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Luna Classic (LUNC) is the native token for the first-ever Terra blockchain launched in 2018. It served as a part of a lever system for regulating the price swings of the now-defunct UST algorithmic stablecoin.
However, its subsequent collapse in 2022 led to the split of the Terra blockchain to accommodate a more modern approach to blockchain transactions.
Despite enduring a tough period, LUNC is still one of the most recognizable crypto assets in existence, ranking 57th on the global crypto market chart.
The digital asset has recently taken a contrarian approach, posting bullish signals despite the broader crypto market trailing the bears. Could this be a good time to buy LUNC in hopes of a possible recovery?
LUNC Price Recovers
At press time, the Terra classic coin trades at $0.000146, following an uptrend of 1.08%% in the previous day. The digital asset has been in decline for a while, with a 9.6% drop in the last week and 100% in the last year.
This rebound could be a new beginning for the crypto asset as the broader market recovers.
These previous slumps in prices have negatively impacted the technicals of the crypto asset, which shows a bearish trend. Its simple moving average (SMA) indicator is at $0.000175 for the 50-day short-term prediction and $0.000202 for its 200-day SMA for the long-term prediction, which is above its current price action.
According to the technical analysis, LUNC met resistance at the 38.2% Fibonacci retracement of $0.00019 and dropped to the 23.6% Fibonacci retracement of $0.00015. However, the digital asset could not find support at this level and dropped further.
LUNC’s moving average convergence and divergence (MACD) value indicates a sell signal. On the other hand, its relative strength index (RSI) value of 35.39 currently puts the digital asset in the underbought region.
Nevertheless, LUNC may rebound when the broader crypto market fully recovers and rallies.
Mysterious Wallet Responsible for Terra (LUNA) Crypto Crash Found
It has been about nine months since the crypto project Terra’s (LUNA) disastrous collapse in May 2022, and several post-mortem investigations have been conducted in the wake of the LUNA disaster.
However, a particular “Wallet A” has emerged as the main suspect after being proven to have played a substantial role in the UST de-pegging event.
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Many post-mortems after the Terra events have focused on “Wallet A” which played a large role in UST depegging
"Wallet A" swapped 85M UST for USDC and imbalanced the UST/3CRV Curve pool
There is a good chance this wallet is related to @JaneStreetGroup pic.twitter.com/iUGLmFCTaT
— Igor Igamberdiev (@FrankResearcher) February 28, 2023
Wintermute’s Head of Research, Igor Igamberdiev, asserts that “Wallet A” exchanged 85 million UST for USDC. This caused an imbalance in the UST/3CRV Curve pool, resulting in the collapse of the Terra (LUNA) ecosystem.
According to his investigation, there is a fair chance that the wallet connected to the UST depeg from the previous year belonged to the trading company Jane Street Group.
Consider These Two Assets for Gain
Investors seeking value-driven assets can consider altcoins, which are likely to rally. Some of these tokens are still in the presale stages, giving investors a once-in-a-lifetime chance to be early adopters.
The C+Charge token, $CCHG, is one such altcoins. According to the green project developers, electric vehicles are the greenest means of transportation, so quick transitions to EVs are essential for a sustainable future.
C+Charge aims to establish itself as the industry standard for electronic vehicle charging payments. The green energy startup is developing a robust peer-to-peer electric vehicle (EV) payment system using blockchain technology.
What are the differences between C+Charge and other crypto projects?
🚗Real-life utilities for #EV drivers
♻️Reduce carbon emissions
🗞️Carbon credits market accessibilityJoin this green revolution with C+Charge's #presale🔽https://t.co/ixe18bPqzI#ReFi #Cryptocurrencies pic.twitter.com/xtJcWzkfXc
— C+Charge (@C_Charge_Token) March 6, 2023
At press time, the price of $CCHG is $0.018 per token. However, the price will increase to $0.019 when the fifth of the presale’s eight scheduled stages end in the next 24 hours.
The project presale has received great responses and raised over $2.4 million for its ongoing presale promotion.
Value-driven investors seeking to buy the CCHG coin can use ETH, BNB, and USDT.
Another remarkable token is the $FGHT, which drives the innovative fitness project Fight Out – amove to earn initiative with a play-to-earn directory.
The FightOut platform hopes to motivate participants to work out and get fitter by providing rewards in the form of cryptocurrency and NFTs.
$5.2M RAISED! 🔥
Another day, another milestone!
Less than 4 weeks left to secure your spot and claim your BONUS ⏰👀
Join the #FightOut presale now! 👊
👉https://t.co/9pikKGRjSd#Crypto #Presale #Blockchain pic.twitter.com/sNn5krZgIu— Fight Out (@FightOut_) March 6, 2023
At press time, the FGHT token sells for $0.026. However, the price will gradually rise every seven days until March 31, after which the token price will be $0.0333 when listed on cryptocurrency exchanges.
$FGHT has been acknowledged by savvy investors, raising more than $5.2 million in its ongoing presale.
Related News
- Terra Classic Price Prediction for Today, March 4: LUNC/USD Drops to $0.000147 Support
- Terra Classic Price Prediction for Today, February 24: LUNC/USD Regains Strength, Price Hits $0.000169 Level
- LUNA Price Prediction – Will LUNA Move Up Further in 2023
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