The price of Terra Luna Classic (LUNC) has dropped by 1% in the past 24 hours, with the coin’s fall to $0.00006553 coming after the terra.money website was hacked for phishing purposes.
LUNC is also down by 15% in the past week and by 25% in the last 30 days, with the altcoin having declined by 54% since the beginning of the year, in contrast to many major coins (e.g. BTC, ETH, XRP) which have gained substantially since January 1.
Terra Luna Classic has also struggled in recent months to make significant progress with regards to network upgrades and development updates, with governance proposals continuing to generate contentious differences of opinion among community members.
However, one recent proposal to burn 800 million USTC passed this week, lending hope to those waiting on significant gains for LUNC.
Terra Luna Classic Price Prediction as Terra Website Gets Hacked – Will LUNC Keep Falling?
Even though LUNC’s indicators are currently weak, they aren’t quite as weak as they were a couple of days ago, while they also look ready to help the altcoin mount a recovery.
Its relative strength index (purple) has climbed back up to 30 after sinking below 20 over the weekend, suggesting a slight recovery of momentum that may potentially translate into a rebound in the next few days.
Additionally, LUNC’s 30-day moving average (yellow) has fallen way below its 200-day average (blue), a position which signals substantial overselling and undervaluation, and which may also signal a strong incoming recovery.
On the other hand, LUNC is an unusual case, in that it has been declining steadily since the beginning of the year, something which suggests it may be in a state of terminal decline (from which it can’t ever recover).
This decline was made to seem all the more severe this week, after Terra’s official Twitter account warned users to stay away from the terra.money domain, in order “to avoid potential phishing scams.”
It seems that the Terra Luna Classic website had been hacked, and while there are no indications that any (significant sums of) money have been stolen, the hack further undermines trust and confidence in LUNC and its ecosystem.
This is particularly the case when, almost 24 hours later, the issue hasn’t yet been fully resolved.
The incident potentially robs LUNC of the momentum it would need to recover from its losses over the weekend, losses which for any normal, healthy cryptocurrency would usually lead to a rebound in the near future.
But in LUNC’s case, it can’t be confidently predicted that the altcoin will recover, especially when little significant headway has been made in recent months in boosting its price and re-pegging its associated stablecoin, USTC.
Having said, this week has witnessed the acceptance of one proposal which will result in the burning of 800 million USTC.
This burn could go some way to restoring hope in LUNC and USTC, while also paving the way for further burns and actions.
However, substantial moves are still likely some way off, with LUNC looking at a recovery to $0.0000750 at best in the next few weeks.
Newer Altcoins Are More Promising
There remains an outside chance that LUNC could eventually recover, yet if it does, any recovery process is likely to be long and drawn out.
So in the meantime, most traders should consider diversifying into newer altcoins that show more potential for bigger, market-beating gains.
Not every new token out there is going to outperform the market average, of course, yet there are a number of new coins that have been gaining momentum in recent weeks, with a few presale tokens in particular looking especially good right now.
Probably the best example of this is Wall Street Memes (WSM), a new ERC-20 meme token which has raised over $26 million since opening its presale a couple of months ago.
Wall Street Memes has been successful in raising funds largely because of its association with the meme stocks movement that instigated the AMC and GameStop rallies in 2021.
Its links to this online community has provided it with a large and ready-made store of investors and supporters, with its Twitter account now seeing over 261,000 followers.
Such a figure helps to account for why it has comfortably out-raised most other presales this year, as does the coin’s decentralized tokenomics, with 50% of its two billion supply going to the presale.
Another 30% has been reserved for community rewards, something which will incentivize greater community involvement in the token over the longer term.
However, while Wall Street Memes itself looks set to have a long life as a meme token, its presale is now in its final stage, meaning that investors have only a limited time in which to act before the coin will list on exchanges.
New investors can join the sale by visiting the official Wall Street Memes website, with 1 WSM costing $0.0337.
Wall Street Memes is set to list in 36 days, at which point it could be in for one of the biggest opening rallies of the year.
Visit Wall Street Memes Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.