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The broader crypto market has kept up its surge, adding a 0.98% increase within the last 24 hours. Major crypto assets such as Bitcoin and Ethereum are leading the gains and pushing green while other altcoins follow closely.
Despite this overall positive atmosphere in the crypto market, LUNC is struggling to recover, as it has dropped 0.2% in the last 24 hours. A contributing factor to this downturn is the recent arrest of Terra’s co-founder, Do Kwon, for forgery-related crimes.
Nevertheless, will LUNC dip further or recover and join its competitors in taking advantage of the market’s bull run to push for a new price level?
LUNC Struggles to Find a Foothold
At the time of writing, the Terra classic coin is trading at $0.000124, with a trading volume of $48 million in 24 hours. The coin’s value has slumped by 0.02% over the last day.
The asset has been consistently declining, with a decrease of 0.4% in the last two weeks and 23.4% over the last thirty days.
Predictably, the recent slump in value has negatively impacted the technicals, causing a bearish movement. The major moving average (MA) indicators for the crypto asset, which ranged from the 50-day MA at $0.00015 to the 200-day MA at $0.00019, both sit above LUNC’s current price.
Regarding technical analysis, the graph shows that LUNC met resistance at the 38.2% Fibonacci retracement level of $0.00016 before dropping.
The asset, however, has remained slightly above the 0% Fibonacci retracement level of $0.00009. If the asset falls further, it may find support here and recover, or it may retrace and surge to the 23.6% Fibonacci retracement of $0.00014.
The relative strength index (RSI) reading for LUNC is 39.97, which shows that the digital asset is still underbought. However, the asset’s moving average convergence divergence (MACD) trails above the signal, indicating a buy alert.
The Terra Classic coin’s overall technical performance is weak. However, if the asset gains traction and capitalizes on the market rally, it may break through and reach a new price level.
Terra (LUNC) Tables Plan 2 for Ecosystem Revival
The Joint L1 Task Force upgraded the Luna Classic blockchain on a significant scale during the first quarter of 2023. These include the v1.0.5 hotfix, v1.1.0, and v2.0.0, which will launch on March 31st.
The Cosmos SDK v0.45.13 and Tendermint v34.24 updates are included in the significant blockchain upgrade v2.0.0.
It was then suggested that the L1 Task Force obtain a Q2 mandate to carry on blockchain development in light of a successful first quarter.
The L1 Task Force’s priorities in Q2 will include thorough testing for the v2.0.0 upgrade, setting up the testnet, providing technical guidance and development support for Ziggy, and deploying v2.1.0, which will bring the blockchain up to parity with other cosmic blockchains.
The L1 Task Force will also collaborate with an L2 team to create Classic Station and deliver in-demand features like on-ramp capability. The key advantage of keeping an up-to-date forked version of Station is that it simplifies the scheduling of testing and upgrades while lessening the pressure on other third-party organizations.
Consider These Two Altcoins for High-Margin Returns
While LUNC’s performance remains bearish, new coins with great use cases and rising popularity emerge daily in the crypto ecosystem. Some of these tokens are still in their presale stages, offering investors a chance to be early adopters.
One such altcoins is Love Hate Inuโs token, $LHINU.
Love Hate Inu is a vote-to-earn (V2E) platform built on the Ethereum blockchain that allows users to anonymously and securely vote on any topic of their interest while earning rewards.
Anyone can participate in polls by staking the LHINU token for 30 days, and the more they stake, the more voting power they accrue.
Hey #LoveHateInu Gang!๐#ElonMetaMuskInu has an announcement to make!๐ข
We've raised over $2M USDT!๐ฐ๐
Big thanks to all our supporters for making this happen.๐
Join us now and experience the funniest #Memecoin project in the world!๐โฌ๏ธ
๐https://t.co/Pu2Bo8WOUy pic.twitter.com/PEGkOj74CY
— Love Hate Inu (@LoveHateInu) March 28, 2023
At the time of writing, $LHINU is priced at $0.000095 per token. The meme coin project has raised over $2.1 million in just a few weeks, demonstrating its popularity.
Another valuable altcoin is the native crypto token for Fight Out, $FGHT.
Fight Out is a gamified fitness app and gym chain that encourages users to live a fit and healthy lifestyle through the metaverse by combining the train-to-earn (T2E) and play-to-earn (P2E) models.
Users get to compete through a digital non-fungible token (NFT) avatar and earn rewards for completing tasks.
The clock is ticking! Only 48 hours left until the presale ends!
Train hard, fight easy, and win big with the world's first train-to-earn play-to-earn game.
This is your last chance to secure your BONUS!
๐ https://t.co/9pikKGRjSd#FightOut #Presale #Web3 #Crypto pic.twitter.com/ePIfM1BT5Z— Fight Out (@FightOut_) March 29, 2023
At press time, FGHT sells for $0.03330 per token. The ongoing presale has reached a significant milestone, with more than $6 million raised in investment from investors.
However, the presale program ends in less than 30 hours, and the token will be listed on centralized exchanges (CEX) on April 5.
Investors who still wish to benefit from the low presale price should act quickly.
Related News
- Terra Luna Classic Price Prediction: LUNC Rises 4% To $0.000124
- LUNC Price Prediction: LUNC Slumps as Crypto Market Rally โ Is a Rebound Imminent?
- LUNC Price Prediction: LUNC Slumps as Crypto Market Rally โ Is a Rebound Imminent?
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