Terra Luna Classic (LUNC) bulls are currently holding the cryptocurrency above the key psychological $0.00010.
Nonetheless, price predictions are becoming more bearish.
LUNC is the cryptocurrency that powers the original Terra blockchain that experienced catastrophe last May when its algorithmic stablecoin TerraUSD (UST) lost its 1:1 peg to the US dollar, triggering sudden capital flight from Terra’s Decentralized Finance ecosystem and hyperinflation in the LUNC supply.
LUNC, which only just over one year ago was valued above $100 per token, lost virtually all of its value in a matter of days, as its supply jumped exponentially to the multiple trillions.
Price Prediction – Where is LUNC Headed Next?
While LUNC is for now holding above key $0.0001 support, things are looking grim for LUNC.
The cryptocurrency has been in a vicious downtrend since topping out for the year above $0.0002 in February and has continually failed to get above its 21 and 50-Day Moving Averages in recent weeks.
A test of last July and August’s lows in the $0.000083-87 area looks highly likely.
Efforts by the Luna Classic and Binance to burn the LUNC supply in order to inject some optimism back into the have failed this year, with LUNC last down over 30% so far for the year versus gains of more than 70% for Bitcoin, the crypto market’s largest cryptocurrency by market cap.
Last year’s catastrophic collapse of the original Terra ecosystem appears to have dealt a fatal blow to the project’s credibility and outlook, with the vast majority of supporters, community members and developers having long since moved on to more viable projects.
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Luna Classic (LUNC) Alternatives to Consider
While near-term price outlook for Luna Classic (LUNC) is potentially very weak, rising bank crisis risks and a rising likelihood the US Federal Reserve will be forced to cut interest rates later this year means that blue-chip cryptocurrencies like Bitcoin could perform very well in the months and quarters ahead.
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While blue-chip cryptocurrencies like Bitcoin could be a great investment, their ability to generate exponential returns is limited in comparison to low-cap, lesser-known crypto gems.
Investors should nonetheless always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap 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.
One such project that the team has identified as having very strong potential is DeeLance.
DeeLance, which is building an immersive non-fungible token (NFT)-powered metaverse platform to unite businesses and freelancers, has been billed by observers as revolutionary for the recruitment industry.
The project has already raised a whopping more than $600,000 in just a few weeks since the launch of its DLANCE token presale.
Investors are encouraged to move quickly to secure tokens, as in just over four days the price will rise from its current super-cheap $0.029 level.
Given that DLANCE will debut on major cryptocurrency exchanges later this year at $0.055, investors who get in now can be sat on gains of around 90%.
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