Terra Luna Classic is Going to Zero as LUNC Price Keeps Falling But All Attention is on This Lesser Known Crypto – 12 Day Countdown Begins
The Terra Luna Classic price has dropped by 3% in the past 24 hours, with the coin slipping to $0.00008443 and marking a 4.5% loss in the last seven days.
LUNC is also down by 13.5% in the past month and by 42% since the beginning of the year, with this latter decline standing in stark contrast to most other major tokens (e.g. BTC is up by 83% since January).
Such falls stem from a loss of momentum with regards to community efforts to re-peg the related USTC stablecoin to the US dollar, something which would boost LUNC's price massively if it ever became a reality.
But with little progress being made on this in recent weeks and months, traders may prefer to look towards more promising alternatives, with the success of the Thug Life Token (THUG) presale indicating that the latter may be one to watch.
LUNC's chart shows the altcoin in a very weak position at the moment, with its relative strength index (purple) diving down towards 30 and likely to fall to 20 in the next day.
LUNC's 30-day moving average (yellow) is also flagging, with the indicator dropping further below the coin's 200-day average (blue), and with plenty of room to continuing sliding before bottom out.
At the same time, LUNC's support level (green) is still sagging, indicating that the altcoin will not be able to defend itself from further losses in the coming days.
In other words, it doesn't look too great at the moment for LUNC, which is suffering from the Terra Luna Classic community's inability to make real progress on efforts to boost its price.
Most recently, this community has accepted a proposal to model and simulate a mechanism that would incrementally re-peg USTC, largely via a process of buybacks.
However, this isn't the first such proposal to be
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