Terra Luna Classic (LUNC) price sell-off continues unabated in the wake of the collapse of FTX and its affiliated companies. The total cryptocurrency market cap sunk deeper below the $1 trillion mark as investors reacted to the bloody mess caused by the now never-ending troubles at one of the world's largest cryptocurrency exchanges.
The situation has been similar for Terra Luna Classic, with overarching weekly losses accumulating to 28%. Over the last 24 hours, LUNC lost another 6.7% of its value to exchange hands at $0.0001820 at the time of writing.
With the many uncertainties emerging in the crypto space, immediate recovery is highly unlikely. However, experts expect the market to bottom out soon, paving the way for a general upturn.
FTX moves funds to cold wallets amid hacking concerns
FTX exchange announced a hack attack on the platform on Saturday 12 via Telegram after noticing what they termed as mysterious outflows – rallying up to $600 million. Users were instructed to delete all FTX apps and not to access the exchange's website.
The $600 million rumored to have left FTX comes after the company filed to commence bankruptcy proceedings under Chapter 11 on Friday.
Meanwhile, another recent article on CoinDesk reported that officials at the exchange had resolved to move funds to cold wallets as a safety measure to "mitigate the damage" several hours after funds started mysteriously exiting FTX accounts.
The fate of FTX now lies in the hands of investigators, who are determined to unearth what has ailed the exchange. Industry leaders like the Binance CEO Changpeng Zhao and Cardano's Charles Hoskinson say that the FTX saga will negatively impact the crypto industry – possibly setting the space a few years back.
Terra Luna Classic Price: LUNC Eyes Short-term Dip Ahead of Recovery To $1
Terra Luna Classic price defended support at $0.0001640 as bearish waters gushed across the market. There was a quick rebound, but its momentum fizzled out as soon as LUNC brushed shoulders with the 50-day Exponential Moving Average (EMA) (in red) at $0.0001949. Due to the already dilapidated market conditions, the token's bleeding carried on uncontrollably to $0.0001820.
A 26% freefall could follow if Terra Luna Classic validates the appearance of a symmetrical triangle. This pattern is neutral until a break confirms either up or down.
A retracement is highly likely, as observed from the perspective of the Moving Average Convergence Divergence (MACD) indicator. Terra Luna Classic price is yet to escape the trappings of a sell signal validated when the 12-day EMA (in blue) crosses below the 26-day EMA (in red).
Investors are likely pushing for a lower-priced LUNC before entering the market to take advantage of the expected recovery to $1.0000 after the dust settles. The Relative Strength Index (RSI) – below the midline will add credence to the bearish outlook in Terra Luna Price if it moves into the oversold region (beneath 30.00).
Conversely, the LUNC could defend the support at the rising trend line, averting the triangle's 26% breakdown to 0.0001345, subsequently pushing for an equivalent break above the triangle.
Remember, symmetrical triangles have precise breakout targets (26% in the case of LUNC) – equal to the distance between the pattern's widest points – and extrapolated from the breakout point. Such a move will positively impact Terra Luna Classic price and set the pace for a rally to $1.0000.
Terra Luna Classic Alternatives Promising Massive Gains
As recent events unfold at FTX, the crypto market is bound to continue suppressing its bullish outlook. However, interested investors can start looking into other upcoming projects with immense potential to rally despite unfavorable market conditions.
Tamadoge (TAMA) is one of these unique digital assets, which rallied by over 1,800% (compared to its presale price) in early October after listing on OKX, one of the crypto industry's leading exchanges.
At the same time, investors can diversify their crypto portfolios with projects like Dash Trade, IMPT and Calvaria. All three tokens have their presales underway and stand out for strong fundamentals, indicating a higher probability of rallying following their initial exchange listings.
Dash 2 Trade (D2T)
Dash 2 Trader is a world-class crypto analytics and social trading platform that plans to make it easier for investors to make informed decisions using actionable market data. At the center of the Dash 2 Trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
Think of Dash 2 Trade as an all-in-one terminal where investors have access to accurate and timely market data to test trading strategies that allow them to take advantage of the opportunities in the market.
D2T currently sells for 0.0513 USDT, but this price will go up to 0.0533 USDT in the next presale stage.
IMPT
Built on the Ethereum PoS blockchain is IMPT, a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be obtained by shopping with a wide range of eco-friendly retailers. Since carbon credits are now tokenized as NFTs, it is possible to track them more transparently, which helps to address several issues that have previously plagued the carbon market.
IMPT's presale has raised more than $12.6 million a few weeks after launch, making it one of the most popular crypto sales.
Calvaria (RIA)
RIA might be the next major cryptocurrency to buy for blockchain gaming enthusiasts. This digital asset offers several promising possibilities that are raising interest among investors.
The native token for Calvaria: Duels of Eternity is RIA. The game, which takes place in a metaverse with an afterlife theme, aims to aid traders in buying non-fungible token (NFT) trading cards. Players are tasked with building strategies to help them win these battles directly. RIA is the token that makes NFT purchases possible through an in-app NFT marketplace.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.