Terra Luna Classic (LUNC) is pulling lower on Friday, despite the world’s largest cryptocurrency exchange Binance announcing that it plans to support a new network upgrade.
The LUNC price was last around $0.000077, down around 20% from the highs multi-month highs it hit earlier in the month at $0.000097.
The cryptocurrency is still up a solid 21% for the month, however, largely as a result of aggressive technical buying that took place when LUNC broke to the north of a downtrend that had been in play going back more than one year.
Price Prediction – Where Next for Terra Luna Classic (LUNC)?
If LUNC can find support in the key $0.000077 area, then it stands a decent chance of being able to push back to multi-month highs and perhaps above $0.00010.
Some bull might be eyeing support-turned-resistance around $0.000115.
However, while LUNC has done well in November, Poor fundamentals suggest that LUNC is unlikely to be able to keep pace with the broader cryptocurrency market’s rally.
Price predictions are unlikely to shift substantially bullish any time soon.
LUNC Outlook Still Bearish
Despite the best efforts of developers still invested in promoting Terra Luna Classic’s success – the L1 Task Force recently announced their plans to take the blockchain into “maintenance mode” for Q4 to handle blockchain and dApp issues – LUNC’s outlook is dire.
Hardly anyone in the crypto space trusts or takes any project with “Terra Luna” in its name seriously in wake of the 2022 collapse that cost investors billions.
As per DeFi Llama, Terra Luna Classic’s trade value locked (TVL), the dollar value of crypto locked in smart contracts on the blockchain, was last a paltry $1.8 million – virtually nothing.
At its peak, prior to the spectacular crash in May 2022, the blockchain was home to a TVL of close to $35 billion.
The blockchain’s lack of TVL emphasizes how it has essentially become a pariah blockchain that nobody is using, or wants to use.
Sadly, LUNC appears to have sadly fallen into the classification of being a “shitcoin”.
It makes sense then that price predictions for LUNC remain bearish, even if the broader crypto market is expected to rise in the months ahead.
Can LUNC Reach $1?
A rally to $1.0 per token is unlikely, unless the Luna Classic community implements big changes to the cryptocurrency’s tokenomics.
That’s because, at present, there are close to 7 trillion LUNC tokens in circulation.
Most would agree that Luna Classic is unlikely to ever reach a $7 trillion market cap, not least because the blockchain’s entire web3 ecosystem was obliterated in mid-2022 when UST depegged from the US dollar and triggered hyperinflation in LUNC.
Still, crypto markets are a crazy place and nothing is impossible.
With things looking bad for LUNC, investors should consider alternatives.
Those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One such project that they have identified to have a lot of potential is an exciting, decentralized Bitcoin mining protocol called Bitcoin Minetrix.
Bitcoin Minetrix ($BTCMTX)
An exciting new decentralized Bitcoin mining protocol called Bitcoin Minetrix is generating a lot of hype, and has already raised close to $500,000 in funds from early investors into its $BTCMTX token presale.
$BTCMTX is the token that powers the protocol – investor who buy $BTCMTX can then stake their tokens to start earning non-transferable Bitcoin Minetrix mining credits.
These credits can then be burnt by their owners, and in exchange, they will get a share in Bitcoin Minetrix’s Bitcoin mining revenues.
$BTCMTX token holders will also earn $BTCMTX rewards, with a portion of the token supply already set aside to reward early stakers.
Bitcoin Minetrix’s protocol is governor by smart contracts built on top of the decentralized Ethereum blockchain, which is also where its token is issued.
The protocol thus offers better transparency and security versus other centralized cloud mining services.