Terra Luna Classic Price Prediction as LUNC Re-Enters Top 100 Crypto Rankings – What Happens Next?

cryptonews.com:

The Terra Luna Classic price has risen by 2% in the past 24 hours, with its ascent to $0.00005693 coming as the wider market falls by 0.2% today.

LUNC's move has enabled it to reenter the top 100 cryptocurrencies by market cap, although the altcoin remains down by 2.5% in a week and by 10% in the past fortnight.

And with LUNC also having fallen by 60% since the beginning of the year (and by 80% in 12 months), there's a sense that the token remains trapped in a downwards spiral, which it has so far failed to remove itself from in any decisive way.

Yet today's 2% jump holds out some hope for a breakout, with LUNC being one of the most oversold coins in the market.

While a case could be made that now is a good time to 'buy the dip', LUNC's indicators aren't strong enough at the moment to suggest that a rally is imminent.

For one, its relative strength index (purple) has flatlined at around 40, which is a position leaning more towards further selling rather than a rebound.

Perhaps more damningly, LUNC's 30-day exponential moving average (yellow) has continued to decline further below its 200-day average (blue), another sign of ongoing selling pressure.

Normally, a massive gulf between a short- and long-term average would imply that a rebound has to come soon, yet in the case of LUNC – a coin which is still struggling to justify its existence after Terra's dramatic collapse in May 2022 – such rules of thumb arguably don't apply.

The lack of hope is also underlined by LUNC's support level (green), which has declined steadily over the past few months, implying that the coin is unable to resist future drops to new, lower levels.

However, today's jump would suggest that LUNC is still capable of the occasional short-term rally at least,