Terra Classic Price Prediction: LUNC Slips Further

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Terra Classic (LUNC) plunged 52% during the past year despite several short rallies. Data from Coingecko also revealed that the coin lost massively since the start of 2023.

Recently, it has recorded a 25% dip in the last 30 days and another 8% loss within seven days.

Again, today, August 28, at 5:52 am EST, LUNC is down by 3%, with its price at $0.00006075. These consecutive price losses have shot up the fear level across LUNC’s market.

Investors Increase Trading Activities Despite LUNC’s Fall

Despite this prevalent red trend, the 23% increase in the asset’s 24-hour trading volume provides a positive sentiment in the market. LUNC’s trading volume in the last 24 hours has reached over $10 million.

Considering this increase, LUNC’s overall trading activities are seemingly improving. If it continues, attracting more investors, the coin’s price could recover.

Recent Alliance Might Save Falling LUNC

Besides the increasing 24-hour trading volume, the recent Alliance reward announcement on LUNC’s timeline on the X platform is another positive sentiment source.

1/ Alliance rewards are live on Terra 🎉

Users can now stake $rSWTH, $ampWHALE, and $bWHALE on Terra to earn $LUNA yield on top of native staking rewards.

Learn how to stake Alliance assets on Terra👇

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) August 26, 2023

Notably, a spike in trading volume historically indicates an increase in the total amount of the crypto traded across all exchanges within 24 hours. LUNC’s book shows increased interest and market activity, which could also raise prices.

Also, due to the positivity of the Alliance Reward announcement, the coin can attract more traders and investors, leading to higher trading volumes. According to the thread, users can stake $bWHALE, $ampWHALE, and $rSWTH on Terra to receive $LUNA and native staking rewards.

The Alliance will allow blockchains to trade yield simultaneously from other chains. Also, it will facilitate a more unified interchain economy for users from the Oxcarbon and Migaloo_Zone ecosystems to the Terra network.

Although the Alliance rewards work with Terra (LUNA), it is related to Terra Classic’s ecosystem. As such, this recent update could extend its goodies like increased utility to LUNC, reviving its value in the long run.

Also, this could boost the ecosystem’s visibility and utility, fueling price rallies for both cryptocurrencies.

LUNC’s RSI Points Directly Downward – Could Faded Histogram Bars Trigger Bullish Momentum

The chart above shows the overall bearish market trend for Terra Classic. Given the critical moving averages of the 50-day and 200-day Simple Moving Average, the SMA is above the asset’s price.

Also, the red candle formation hints at increasing selling pressure today, projecting further price losses for LUNC before the day ends.

Again, LUNC’s Relative Strength Index (RSI) is at 27.20, moving in the oversold region (below 30). This shows the increased selling activities in the asset market, suggesting potential price drops to an all-time low level.

On the other hand, LUNC’s Moving Average Convergence Divergence (MACD) indicator is below the signal line but has faded red histogram bars.

While the MACD depicts a bearish momentum, the faded histogram bar shows weakened momentum, suggesting a bullish takeover in the coming days.

Also, the RSI already in the oversold region shows the asset is undervalued and suggests the possibility of a trend reversal to the upside.

Terra Classic Breaks Below Critical Support – Will Downtrend Intensify?

The crypto’s price has broken below the $0.00006138 support level and is facing resistance at $0.00006347.

This fall indicates that the demand for the asset has weakened, and sellers are currently in control. This could be due to the increased selling pressure evident on LUNC’s RSI on the daily chart.

If the price continues to fall after breaking below the support level, it could indicate a bearish trend. Traders might look for additional support levels to gauge potential reversal points.

Also, since LUNC has failed to break the resistance level at $0.00006347, it’s likely to commence a consolidation phase, leading to more price loss as traders might consider this a signal to exit long positions.

On the other hand, since LUNC is still a few pips below its critical support, it’s likely to rebound as traders enter at this cheap level.

However, if hesitation and fear continue to grow due to the asset’s downward projection, LUNC could continue losing its price until it finds another lower level of support.

Since cryptocurrencies are volatile and can deviate from expected price moves, LUNC’s traders and investors should devise strategic trade setups, perform further analysis, and monitor its ecosystem for factors that could influence its next move.

Meanwhile, with uncertainty around LUNC, investors can hold onto other alternative investment options like $SONIK, the fastest stake-to-earn project.

LUNC Ideal Alternative – Sonik (SONIK)

Sonik (SONIK) is the first meme coin with the fastest growth potential ever introduced in the cryptocurrency sector.

By taking inspiration from the famous cartoon character Sonic the Hedgehog, it aims to mimic the lightning speed of Sonic to hit a $100 million market cap in a short period after listing on several exchanges.

Apart from where the project draws inspiration, its establishment on the Ethereum ERC-20 mainnet is another factor that could fuel its aim to hit massive milestones in the future.

Sonik’s token presale (SONIK) boasts over $624,000 out of the $2.09 million initial valuation. Interestingly, the project aims to sell out 50% of its 299 billion $SONIK token supply in this presale within one stage.

This technique will foster scarcity, creating higher demand for the token when it hits significant exchanges.

SONIK’s Unique Staking Strategy Puts It in the Spotlight

Sonik Coin reserves 40% of its tokens for staking, reflecting its commitment to community engagement. These staking rewards are spread over four years for stability and alignment with the project’s vision.

With 22.5 billion staked, a projected APY of 106%, and ongoing rewards of 9,125 per block, Sonik Coin attracts the crypto community’s interest in its staking.

Also, since the marketing team linked to Sonik Coin could be connected to SpongeBob (SPONGE), which achieved an 80x surge after hitting the DEX launch, $SONIK could take after this step. The token sells for $0.000014, a cheap entry level for interested investors and traders.