The price of LUNC has risen by 3% in the past 24 hours amid a market-wide rally, currently standing at $0.00013313. However, the coin has experienced a 6% loss in the past week and a 19% fall in the last 30 days while major tokens like BTC and ETH have shown growth within the same period. Despite this, LUNC’s surge yesterday indicates possible further gains, as it has already increased by over 13,000% relative to its all-time low set in May 2022. Additionally, plans to re-peg sister stablecoin USTC to $1 are currently in development, which could potentially cause significant price surges through the burning of large amounts of LUNC.

LUNC’s relative strength index and 30-day moving average show promising indicators of a potential breakout if the shorter average overtakes the longer. Additionally, LUNC’s RSI has recently jumped to 70 after being under 30 in the past week, indicating overselling. If LUNC cleanly breaks through its key resistance level of $0.000135, it could potentially experience further gains.

Proposals to increase the on-chain burn tax rate and change the burn tax split suggest efforts to make LUNC more valuable, although some validators are opposed to raising the burn tax rate to 0.8%. Meanwhile, the removal of a developer from the TF responsible for supporting the growth of the Terra Luna Classic ecosystem has drawn dissent. Despite this, the burn rate has increased in recent weeks, with Binance resuming its burn of trading fees and destroying 8 billion LUNC in the three months leading to the end of February.

While LUNC’s prospects for significant gains are limited until a concrete plan for re-pegging USTC is developed and implemented, several newer altcoins and presale tokens currently show promising potential for traders seeking short-term opportunities.