Terra Luna Classic Price Prediction as Market Volatility Increases – Are Traders Still Bullish?

cryptonews.com:

The Terra Luna Classic price has risen by 1% in the past 24 hours, reaching $0.00006712 as the wider market posts a 1.5% gain today.

LUNC is now up by 8.5% in a week and by 19% in the last 30 months, with the altcoin riding the market-wide rally of the past couple of weeks.

Yet it remains down by 79% in the past year, meaning that it still has plenty of space left for further gains in the next few weeks.

However, it will need the Terra Luna Classic community to make real progress in support its price and ecosystem if it’s to post market-beating gains anytime soon.

LUNC may not have gained as much as other altcoins during recent rallies, but its indicators are still in strong positions.

Its relative strength index (purple) remains just above 60, having remained there for more than a couple of weeks now.

This indicates the persistence of buying pressure, as does the gradual rise of LUNC’s 30-day average (yellow).

Both the 30-day average and LUNC’s price are rising towards the coin’s 200-day average (blue), and if they rise above it’s likely to signal a breakout rally.

However, LUNC has been weak for much of the year, so it’s hard to say whether it can continue rising, particularly if market momentum wanes again.

For example, its medium-term support level (green) has declined steadily since the middle of August, and while its price has remained comfortably above this level since the end of October, there’s no guarantee that it won’t fall back down again.

LUNC is especially vulnerable to sudden falls, given that its trading volume still remains so shallow.

Indeed, despite rising from a very low $6 million in the middle of October, it has reached only $20 million, making its market very shallow.

And more fundamentally, the Terra Luna