LUNA Price Prediction - Will It Hit $1 in 2024? 2 Other Penny Cryptos to Watch
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Amid a global sense of fear and uncertainty the past week, many top cryptos have struggled, with all top 10 projects except stablecoins down at least 2.5%. Terra Luna has also sold off, down 7.29%. However, having plunged -85% this year, many traders want to know if this project will explode as the market recovers.
Meanwhile, the new tokens Bitcoin Minetrix ($BTCMTX) and Meme Kombat ($MK) are gathering bullish momentum as many traders back them over more established coins.
LUNA holds $0.38 support, will it bounce?
Terra Luna has endured significant sell pressure throughout its lifespan, down 97.94% from its May 2022 all-time high (ATH). Yet, what’s more concerning is that it has been unable to establish a market structure, instead continually selling off and making lower lows.
This is likely as old investors' interest in the Terra ecosystem fades, and new investors are deterred due to its tarnished history and daunting price action.
Nevertheless, LUNA has created a local support level at $0.38, which it has traded above since August.
There was little volatility throughout August and early September, but then it exploded to $0.6 at the end of September. Still, this bullish momentum was short-lived, with LUNA swiftly correcting and currently trading at $0.4.
This begs whether its $0.38 support will hold, potentially creating a reversal opportunity, or if LUNA is destined for new lows.
Moving from the daily to four-hour time frame, we can see that the RSI is below 50, indicating lots of room for upside movement. Furthermore, the RSI is creating higher highs, showing buyers' interest is growing.
However, the price remains significantly below the 200-day-EMA, meaning the overarching momentum is bearish.
Ultimately, the lower-time-frame indicators do not paint a promising picture for LUNA, particularly given its prolonged selloff since 2022.
On the other hand, the $0.38 level could prove a significant demand area for buyers, given it exploded from that level recently. Therefore, closely following its movement is crucial for traders considering whether to buy LUNA.
A new trade idea that TradingView analyst moon333 shared predicts a significant pump in the coming months. The analysis references its recent increase to $0.6, indicating that the subsequent selloff is just a pullback before a much more significant surge.
However, another prediction from BrandonrG referred to Terra Luna as “the new Safemoon.” The analysis forecasts more downside, noting the trader will sell all its remaining LUNA coins shortly.
Outside of technical analysis, Terra Luna has an active community with a surprisingly positive sentiment towards the cryptos' future. A recent tweet by a prominent community member, Rambotrades_, speculated that LUNA will return to “top form” following a new grant proposal.
Despite this, the grave likelihood of further downside movement is undeniable. Those looking for more bullish prospects should consider Bitcoin Minetrix and Meme Kombat, two newly launched presales with massive potential.
Stake-to-mine Bitcoin minetrix lets you earn rewards while cloud mining Bitcoin & raises over $1.1 Million
Bitcoin Minetrix is a compelling new cryptocurrency project that enables users to effortlessly mine Bitcoin by staking $BTCMTX token on its Ethereum-based protocol.
This ingenious use case means users can earn free Bitcoin without upfront costs, hardware, or technical expertise. Instead, they simply visit the Bitcoin Minetrix platform, stake tokens, receive mining credits, and then burn those mining credits in return for Bitcoin cloud mining power.
At the heart of this operation is the $BTCMTX token, which is currently priced at $0.011 in its presale. Since users require this for staking, the token will enjoy a steady and predictable stream of long-term demand. Furthermore, much of its supply will be locked up due to staking, creating scarce supply and demand dynamics.
Additionally, because staking rewards are paid out in mining credits rather than $BTCMTX tokens, there will not be a steady stream of new tokens entering the market as with many other staking and mining-based cryptocurrencies.
Its groundbreaking use case and robust tokenomics set the bar high for Bitcoin Minterix’s long-term potential. However, the presale price will increase in three days, so those looking to buy for the best price should act fast.
Visit Bitcoin Minetrix Presale
GameFi project Meme kombat nears $500K as investors drawn by compelling use case and 112% APY
Another promising project on the cusp of crypto innovation is Meme Kombat. It just recently launched in its presale and is already almost at $500K.
Meme Kombat is a P2E staking crypto that enables users to gamble on the outcomes of AI-generated battles between beloved meme characters. What’s giving Meme Kombat the most potential is its innovative blend of three trending topics: P2E, meme coins, and crypto gambling.
In that sense, it is a one-of-a-kind project. Therefore, trend-savvy investors are fighting to get their hands on its presale, seeking exposure to the most promising crypto sub-genres.
Like Bitcoin Minetrix, Meme Kombat features exquisite tokenomics. Users will wager on battles with the $MK token, and it also features a staking mechanism paying out a 112% annual percentage yield. As such, many tokens will be locked away, and the wagering and staking utility will likely fare a notable demand stream.
The project boasts several game modes to keep users entertained and leverages traditional odds mechanics for a realistic and engaging gambling experience.
Furthermore, its team is fully doxxed and comprises numerous highly experienced members, providing significant transparency and legitimacy to the project.
Yet such benefits will likely cause a quick sellout, with its first stage nearing the 50% mark. Therefore, investors looking to maximize their upside potential must not wait around.
This is a sponsored post. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by the external author of the post. You should be aware of all the risks associated with trading. Cryptocurrency presales can be very risky investments as the assets have yet to be proven in the market. Some or all the tokens mentioned in the articles may be devalued or subject to scams, and investors may lose all capital as most of these assets lack proper due diligence. FXStreet is not responsible for any losses incurred from investments in crypto presales.
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