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Terra Luna Classic (LUNC), the cryptocurrency that powers the original Terra blockchain that saw a spectacular blow up in May 2022 after is UST algorithmic stablecoin lost its 1:1 peg to the US dollar, is lagging the broader market on Thursday.
Last at around $0.000055 per token and a market cap of around $380 million, LUNC is down around 0.7% in the last 24 hours, versus gains of around 1.5% for Bitcoin (BTC) over the same time period.
Bitcoin has been grinding higher this week amid optimism about expected upcoming spot Bitcoin ETF approvals in the US, which has helped shield the BTC price from rising macro headwinds in the form of rising US bond yields and falling stock prices in wake of more strong US data.
LUNC hasn’t been able to shrug off these macro headwinds, however.
Indeed, it remains locked within a downtrend that has been in play now for 12 months and was last down around 12% on the month, versus monthly gains of nearly 7% for Bitcoin.
Price Prediction – Here’s Why Terra Luna Classic (LUNC) Will Drop Another 20%
Despite the best efforts of developers still invested in promoting Terra Luna Classic’s success – the L1 Task Force recently announced their plans to take the blockchain into “maintenance mode” for Q4 to handle blockchain and dApp issues – LUNC’s outlook is dire.
Hardly anyone in the crypto space trusts or takes any project with “Terra Luna” in its name seriously in wake of the 2022 collapse that cost investors billions.
As per DeFi Llama, Terra Luna Classic’s trade value locked (TVL), the dollar value of crypto locked in smart-contracts on the blockchain, was last a paltry $1.46 million – virtually nothing.
At its peak, prior to the spectacular crash in May 2022, the blockchain was home to a TVL of close to $35 billion.
The blockchain’s lack of TVL emphasises how it has essentially become a pariah blockchain that nobody is using, or wants to use.
Sadly, LUNC appears to have sadly fallen into the classification of being a “shitcoin”.
It makes sense then that price predictions for LUNC remain highly bearish, even if the broader crypto market is expected to rise in the months ahead.
Assuming LUNC continues to find resistance at its major moving averages, which has more or less been the case for all of 2023, the shitcoin is highly likely to hit its all-time lows around $0.000044, which would mark a more than 20% drop from current levels.
Crypto Alternatives to Consider
With Terra Luna Classic (LUNC)’s outlook dire, crypto investors should consider other investments.
For those looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 13 of what the project deems as the best crypto presales of 2023.
See the 13 Cryptocurrencies
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.