Alongside BTC, the whole cryptocurrency market has suffered greatly since last year. After the frontrunner crypto started correcting from its all-time high of around $67,000 in November last year, the entire sector began to collapse.
However, the current range of $20,000 has been held by Bitcoin for a while now, giving investors relief and time to think about their next investing actions.
While the market conditions have been in turmoil, very few tokens have managed to catch the attention of the masses. From memecoins to those projects that were not even considered good prospects since recently, many new names have become popular.
But one of these has managed to stand out the most, with its history as one of the top cryptocurrencies at a time- LUNC.
Since the past few weeks, LUNC has been joyriding its way to the top, leaving critics in wonder as to why a token that crashed and shook the entire industry still seems to thrive. With the token exploring a higher price range every day, speculating on the potential of the token has become rather difficult.
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Which Way Will the Price Move?
In the current market conditions, it is surely difficult to predict the exact movement of any cryptocurrency. Volatility is being seen across not just the blockchain industry but even the global markets as a whole. But it may be possible to speculate possibilities according to the movements that were previously made by LUNC and other related tokens.
Within the last 24 hours, LUNC has managed to grow as much as 50%, which has caused its price to spike to around $0.0004. This continuous uptrend is likely to face a correction, which may bring down the prices to the previous all-time high and current support of around $0.0003.
While there have been critical comments about the volume not being enough to push LUNC to upper levels right now, it may change as the demand for tokens grows out of popularity.
If LUNC can retest the price range of around $0.00035 and move up successfully again, then there may be a chance for another leg up for the token. This spike may explore the $0.00045 area.
While many bullish signs in the market indicate the growth of the token, investors may be wise to reconsider buying the token at this point. Generally, altcoins move with Bitcoin, which marks strength in the particular project and the entire crypto industry. However, LUNC currently shows no signs of following the movements of BTC at the moment.
For that reason, it may be possible that the hype dying out in the next couple of days may bring the token back down or towards lower prices contrary to what investors expect to see it at. While there may be a chance for investors to get in, reassessing the entry and placing orders accordingly will ensure that funds aren’t lost.
What is LUNC?
Created by Terraform Labs as a part of the Terra ecosystem, LUNC (then LUNA) was one of the top cryptocurrency projects in the space since the last bull run. The project was introduced and actualized by Daniel Shin and Do Kwon. It was one of the many projects that had grown exponentially during the 2021 bull run.
With a huge community and backing from some of the biggest names in the financial sector, LUNC was expected to be one of the most valued projects since its inception. This changed in May 2022, as the token crashed and lost more than 99.99% of its value within a matter of days, wiping billions of dollars from the market.
Terra Classic was built to support UST, the platform’s stable coin that promised complete decentralization and stability. However, since UST wasn’t pegged with solid reserves like gold or dollar, a mistake was found within the Terra blockchain and exploited until the project crashed.
As a solution, the CEO Do Kwon had devised a plan to create a new LUNA token and name the original LUNA token LUNC. However, it is being noticed that despite being the older version, many are still holding on to their tokens while simultaneously stocking up on them; thereby increasing prices.
A top alternative for LUNC which is devoid of such assumptive price hikes or popularity without utility is Tamadoge. As a project launched in 2022, Tamadoge has been gaining a huge user base, thanks to its combination of memecoin status and actual utility.
The project has been introduced as a P2E game platform and is expected to integrate completely with the metaverse. With a team verified by Coinsniper and the token contract audited by SolidProof, TAMA, the native token has been among the top-grossing tokens since the past few days.
As a project that boasts of fundamentally strong features and a dedicated community, it is highly likely that, similar to LUNC, TAMA too will have a massive uptrend in the upcoming months. The project has already managed to sell more than $12 million worth of TAMA tokens at the time of writing.
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