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LUNC Chart / Source: TradingView

Terra Luna Classic (LUNC), the cryptocurrency that powers the original Terra blockchain that faced disaster last May, has been outperforming the broader cryptocurrency market in the last seven days, rising more than 5.0% during this time.

By contrast, Bitcoin (BTC) is down close to 2% and Ether (ETH) is down around 3% over the same time period.

LUNC was last trading just above $0.00006 per token, just to the north of its 21DMA at $0.0000595, though is still stuck below its 50DMA at $0.000064.

The cryptocurrency is likely outperforming the broader market because of a recent vote by the Terra Classic community to halt all minting of new LUNC tokens.

LUNC lost nearly all of its value last May when the Terra Classic blockchains associated algorithmic stablecoin UST lost its 1:1 peg to the US dollar, triggering a $28 billion Decentralized Finance (DeFi) capital flight from the ecosystem.

Still, Terra Classic loyalists hope to revive the ecosystem, and a key part of that plan is to reduce the number of tokens and raise LUNCs value once again.

LUNC remains 90% lower versus its highs from last September.

While LUNC has done well in recent weeks despite broader market underperformance, it remains stuck in a long-term downtrend, meaning price predictions remain pessimistic.

Indeed, the cryptocurrency has been stuck in a downward trend channel since its peak last September, and has continually found resistance at its key moving averages (like the 21, 50 and 100DMAs).

An eventual retest of the all-time lows hit last June in the $0.00003s remains a distinct possibility, despite the best efforts of the Terra Classic community to boost the cryptocurrencys value proposition.

A near-term spike to the $0.00007/8 area is possible, but many traders would likely see this as an opportunity to add to short positions.

LUNC is a risky bet right now.

For 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 up-start crypto projects to help fund their development.

These tokens are nearly always sold very cheap 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.

Here is a list of 15 of what the project deems as the best crypto presales of 2023.

See the 15 Cryptocurrencies

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.

Read more from the original source:
Terra Luna Classic Price Prediction As LUNC Pumps 5% in 7 Days - Here's Why The Altcoin Is Outperforming - Cryptonews