Terra Luna Classic Price Prediction – Can LUNC Hit New All-Time Highs in 2023?

cryptonews.com:

In tandem with the downside being seen across cryptocurrency markets on the first trading day of the week, LUNC, the token that powers the original Terra blockchain, was last changing hands around 2.6% lower on the day. LUNC/USD was last changing hands around $0.0001650. That means that, while the cryptocurrency is still up 10% versus its November lows under $0.00015, it has now receded around 13% from its recent highs near $0.00019.

Can LUNC surpass the record highs it hit back in early September near $0.0006 in December? Probably not, according to recent technical developments. The first thing to note is that LUNC/USD broke below a key uptrend that had been supporting it going all the way back to June in mid-November. This uptrend has now turned into resistance, as evidenced by a failed attempt at pushing back above it in early December. This failure suggests a retest of recent lows in the $0.00015 area is more likely than a rebound back towards $0.00020.

At the same time, LUNC appears to have formed a new downtrend since reaching record highs in September. Assuming the current downtrend remains intact, LUNC looks on course to fall under $0.00015 and head towards $0.00012 this month. Bulls will be hoping that if favorable US economic data (i.e. lower inflation numbers) and a less hawkish-sounding Fed can lift sentiment in cryptocurrencies and trigger a breakout of this downtrend, but that is by no means a guarantee.

Ok, so things are looking bearish in the near term, but what about the long term? Can LUNC return to record highs in 2023? Well, if cryptocurrency markets experience a significant turnaround in risk appetite, which is certainly a possibility if a rapid, perhaps recession fuelled from in US inflation paves the