The Terra Luna Classic price has gained by 8% in the past 24 hours, rising to $0.00009048 on the day the cryptocurrency witnesses the one-year anniversary of the infamous Terra crash.
This crash saw both LUNA and its sister stablecoin UST become almost worthless overnight, yet it seems that LUNC — the cryptocurrency running on the original Terra chain — has risen on the expectation that positive news may be announced to mark the anniversary.
Despite today’s surge, LUNC remains down 15% in a week and by 28% in the past month, with the coin also down by 37% since the beginning of the year.
But with the one-year anniversary raising fresh hopes, and with the Terra Luna Classic community constantly pushing to update the Terra chain, it may not be too long before LUNC sees what is arguably an overdue rally.
Terra Luna Classic Price Prediction as 10 May Marks 1 Year Anniversary of LUNA and UST Crash – Will Important News be Announced Today?
LUNC’s chart shows the altcoin in a promising position, with its 30-day moving average (yellow) beginning to rise towards its 200-day (blue), indicating an incoming rally.
While its relative strength index (purple) has dropped after a surge towards 80, it remains above 50, signalling that LUNC continues to attract positive momentum.
More bullishly, LUNC’s support level (green) has risen strongly in the past couple of days, with the coin’s price forming a pennant that could suggest a breakout.
As noted above, LUNC’s rally today is largely the product of the one-year anniversary of the Terra de-peg, during which UST lost its 1:1 peg with the US dollar and during which trillions of LUNA was issued in an attempt — a failed attempt — to shore up its price.
Fast forward to today, and it seems that either the LUNC community are ‘celebrating’ the occasion by deliberately pumping the coin, or that there is some genuine expectation that Terra Luna Classic may benefit from an announcement of some kind.
So far, there’s no sign of any major announcement, yet it’s worth pointing out that the Terra Luna Classic chain — and by extension, LUNC — continues to witness steady development.
Most recently, this includes a proposal from the Layer 1 Task Force to introduce a number of technical upgrades relating to Terra Luna Classic’s use of Tendermint and interoperability with Cosmos, as well as relating to minimum deposits for governance participation.
If accepted, it won’t be a major upgrade, but it nonetheless highlights the constant work being done to improve Terra Luna Classic and make it a useful blockchain network.
On top of this, a plan to re-peg USTC was accepted by the Terra Luna Classic community at the end of last month, paving the way for a big increase in the price of LUNC, which will likely be burned en masse to achieve the re-peg.
Given this plan, the market could end up seeing LUNC rally very strongly in the latter months of the year, potentially losing decimal places as it moves back to $1 and higher.
There is still work to do in actually implementing the plan (including securing the assent and cooperation of major exchanges), but if it does go ahead, LUNC could come back in a big way.
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A New Alternative to LUNC
Despite LUNC’s potential, some traders may prefer to look at coins that aren’t resting their hopes on a large-scale restructuring plan.
Fortunately, there are a number of promising new coins on the market, with certain presale tokens offering the chance to make some big, above-average gains this year.
One of the most interesting of these is AiDoge, an AI-powered meme-generating platform that has alreadu raised in excess of $5 million in the presale for its Ethereum-based $AI token, which began only two weeks ago.
Due to be launched later in the year, AiDoge combines advanced algorithms and big data in a way that enables its users to generate memes based only on short text-based descriptions.
The platform also includes a strong community element, with users able to upvote and downvote each other’s memes.
Highly ranked memes will earn their creators rewards in $AI, which can also be staked to earn holders credits.
Investors can participate in the sale by visiting the official AiDoge.com website and linking their crypto wallets, with 1 AI currently costing $0.0000288.
This will rise to $0.00003360 by the 20th and final stage of the sale, although AI could easily rise even higher once it lists on exchanges in the next few weeks.
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