Terra Luna Classic Price Prediction as Bears Send LUNC Toward $0.000085 Support – What Happens Next?
The price of Terra Luna Classic (LUNC) has fallen by 1.5% in the past 24 hours, with LUNC's drop to $0.0000873 coming as the cryptocurrency market as a whole rises by 1%.
LUNC is now up by 3.5% in the last seven days but is down by 2% in the last 30, while the altcoin has fallen by 39% since the start of January, in contrast to most other major cryptocurrencies (which have recovered substantially).
Much of this underwhelming performance can be pinned on the failure of the Terra Luna Classic's community to do anything significant to support LUNC's price and boost its ecosystem, with there remaining considerable disagreement on the kinds of proposals that need to be put into practice to do so.
However, some new proposals have been able to attract majority agreement, with a new plan to develop Terra Luna Classic's wallet infrastructure looking as though it will be accepted.
LUNC's chart suggest that the altcoin may have to suffer some more losses before it can rebound again, with its indicators revealing a lack of momentum.
After rising for much of this week, LUNC's 30-day moving average (yellow) has flattened out a bit and looks like it could begin dropping below its 200-day average anytime soon, something which would point towards more falls.
Likewise, the altcoin's relative strength index (purple) has fallen from a moderate 50 to almost 40, signalling an overall move towards selling that could get worse in the coming days.
That said, LUNC's support level (green) has held up well in the past week, and it will be interesting to see if the coin can resist falling below the key $0.000085 level.
If it does drop below this marker, then additional drops will likely come as a result of some traders losing confidence in the
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