Terra Luna Classic Price Prediction as $30 Million Trading Volume Floods In – Time to Buy?
The price of Terra Luna Classic (LUNC) has dropped by 0.5% in the past 24 hours, with its fall to $0.00010959 coming as the wider cryptocurrency market barely moves within the same timeframe.
LUNC's current price means it has fallen by 12% in a week and by 13.5% in the last 30 days, while the coin is also down by 24% since the beginning of the year.
One slight ray of hope is that its 24-hour trading volume has climbed beyond $30 million in the past few days, suggesting an increase in volatility, even if it seems that trading has increased as a result of selling.
Still, the continued work by the Terra Luna Classic community to grow the platform's utility and boost LUNC's price may have the altcoin witness a significant recovery later in the year, particularly when market conditions become more favorable.
Based on a purely technical reading, it would seem that LUNC has to recover in the not-too-distant future, given how oversold its indicators are right now.
Its relative strength index (purple), for example, has sunk close to 30, with a substantial dip below this level usually signaling a rebound.
LUNC's 30-day moving average (yellow) has also dropped far below its 200-day (blue), while its actual price has fallen below both averages.
This normally suggests that an upward correction is due, a suspicion which may be heightened by the fact that LUNC's trading volume has risen slightly to more than $36 million.
However, $36 million is still pretty low as far as trading volumes go, even if it's slightly higher than the averages LUNC has seen in recent weeks.
On top of this, the fact that LUNC continues to fall through support levels -- and has done pretty much all year -- paints a picture of an altcoin in terminal decline.
It would
Read more on cryptonews.com
