Terra Luna Classic Price Prediction as $70 Million Trading Volume Rushes In – Can LUNC Recover in 2023?
The Terra Luna Classic price has dropped by 3% in the past 24 hours, dipping to $0.00016896 as the wider cryptocurrency market suffers a 0.5% fall. Its current level marks a 7% decline in a week, yet LUNC remains up by 18% in the last 30 days, helped in part by the market’s mini-recovery and by ongoing efforts to reduce the altcoin’s supply.
LUNC’s decline today comes amid an increase in its 24-hour trading volume to just over $70 million, up from $60 million last week. However, it’s likely that much of this additional volume has entered as part of today’s selloff, with buyers trying to offload LUNC as the Terra Luna Classic community continues to argue how best to take things forwards.
Terra Luna Classic Price Prediction as $70 Million Trading Volume Rushes In – Can LUNC Recover in 2023?
LUNC’s chart shows that traders may prefer to hold off a little until the altcoin has finished falling. Its relative strength index (purple) has plummeted to 30 in the past few hours, and likely won’t stop until it nears 20.
At the same time, LUNC’s 30-day moving average (red) is probably on the cusp of sinking further below its 200-day average (blue). This means it may be a few more days (or weeks) until the current decline bottoms out.
One of LUNC’s problems right now is that its community is continually arguing over how best to take forward Terra Luna Classic, with recriminations and ill-feeling between different factions. For example, last week even saw a new proposal that calls for the end of payments to developer Jacob Gadikian, apparently for “attacking and slandering validators on the Luna Classic Blockchain.”
Basically, if accepted, this proposal would mean that Gadikian is effectively blacklisted from contributing to Terra Luna Classic.
This is very bad for LUNC since it suggests that its community isn’t sufficiently cooperative and united to arrive at a clear, effective plan for restoring LUNC’s price, while it will also likely turn other developers away from contributing to the network’s ongoing development.
Such divisions aside, there remains constant work to produce updates that will have a beneficial impact on Terra Luna Classic. This includes a recent proposal to re-peg the price of USTC to $1, something which would likely have big positive implications for LUNC’s price.
