Terra Luna Classic (LUNC) has experienced a notable 5% price surge in the past 48 hours, adding to its 13% gain over the last seven days.
Despite this recent positive movement, the coin still faces challenges, being down by 36% since the beginning of the year.
One of the main reasons behind this setback is the lack of progress in re-pegging its sister stablecoin, USTC, which has been a source of frustration for the Terra Luna Classic community.
Disagreements over upgrade proposals have further hindered progress, making it uncertain when LUNC will be able to achieve a significant recovery.
However, for investors seeking an undervalued coin, now might be an opportune time to consider buying LUNC at a discounted rate.
Analyzing LUNC’s chart reveals promising indicators that suggest potential further gains in the short term. The relative strength index (RSI) has risen to 60, indicating increased buying momentum that could propel the altcoin higher.
Additionally, LUNC’s 30-day moving average has been consistently below its 200-day average, implying that a positive reversal is overdue.
Another positive sign is the rising support level, as LUNC has managed to maintain its gains without experiencing significant pullbacks.
However, achieving substantial returns depends on the Terra Luna Classic community’s ability to reach a consensus on a plan to boost the coin’s price, as well as that of USTC.
While there has been some progress, such as accepting a proposal for a test environment to trial new updates, the community is still divided on the best approach. Rejected proposals have highlighted this division, and it might take some time to achieve concrete progress.
Investors should note that due to potential delays in significant returns, some traders may prefer to explore presale tokens, which could offer more substantial short-term gains upon listing on exchanges.
Presale tokens, especially well-regarded ones, have the potential for impressive growth and may be worth considering for traders seeking quicker profits compared to long-term investments in LUNC.