In the last day, the price of Terra Luna Classic has dropped dramatically by 4.5%, to $0.00006193, as the altcoin appears to be nearing its end of its current downturn.
LUNC has actually recovered little over the last hour, rising from a 24-hour low of $0.00006174, after having dropped significantly during the previous day.
Additionally, it has gained by 2.5% over the last week and by 10% over the last two weeks, taking advantage of the market’s surge from the previous week.
And given that LUNC has still dropped by a staggering 74% over the past 12 months, some genuinely encouraging news would enable it to mount a significant recovery.
It’s also crucial to notice that the 30-day average of LUNC (yellow) has leveled off after gaining substantially the previous week, indicating that the buying momentum for the token has evaporated.
A decreasing trade volume and a lowering medium-term support level (green) are two further warning indicators.
The coin is currently well above the latter indication, which shows the downward trajectory LUNC has been tracking over the past year, but it may revert to this lower level in the coming weeks.
This will, of course, depend on whether the market receives any additional good news about Bitcoin ETFs, which last week helped LUNC and the rest of the market.
However, considering LUNC’s own circumstances and foundation, it is possible that more suffering is ahead.
To start with, Do Kwon, a co-founder of Terraform Labs, and the SEC have filed formal complaints against each other, alleging multibillion dollar fraud.
In addition to hindering LUNC’s progress on its own account, such a case is likely to harm the altcoin by association.
In particular, a plethora of new governance suggestions have been made this year with the intention of advancing LUNC and its ecosystem; nevertheless, the majority of these have done very little to support its price and attract new users.
Because of this, it is possible that the price of Terra Luna Classic will drop much more in the coming weeks before rising to $0.000050.
Since LUNC is still having trouble, most traders might rather put their money into more recent altcoins with better fundamentals and greater promise.
There aren’t many of these coins available at the moment, but a few presale tokens appear to have a lot of potential for growth after they list on exchanges.
TG.Casino (TGC), a decentralized casino that has generated over $1.6 million in a presale that has only been going on for a month, is one of the most likely to pull this off.
Positively, TG.Casino has already debuted its casino platform, which functions on the well-known social messaging software Telegram in an intriguing twist on the format.
With over 5,000 users in the platform’s own Telegram channel, TG.Casino has effectively tapped into Telegram’s enormous user base.
This gives the platform an advantage over its competitors and portends well for its future.
In addition to having a significant social component, TG.Casino offers a wide range of gaming options, including sports betting and classic card games.
Its diversity has helped it draw in more users, but it also helps that its native token, TGC, is predicted to be a very successful cryptocurrency.
TGC has a good utility since players will utilize it to put bets.
However, in addition to any price increases, they may also use it for staking, which will generate a passive income for them.
This explains why the coin’s presale is moving so swiftly. Those who are new to the game can participate by going to the TG.Casino website.
The present price of one TGC is $0.15, but once the token lists on exchanges, this might increase significantly.
Furthermore, a number of these have sparked conflict and hostility among community members, raising the prospect that LUNC may be stranded.