Terra Luna Classic Price Prediction as LUNC Suddenly Pumps Up 3.5% – Time to Buy?
Luna Classic (LUNC), the token that powers the original but now largely defunct Terra blockchain, has seen a strong rebound from its Wednesday lows on Thursday and, as per CoinGecko, was last trading around 3.5% higher in the last 24 hours just above $0.0001250.
The cryptocurrency had dipped as low as $0.00012 on Wednesday, dropping under its 21-Day Moving Average in the process, but has since recovered in tandem with upside in major blue-chip cryptocurrencies like Bitcoin and Ether.
Price predictions have thus become a tad more bullish.
The former is performing as the US dollar weakens and US yields edge lower amid increased bets that the Fed’s rate hiking cycle is near its end and a cutting cycle will soon follow.
Markets have been amping up dovish bets recently in wake of this week’s downside US inflation data surprises and last week’s weaker-than-expected ISM PMI survey results.
While Bitcoin has been able to conquer the psychologically important $30,000 level, Ether has been able to probe $2,000, seemingly deriving a boost from Wednesday’s successful implementation of the so-called “Shapella” upgrade.
This upgrade, among other things, allows the withdrawal of staked Ether tokens from the Beacon chain for the first time.
Broad crypto market positivity has helped lift LUNC in recent weeks, with the token up around 9% from its March lows.
The cryptocurrency is also above its 21-Day Moving Average properly for the first time going all the way back to February.
LUNC has continually found strong support in the $0.00012 area in recent weeks.
That suggests a retest of support-turned-resistance in the $0.00014 zone is potentially on the cards in the coming weeks.
That assumes that broader positive flows in the crypto space continue
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