Terra Luna Classic Price Prediction as LUNC Bounces 30% From Recent Bottom – Where Next for LUNC?
Despite falling around 5% on Friday, the Terra Luna Classic (LUNC) price remains over 20% up versus the lows it printed earlier in the year near $0.00010.
The Luna Classic price was last around $0.00012, having reversed sharply back from earlier session highs in the upper $0.00013s.
LUNC’s drop comes as the broader market falls on sell-the-fact sell pressure following the SEC’s Bitcoin ETF approval.
Bitcoin (BTC) was last trading in the $43,000s, down over 10% from its two-year highs on Thursday.
The latest reversal lower suggests that the Luna Classic price remains stuck in a short-term downtrend.
Luna Classic price predictions are thus likely to remain pessimistic, despite it still being 20% up from a recent low.
Terra Luna Classic is the cryptocurrency that powers the original Terra blockchain, which experienced a spectacular blow-up in May 2022.
It once had a price of above $120 per token.
But after Terra’s algorithmic stablecoin UST depegged from the US dollar, a rush to redeem the failed stablecoin for LUNC caused hyperinflation in the token, driving it to its current price level of a fraction of a cent.
LUNC’s latest reversal comes after the cryptocurrency rejected a retest of its 21DMA.
The 21DMA has been acting as strong support going all the way back to mid-December.
The Terra Luna Classic price reversal also confirms that the downtrend from the one-year highs hit by LUNC in November remains intact.
Chart technicals are thus all pointing to more downside for the Terra Luna Classic price.
A retest of 2024 lows at $0.00010 looks likely in the short term.
And in the longer term, the outlook is even worse.
LUNC’s market cap is currently just above $700 million.
That’s a lot for a coin that has basically no utility.
Whilst the
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