Terra Luna Classic has dropped 2.3% in the last 24 hours, and it was trading at $0.000237 at the time of writing. LUNC is up by 2.9% over the past week, but the current sentiment is bearish, which could lead to LUNC dropping lower.

LUNC price analysis

At the time of writing, LUNC was trading at $0.00023. In the last 24 hours, the token has moved from $0.000234 to $0.000243, indicating little to no volatility. As the broader market remains uncertain, awaiting the results of the FOMC meeting on Wednesday, LUNC could likely continue trading sideways, and the volatility will remain low.

LUNC is currently on a downtrend, as seen in the movement of its price chart. Despite the decline, selling pressure is yet to increase as the Relative Strength Index (RSI) is currently at 51. The RSI is neither in the overbought or oversold region at these levels. The sentiments across the broader market will influence where LUNC will head in the short term.

Why LUNC’s price could go to $0

Three main reasons could see LUNC heading lower in the short term. One of these reasons is the recent filing of another lawsuit against the co-founder of Terraform Labs, Do Kwon. Kwon is currently facing a $57 million class-action lawsuit in Singapore. The lawsuit claims that the TerraUSD (UST) stablecoin was supposed to maintain its 1:1 peg as a store of value, but this never happened after the stablecoin collapsed in May.

The other reason Terra Luna could fail to rally higher is the upcoming Federal Open Meeting Committee meeting slated to happen on Wednesday. The meeting is expected to introduce another 75 basis points hike in interest rates, which could dampen investor faith in risk assets such as cryptocurrencies.

Thirdly, regulators are currently cracking down on the cryptocurrency market because of the failure of multiple platforms over the past year. Terra Luna Classic is one of the cryptocurrencies bound to come under regulatory scrutiny because of causing billions of dollars worth of losses for investors, which means that LUNC could drop lower in the short term.

Three crypto alternatives to consider buying today

One of the reasons why LUNC collapsed is because of the failure of the design of the UST algorithmic stablecoin. Therefore, investors should consider investing in assets that have solid fundamentals that will see them sustain gains in the long term.

One of these cryptos is Dash 2 Trade (D2T). Dash 2 Trade is a crypto signals trading platform committed to giving investors access to the best trading tools to help them make informed trading decisions. The D2T presale has currently crossed past $4 million.

The next token to explode is IMPT. IMPT is the native token for the IMPT.io cryptocurrency project committed to lowering carbon emissions through blockchain technology. The IMPT presale is already in the second stage, raising over $11.8 million.

Thirdly is the Calvaria presale. Calvaria is a blockchain gaming project bridging the gap between traditional gaming and play-to-earn. The RIA presale has already raised more than 1 million USDT and is currently in the third stage. The presale is selling out fast because of the huge potential of this project.

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