Despite negative events and market volatility, two notorious cryptocurrencies continue to see demand. Bitcoin struggles to reclaim the $42,000 level, and its fluctuations negatively impact altcoins. However, a potential rapid surge could lead to significant recoveries in these speculative altcoins.
Many altcoins experienced double-digit gains today, turning the market predominantly green. This recent market movement is linked to the halt of GBTC sales and positive PCE data, leaving investors relieved at the absence of deeper corrections.
Focusing on LUNA Coin, discussions about Terraform Labs’ bankruptcy continue. The new CEO is optimistic about successfully completing the restructuring process, allowing the project to continue operations. However, the migration of popular applications from the ecosystem to competitors, ineffective token burning rumors (applicable to both LUNA and LUNC, with the latter being more affected), and the impending extradition of Do Kwon to the U.S. suggest that LUNA Coin’s price may not find reasonable ground to rise this year.
Speculative altcoins like LUNA may experience surprise surges if the overall market sentiment improves significantly. Yet, investors should remember that each major rise is often followed by a sharp pullback, a pattern that could repeat here. High-risk assets such as LUNA, LUNC, and CEEK, which attract significant attention from Turkish investors, require caution due to their above-average risk scores.
For LUNC Coin, despite attempts to boost success through token burning narratives, the network struggles with increasing competition and advises caution this year. A failure to maintain the $0.00008867 support could lead to further declines, while a bullish scenario might retest the $0.00027644 zone. However, the long-term outlook remains negative.