Terra Luna Classic Price Prediction as LUNC Falls Below $1 Billion Market Cap – Time to Buy the Dip?

The terra luna classic price has dropped by 3.5% in the past 24 hours, as part of a marketwide fall caused by speculation regarding the SEC acting against Paxos and the BUSD stablecoin. At $0.00016228, LUNC is also down by 10% in a week and by 8.5% in the last 30 days, with the altcoin seeing its market cap fall below $1 billion over the weekend.

Timeline of Terra-luna-v2, Terra-luna

Altcoins in the crypto space have been seeing a lot of volatility lately as major cryptocurrencies Bitcoin and Ethereum face resistances which hindered their growth. Luna Classic, the revival attempt of the Terra Luna ecosystem, is one of those tokens that is facing losses in the short term.

The terra luna classic price has dropped by 4.5% in the past 24 hours, amid a day of losses for the cryptocurrency market as a whole. At $0.00017485, it has gained by 2% in a week and by 3% in the last 30 days, held back from further gains by delays to LUNC burning and in-fighting within the Terra Luna Classic community.

The cryptocurrency community is predicting that the price of Terra Classic ($LUNC) will surge by over 200% this month to trade at $0.0005518 per token, as the community behind the cryptocurrency is making several developments to help it recover.

The price of Terra Classic ($USTC) has surged after its community approved the Terra Classic 11324 proposal to “Re-Peg USTC With LUNC,” which describes a way for the community to help $USTC's price reattain its peg.

Terra Luna Classic price pumped hard on Thursday and Friday this week following news that USTC was going to be repegged. The community has been seeking validation following the collapse of UST last May.

Terra Luna (LUNA) has been struggling to keep above the $2.0 price mark for the past week, and even fell below this level within the period. However, at press time, its price surged to reach $2.21.

Although 2022 was a tough year for Terra Luna Classic (LUNC), the token has been surging as of late. At press time, LUNC was trading at $0.00019904, showing a surge of over 30% since last month.

The notion that the Terra Classic [LUNC] community was over the painful collapse of LUNA may be wrong. Of course, the community had repeatedly said that they were focused on rebuilding.

LUNC community has passed a Signal proposal to repeg with Terra Classic USD (USTC) through an operational framework. Since the project announced the plans to bind the two assets together again, LUNC has gained 18%, while USTC has yielded 67.

Over the last two months, the LUNC coin price showed multiple valid attempts to surpass the overhead supply zone of  $0.000184-$0.000195. Thus, with the increasing uncertainty in the crypto market due upcoming FOMC meeting, the sellers reclaimed the upper hand and breached the support trendline of the rising wedge pattern.