall suggests that the coin may have to fall further before it begins growing again.
As for the longer term picture, things certainly seem more optimistic than they were a month or so ago, given the recent progress the Terra Luna Classic community has
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