Despite a slight dip in trade volume, the cryptocurrency market maintains a robust collective worth of over $1.93 trillion, with an optimism index at 74, signaling a possible bullish trend for altcoins. This brings into focus the future of Terra’s LUNA and LUNC Coin, each with its distinct challenges and potential trajectories.
Terra’s LUNA Facing Legal Hurdles
The Terra network’s founder, Do Kwon, is under scrutiny following Terra’s downfall, with past endeavors revealing failed attempts at similar projects. Terra’s collapse leaves LUNA Coin teetering in the market, ranked 133rd and 129th by volume and market capitalization, respectively. The price of LUNA Coin is currently unstable, struggling to breach a resistance level of $0.745 and now sits at a crossroads, contemplating a drop to $0.655 or striving to bolster support in the critical region.
Should LUNA manage to convert this area into a durable support zone, an uptick to $0.8 is feasible, potentially triggering an expedited surge with sights on the $1.3 mark, should the momentum persist.
Forecast for LUNC’s Long-Term Viability
Efforts by Terra Rebels to rekindle LUNC Coin with token burns have generated initial enthusiasm, aiming for a more manageable total supply of 10 billion. Nevertheless, given the current ownership distribution and burn rate, achieving such supply levels seems a speculative dream, requiring over a century to realize. While some investors may bank on this long-term deflation and survival of LUNC, the practicality of these hopes remains on shaky ground.
Price-wise, LUNC may witness a spike to $0.000162 if it can maintain above $0.00011756, contending on robust altcoin entries and Bitcoin‘s steady performance. However, no immediate bull run is anticipated due to the temporary closure of US markets for a holiday.