The LUNC price has dropped by 12% in the past 24 hours, with this steep fall coming on a day when the wider market has actually gained by a healthy 4.5%.
LUNC’s dive comes after several days of strong rising, with its current price of $0.00020828 representing an enviable 73% gain in a week and a 215% rise in the last 30 days.
However, there’s a fear that such overzealous rallying puts LUNC in a position where it may correct downwards, leaving traders having to look elsewhere for profitable options in the shorter term.
Yet there’s currently no shortage of promising new coins, with stake-to-mine platform Bitcoin Minetrix looking set to rally on the back of a presale that has now raised almost $5 million.
LUNC has had a massive surge over the past week or so, but it now seems that it may have begun a correction of sorts.
From just over 90 a few days ago, the coin’s relative strength index (purple) has dropped to 70, suggesting that further price declines could be on their way.
On the other hand, LUNC’s 30-day average (yellow) continues to rise strongly above its 200-day (blue), indicating that today’s decline may be fairly short-lived.
Possibly the most bullish sign of all is that LUNC’s trading volume remains close to $600 million, up from as low as $30 million barely two weeks ago.
Such an increase marks a significant shift in LUNC’s market, with the coin attracting a greater number of traders, including whales.
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) December 5, 2023
A big part of the reason why LUNC has rocketed in recent weeks is that the Terra Luna Classic community has implemented a proposal that halts the minting of new USTC, which is LUNC’s sister stablecoin.
This update has caused the price of USTC to surge, and with investors increasingly hoping that USTC may re-approach its former peg with the US dollar, there’s also an expectation that LUNC’s price will benefit as well.
The accepted proposal has also had a galvanizing effect on the LUNC community itself and on perceptions of it, in that previous months had witnessed far too much discord and disagreement.
But now, it seems that the community has started on a cooperative course towards restoring LUNC and USTC.
As such, the LUNC price should gain in the longer term, potentially reaching $0.00030 in the next few weeks.
Given that LUNC may have entered overbought territory, many traders may prefer to look elsewhere at the moment and investigate other alts.
Fortunately, there are numerous promising altcoins currently in the market, with several new tokens holding presales that have seen them generate plenty of momentum and hype.
One of the most successful this year has been Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised $4.9 million in its ongoing token offering.
Discovering #BTC Cloud Mining ⚒️🖥️
Uncovering the process of #Bitcoin mining minus the burden of equipment ownership or maintenance.
— Bitcoinminetrix (@bitcoinminetrix) December 5, 2023
Set to launch in the next few weeks and running on Ethereum, Bitcoin Minetrix will enable its users to mine actual Bitcoin (BTC) by staking its native BTCMTX token.
Such staking provides users with tokenized mining credits, which they can then use to purchase Bitcoin hashing power.
In turn, hashing power earns users newly mined BTC, while staking will also provide them with additional BTCMTX.
Importantly, Bitcoin Minetrix will boast a streamlined and user-friendly dashboard and interface, taking all of the hassle and complexity out of Bitcoin mining.
As such, it should open the doors for a democratization of mining, with its increasingly successful presale suggesting that investors believe in it.
New buyers can join the sale at the Bitcoin Minetrix official website, where they can buy BTCMTX at a price of $0.012 per token.
Of course, such a price may end up seeming very low once BTCMTX lists on trading platforms in the New Year.
Visit Bitcoin Minetrix Now
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.