The Terra LUNA Classic (LUNC) price has failed to break above its 21-day moving average (21DMA), indicating a downward trend despite the community revising the token’s burn tax. LUNC is currently trading just below $0.0001050 and has struggled for four consecutive days to surpass its 21DMA. The revision to LUNC’s burn tax did not boost sentiment among investors because the burn rate remains unchanged at 0.5%. However, the recent proposal changed how the burned tokens are distributed, with 10% now going to the Oracle Pool instead of rewards. The broader crypto market is facing challenges, with high inflation in the US affecting investor sentiment.
The macroeconomic backdrop has been a headwind for crypto prices this month, leading investors to reduce their bets on a Federal Reserve rate cut. This has resulted in a rise in US bond yields and the US dollar, impacting altcoins like LUNC. The Terra LUNA Classic price has declined by 34% this month and is down over 60% from its March highs. Bearish technical indicators suggest that the sell-off may continue, with the 21DMA acting as strong resistance for LUNC. Market analysis indicates that the bears are currently in control of the Terra LUNA Classic market, and a retest of April lows is expected in the coming weeks.
Although reaching $100 for LUNC is technically possible if enough tokens are burned to reduce the token supply, it is highly unlikely to reach such a high price. LUNC’s current token supply is over 5.8 trillion, and significant token burns would be required to reach $100 with a 6 million token supply. Additionally, LUNC lost its utility when the Terra ecosystem collapsed in May 2022, making it a speculative investment rather than a viable crypto asset. An alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales, where investors can buy tokens of upstart projects at low prices for potential exponential gains.
One such project to consider is Mega Dice Casino, which has launched a presale of its utility token DICE. DICE holders can benefit from cashback rewards on wagers and earn passive income through staking. The crypto casino has raised over $500,000 in its presale and is close to hitting the $1 million milestone, which would lead to an increase in the DICE price. Potential investors interested in high-risk, high-reward opportunities may find projects like Mega Dice Casino to be promising options, but it is important to note that investing in crypto assets carries significant risks and does not constitute investment advice.
