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The price of Terra Luna Classic (LUNC) has decreased by 0.5% in the past 24 hours, dropping to $0.00008144, representing a 6% loss in the past seven days. This indicates a bad week for LUNC, which has been experiencing a downward trend for the past few months. The LUNC price has dropped by 9% in the past two weeks and 43% since the beginning of the year.
LUNC Price Movement!
The decline in altcoins has occurred alongside most major cryptocurrencies that have seen significant gains since January, such as Bitcoin, Ethereum, and XRP, and as a result, the market capitalization of LUNC has dropped below $500 million for the first time this month, since September 2022.
Such a decline could paint a very negative picture for LUNC. The cryptocurrency is heavily dependent on significant developments related to USTC in order to see any recovery. Experts analyzing technical indicators predict a potential recovery for LUNC in the near future. The relative strength index for the cryptocurrency has started to rise again after dropping close to 30 yesterday. This could indicate a potential momentum recovery.
Additionally, LUNC’s 30-day moving average has significantly dropped below its 200-day average. This could imply that it is oversold and may recover soon. However, this positive sentiment seems to contradict the ongoing support level that LUNC has been steadily declining throughout the year.
LUNC Data!
However, if LUNC falls below the $0.000080 support level, it may drop to $0.000070, which could pose a challenging period. Nonetheless, supporters argue that as the network continues to witness significant development activity, it remains far from a decline.
Similar activities, along with new platforms being built on the network, may indicate that Terra Luna Classic is a long-term investment when it comes to recovery. New proposals for its development are also being presented and accepted. Furthermore, the latest governance measures in the chain may enhance decentralization.
