Terra Luna Classic Price Prediction as LUNC Falls Below $1 Billion Market Cap – Time to Buy the Dip?

cryptonews.com:

The terra luna classic price has dropped by 3.5% in the past 24 hours, as part of a marketwide fall caused by speculation regarding the SEC acting against Paxos and the BUSD stablecoin. At $0.00016228, LUNC is also down by 10% in a week and by 8.5% in the last 30 days, with the altcoin seeing its market cap fall below $1 billion over the weekend.

This decline also comes as LUNC's 24-hour trading volume drops to around $60 million, substantially below the $500 million level it saw at the start of the month when its price rose to $0.0002057. This decrease in liquidity exposes LUNC to a greater risk of further sudden drops, although its longer term picture looks more promising due to ongoing work on re-pegging USTC.

LUNC's indicators reveal that it's currently experiencing a selloff that may continue for the next few days. Its 30-day moving average (red) recently fell below its 200-day average (blue), while its relative strength index (purple) has dropped to 40, and may continue dropping.

In other words, LUNC's technicals portend further falls in the short term. This is particularly the case if the altcoin falls below its current support level of $0.00016, which now looks like a real possibility. 

Even though the next few days will likely prove difficult for LUNC and the wider cryptocurrency market, fundamentals suggests that LUNC and stablecoin (USTC) will have big price rises in store in the future. 

This hope stems mostly from a recent proposal -- which has been accepted -- to re-peg USTC to $1. This is extremely bullish for LUNC, since even though the details haven't yet been finalized, a re-peg would necessitate a large-scale burn of LUNC tokens. 

As its authors write, the accepted proposal means that the community and its