The Terra Luna Classic price has risen by 1% in the past 24 hours, reaching $0.00006712 as the wider market posts a 1.5% gain today.
LUNC is now up by 8.5% in a week and by 19% in the last 30 months, with the altcoin riding the market-wide rally of the past couple of weeks.
Yet it remains down by 79% in the past year, meaning that it still has plenty of space left for further gains in the next few weeks.
However, it will need the Terra Luna Classic community to make real progress in support its price and ecosystem if it’s to post market-beating gains anytime soon.
Terra Luna Classic Price Prediction as Market Volatility Increases – Are Traders Still Bullish?
LUNC may not have gained as much as other altcoins during recent rallies, but its indicators are still in strong positions.
Its relative strength index (purple) remains just above 60, having remained there for more than a couple of weeks now.
Source: TradingView
This indicates the persistence of buying pressure, as does the gradual rise of LUNC’s 30-day average (yellow).
Both the 30-day average and LUNC’s price are rising towards the coin’s 200-day average (blue), and if they rise above it’s likely to signal a breakout rally.
However, LUNC has been weak for much of the year, so it’s hard to say whether it can continue rising, particularly if market momentum wanes again.
For example, its medium-term support level (green) has declined steadily since the middle of August, and while its price has remained comfortably above this level since the end of October, there’s no guarantee that it won’t fall back down again.
LUNC is especially vulnerable to sudden falls, given that its trading volume still remains so shallow.
Indeed, despite rising from a very low $6 million in the middle of October, it has reached only $20 million, making its market very shallow.
And more fundamentally, the Terra Luna Classic community continues to witness in-fighting and internal discord, something which severely undermines LUNC’s long-term prospects.
I have voted NO on #LUNC proposal 11866
PLEASE READ WHY?
In my opinion, it introduces the Phoenix LUNC (PLUNC) point system in a way that raises several concerns. First and foremost, I’m skeptical about the impact of implementing a reverse split, which might end up… pic.twitter.com/9TYs3emaVH
— Lunanauts LUNC Validator (@Lunanauts_Lunc) October 31, 2023
As illustrated in the tweet above, proposals to burn LUNC (or more LUNC) are failing to garner widespread support, with one or another community member finding reasons to oppose plans.
As such, LUNC has provided the market with little reason for expecting it to rise substantially in price soon.
It may reach $0.000070 or $0.000080 as the market heats up in the next few weeks, but it could just as easily slip further if investor sentiment struggles.
Newer Altcoins With More Potential
As uncertain as LUNC remains, there are several newer alts in the market right now that could rise big soon, with several presale tokens looking particularly promising.
One of the latest of these is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that aims to reward holders whenever a Bitcoin exchange-traded fund is approved in the real world.
Introducing #BitcoinETF, the visionary project poised to revolutionise the #Crypto realm by anticipating the arrival of #Bitcoin ETFs.
Stay tuned for the unveiling of the distinctive mechanics and strategies that set #BTCETF apart in the world of digital assets. pic.twitter.com/7CBWhJlErg
— BTCETF_Token (@BTCETF_Token) November 1, 2023
With a total max supply of 2,100,000,000, Bitcoin ETF Token plans to burn 25% of its overall supply over time, with a portion of tokens being burned each time a milestone related to Bitcoin ETFs is reached.
For example, it plans to burn 5% of its total supply when the SEC approves the first Bitcoin ETF, while the token’s transaction tax – starting at 5% – will be reduced to 4%.
The idea of such ETF-related mechanisms is to reward users for the cryptocurrency market having made such momentous progress.
It plans to implement tokenomic changes in response to five related milestones, with the last being Bitcoin (BTC) reaching a price of $100,000.
Explaining the fifth and final Milestone for #BitcoinETF. 5⃣
This moment will show Bitcoin’s strength and stability.
When the price of one #Bitcoin closes a daily candle above $100,000, 5% of the total #Token supply will be burned and transaction tax will reduce from 1% to 0%. pic.twitter.com/8nYjTkDl83
— BTCETF_Token (@BTCETF_Token) November 7, 2023
When this happens, the token will lower its aforementioned transaction tax to 0%, while burning another 5% of its total supply.
All of this will make BTCETF deflationary over time, something which is likely to help the coin’s presale attract early investors.
New buyers can join the sale by going to the official Bitcoin ETF Token website, where 1 BTCETF token costs $0.005.
But given that BTCETF is so aggressively deflationary, this price is likely to rise much higher over time.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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