Terra Luna Classic Price Prediction – Can LUNC Reach $1 in 2023?
After posting a big 15% drop last Friday that saw the cryptocurrency fall from the $0.00016 area to as low as $0.00012, LUNC, the native token of the now largely defunct Terra Classic blockchain, was last trading in the $0.00014 area. LUNC/USD price action has stabilized over the weekend and amid a quiet start to the week for broader cryptocurrency markets, but price predictions remain pessimistic.
Aside from some important US inflation data on Friday, it’s a relatively quiet week in terms of big macro events. For most crypto traders, this week will be about winding down ahead of the Christmas holidays in European and American markets and reflecting on some of the ongoing themes in crypto and macro. Technical trends are thus unlikely to see any big reversals and that bodes badly for LUNC.
Things are not looking good for the Terra Classic blockchain’s LUNC token as 2023 approaches. LUNC/USD saw a key bearish technical breakout on Friday, dropping below an upwards trend line that had been supporting the price action since June. The pair also continues to respect a downtrend that has been capping the price action going back to early October.
Most traders will likely thus continue to sell LUNC/USD rallies, with a slump back to the $0.00010 area in the coming weeks looking likely.
Crypto traders who remember LUNC’s pre-Terra ecosystem and pre-LUNC hyperinflation-induced crash often ask whether LUNC can make it back to its glory days. Can LUNC return to $1, some might ask?
Well, given the current LUNC price of around $0.000014, LUNC would need to post a nearly 750,000% return to do so. Given the current token supply of 5.966 trillion, if each token was worth $1, that would imply LUNC reaching a market capitalization of $5.966
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