Terra Luna Classic price is battling for support mid-through the week’s trading. Bulls suffered another setback last week after LUNC snapped out of consolidation between $0.0001468 and $0.0002.
LUNC currently exchanges hands at $0.0001308 after losing 2.3% of its value on the day. Terra Luna Classic’s performance has been dismal this year, considering it is trading at roughly 100% below its all-time high of $119.
Price data from CoinMarketCap shows that LUNC sits in the 45th spot in the market, with $782 million in market capitalization. Over the last 24 hours, its trading volume dropped by more than 30% to $58 million.
Bulls Push for Lower Prices Ahead of a Possible Terra Luna Classic Price Rally
Terra Luna Classic price has sustained a downtrend below a couple of trend lines, as illustrated on the daily timeframe chart below. Attempts to break this southbound move have only passed the lower trend line (dotted). LUNC needs to make a clear breakout above the upper trend line (continuous line) to validate an uptrend as well as the return of the bulls.
An immediate recovery is highly unlikely based on the position of the Stochastic oscillator in the oversold area. If LUNC does not hold support at $0.0001251, it may be forced to seek refuge at a lower price level, where fresh liquidity can be collected.
The next pit stop after the buyer congestion at $0.0001251 might be $0.00008. However, if push comes to shove, investors might expect Terra Luna Classic price to bottom out between $0.000035 and $0.000085.
How High Can Terra Luna Classic Go In 2023?
The short-term outlook in LUNC appears bearish, but like other cryptocurrencies, it is expected to make a solid recovery in 2023. Ardent crypto investors are holding onto a loose thread that may see LUNC rally back to its all-time high.
Terra Luna Classic price may need to make a 750,000% move to achieve this great milestone. If every LUNC token increases in value to trade at $1, it means that Terra Luna Classic alone will have a market cap of $5.98 trillion.
Such expectations are highly unlikely, keeping in mind that Bitcoin (BTC), the largest and most popular cryptocurrency, has only $324 billion in market capitalization. LUNC’s ecosystem is just a pale reflection of the robust and vibrant network it was before the crash in May.
Can Reducing Supply Help LUNC Swing Back to $1?
A token burn drive for the ecosystem could be the most logical way to help with LUNC’s return to $1. However, its voluminous supply is the biggest hindrance. If we assume a market cap of $1 billion for the token, supply reduction will have to be very aggressive such that only 1 billion LUNC tokens are left in circulation.
The agreed burn tax on all LUNC transactions is only 0.2%. It will be impossible to achieve the required supply reduction at that rate. The community is currently pushing to increase the burning tax to 1.2%. Still, more than this will be needed to see positive results.
That said, the cryptocurrency space is very dynamic. Therefore, a lot could change for Terra Luna Classic. However, LUNC’s supply will remain at the center of its performance. This is definitely a token to keep under the microscope going into 2023.
Altcoins Promising Quicker Returns
Cryptocurrencies have taken another hit over the past week as investors profiteered from bullish movements triggered by better-than-expected inflation figures in the United States. Meanwhile, investors constantly search for crypto projects that return above-average gains within a short period. The selected tokens listed below are currently in their presale stages – working toward their initial exchange listings.
FightOut (FGHT) – Revolutionizing the Fitness Industry
FightOut, is a new Move-to-Earn (M2E) fitness app doubling up as a chain of fitness gyms. The blockchain-based platform has been designed to change how you and I view the fitness lifestyle.
Its tokenized economy is powered by FGHT, with which users can earn rewards for completing M2E tasks. FightOut is also integrating Web3 solutions where community members can mint their digital NFT avatars for the metaverse.
FightOut’s presale is underway and has raised over $2.25 million. For purchases made before the $5 million mark, the team is offering an upto 50% bonus.
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Dash 2 Trade (D2T): Leading Crypto Analytics
Dash 2 Trade is a cryptocurrency platform built with the crypto trader in mind. This world-class crypto project brings social sentiment and on-chain trading analysis closer to investors so they can make informed decisions.
A strategy builder is also in place equipped with social trading tools for traders to create and back-test new strategies – while easily sharing them with others. Investors on the dashboard have access to a bespoke scoring system where they can participate in presales.
Dash 2 Trade’s presale is currently in its final stage with $10.3 million out of the expected $13.35 million raised. The token’s first CEX launch will go live on Wednesday, January 11, 2023.
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C+Charge (CCHG)
C+Charge is a crypto-powered electric vehicle (EV) charging and payment solution designed to democratize the carbon credit industry. It prides itself on being the first on or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits in CCHG while charging their vehicles. Charge station operators will also receive payment in CCHG, which increases the token’s utility.
C+Charge presale launched recently with $4.1 million raised. Investors can buy 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next round.
Visit C+Charge Now
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