This week has seen a surge in the price of Terra Luna Classic (LUNC), the cryptocurrency that underpins the original Terra network that witnessed a stunning explosion in May 2022 when its UST algorithmic stablecoin lost its 1:1 peg to the US dollar.
LUNC is up 5.8% in the past day as the cryptocurrency markets increase generally on hope that spot Bitcoin ETF application approvals are imminent. It is now trading at about $0.000061 per token with a market capitalization of about $360 million.
But LUNC is behind both the overall market and Bitcoin, which has increased by more than 10% to $34,000 in the past day.
LUNC’s 4% Spike: Has the Terra Luna Classic Sell-Off Ended?,LUNC’s 4% Spike: Has the Terra Luna Classic Sell-Off Ended?
It appears LUNC’s surge will not be able to keep up with the overall rally in the cryptocurrency market due to poor fundamentals.
It is doubtful that price projections will become significantly more positive very soon.
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The future of LUNC remains bleak, despite the greatest efforts of developers who are still committed to advancing the success of Terra Luna Classic—the L1 Task Force has revealed their intentions to put the blockchain in “maintenance mode” during Q4 in order to address blockchain and dApp concerns.
After the 2022 crash that lost investors billions of dollars, no anybody in the cryptocurrency sector believes or takes any project with the name “Terra Luna” seriously.
According to DeFi Llama, the trade value locked (TVL) of Terra Luna Classic, or the amount of cryptocurrency locked in blockchain smart contracts, was last butanely $1.46 million, or almost nothing.
Before the great crisis that occurred in May 2022, the blockchain had a TVL of around $35 billion at its height.
The absence of TVL on the blockchain highlights how, in essence, it has turned into a pariah blockchain that no one wants to use. Unfortunately, it seems that LUNC has been labelled as a “shitcoin.”
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Thus, it makes sense that, despite expectations for a rise in the overall cryptocurrency market in the next months, price projections for LUNC remain pessimistic.
If LUNC keeps encountering resistance at its key moving averages and is trapped in its long-term downward trend, there’s a good chance the shitcoin could crash to its all-time low of $0.000044, which would represent a 20% decline from the current price.
LUNC’s 4% Spike: Has the Terra Luna Classic Sell-Off Ended?,LUNC’s 4% Spike: Has the Terra Luna Classic Sell-Off Ended?,LUNC’s 4% Spike: Has the Terra Luna Classic Sell-Off Ended?, Terra Luna coin Crypto news, Terra Luna coin News