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Despite the negative events, two cryptocurrencies known for their speculative movements continue to see demand. While fluctuations in Bitcoin‘s price negatively impact altcoins, there is now a struggle to reclaim the $42,000 mark. In a scenario of a rapid rise, famous altcoins known for speculative movements could see significant recoveries.
LUNA Coin 2024 Forecast
Many altcoins experienced double-digit increases today and most have turned green. The recent market fluctuations are linked to the cessation of GBTC sales and positive PCE data. Investors are currently satisfied as they have not seen deeper corrections.
In the case of LUNA Coin, the bankruptcy of Terraform Labs continues to be a topic of discussion. The new CEO claims that the process will be completed successfully and that the project can continue its operations. However, the migration of popular applications in the ecosystem to competitors long ago, rumors that token burning would increase prices no longer working (applicable to both LUNA/LUNC but more so for LUNC), and the impending extradition of Do Kwon to the US suggest that the LUNA Coin price will not have a logical basis for a significant rise this year.
Altcoins that attract attention with speculative movements could experience surprise surges if there is a significant improvement in the overall market sentiment. However, we should not forget that we will see the familiar upper wicks after every major rise, here again and again. Assets like LUNA, LUNC, and CEEK, which attract intense interest from Turkish investors, require caution due to their above-average market risk scores.
LUNC Coin 2024 Chart Analysis
The Terra Rebels made a nice attempt but, as mentioned above, did not achieve great success with the token burn narrative. The network, which faces demand due to promises and now has to compete with many new rivals, indicates that much more caution is needed for LUNC this year.
Although it climbed to $0.00027933, quick profit-taking sales disappointed investors who were late to the party. In such altcoins, we generally see investors concentrating on buying for selling during short-term rises. If the price loses the support of $0.00008867, it could fall back to $0.00006325 and then to the $0.00005285 low.
In a scenario of a rapid rise, the $0.00017302 level could be retested, aiming for the $0.00027644 region. However, the long-term outlook remains negative.
