Terra Luna Classic Price Prediction as $150 Million Trading Volume Comes In – Here are Key Levels to Watch

cryptonews.com:

The terra luna classic price has dropped by 3.5% in the past 24 hours, falling to $0.00018462 following losses for the overall cryptocurrency market this weekend. Its current price represents a 5% gain in a week and an 18% increase in the last 30 days, with the altcoin benefitting from a number of proposals from the Terra Luna Classic community to boost its price.

And with LUNC's 24-hour trading remaining elevated at just over $150 million, there remains enough liquidity for the coin to witness further gains in the near term. Of course, it may need to correct downwards a little further before it resumes rising.

LUNC's indicators suggest that the token may have to fall a little before rising again. Its relative strength index (purple) teeters around the 50 mark, having dropped to nearly 30 over the weekend, suggesting that it has moved into a selling phase.

In parallel, LUNC's 30-day moving average (red) has begun falling towards its 200-day (blue). This descent may not end until it touches or falls below the longer term average, at which pointing investors can begin to expect further rises.

In terms of resistance and support levels, it seems that $0.00018 may be the key support level at the moment. If LUNC falls below this price, the probability of additional losses increases, although a descent to this level may aslo be the precursor to a recovery.

Conversely, $0.00019 is LUNC's resistance level now, implying that a break through this level may herald further gains.

Looking at the bigger picture, LUNC holders have various reasons to be optimistic in the longer term. 

Most fundmentally, the Terra Luna Classic community is continuously working to reduce LUNC's supply and increase its value. A recent proposal to re-peg the sister