Terra Luna Classic, the cryptocurrency that powers the original Terra blockchain protocol that collapsed in value in May 2022 after algorithmic stablecoin Terra UST lost its 1:1 peg to the US dollar, has been going sideways this week. Cryptocurrency markets are currently in wait-and-see mode ahead of a speech from Fed Chair Jerome Powell that could trigger fresh volatility after last week’s more dovish-than-expected Fed policy meeting.
LUNC/USD was last changing hands just above $0.00018, practically unchanged on the week, with the cryptocurrency still seemingly in a medium-term uptrend since its mid-December lows. If the uptrend continues to be respected, that would imply that LUNC could continue grinding higher in the weeks ahead and potentially rally back to the north of the $0.00020 level. Price predictions thus remain bullish.
In the short-term, technical buying could offer the bulls some assistance if LUNC/USD is able to break to the north of a pennant structure that it has formed in the last few days. However, technicians warn that a bearish break of the current pennant structure could result in a near-term drop towards the 21 and 100-Day Moving Averages in the $0.00017-1750 area.
Popular crypto technical analyst Mind Math Money speculated that if LUNC can break out of its near-term pennant structure to the upside, this could open the door to a potential run higher towards the $0.000277 area. If LUNC can post a daily candle close above this resistance level, Mind Math Money continued, then the cryptocurrency could continue its rally towards the next major resistance area around $0.00037.
Elsewhere, fellow crypto YouTuber Crypto King, who is also a validator of the Terra Luna Classic network, highlighted how heRead more on cryptonews.com