Terra Luna Classic (LUNC) has recently seen a huge price increase of over 28.5% in the last 24 trading hours on the Binance exchange. The positive price momentum alone has almost been enough to get Terra Luna Classic trending on twitter again.
Currently Terra Luna Classic is forming a bull flag pattern on the charts. If we can consolidate in this bullish continuation pattern we might see another leg up here for Terra Luna Classic.
With further plans to implement more burning of Terra Luna it leaves investors wondering if there will ever be a recovery. LUNC is now listed back on eToro.
Terra Luna Classic Crypto Price Prediction 2022
At the time of writing this Terra Luna Classic is trading at $0.000107 with a market capital of $710 million. The trading volume over the last 24 hours has also seen a surge and is up 97%.
The good news currently for altcoins is that Bitcoin has pushed back through the $20,000 resistance level. Many altcoins today have seen a rather nice relief bounce, Terra Luna Classic being one of them.
Terra Luna Classic is currently forming an exciting chart pattern at the moment known as a bull flag. If we see a break out to the upside here we could see a strong impulse and increase in price.
Terra Luna Classic – 2-hour Time frame
By measuring the flagpole of the bull flag we can forecast a technical price target upon breaking through the resistance trendline. Should we see positive price momentum for Terra Luna Classic we might be able to reach $0.000131 by the end of July.
Even though we are trading within a bullish chart pattern Terra Luna Classic is overbought across the relative strength index. We can also see that LUNC is over-extended on the 20-day moving average on the 4-hour and daily time frame.
Terra Luna Classic – 2-hour Time frame
Using the Fibonacci Retracement tool we can see the likely areas that we would visit in terms of support levels. So far LUNC has retraced slightly down to the 0.382 Fibb level. It’s still quite possible that we revisit the 0.618 Fibb level at $0.00009.
As we can see there is quite a large amount of volatility around Terra Luna Classic (LUNC). I would set my emotions aside for now and try not to get too excited. The macro-trend is still down and we are still yet to enter the first half of crypto winter.
Terra Luna Classic Crypto Video Analysis
If Terra Luna Classic can burn enough Luna and regain the trust and integrity of its community and users I think we could see the market cap grow long-term. Although I do think reaching a $40 again billion dollar market capital will be a great challenge for the project.
I would speculate that by the next crypto bull run we could see a $2.5-5 billion market capital which could offer long-term investors a strong opportunity.
What is Terra Luna Classic Crypto?
Terra Luna Classic (LUNC) is the original Terra Luna coin which was disbanded following the launch of a brand new Terra chain. Do Kwon’s recovery plan introduced a new chain to operate future transactions on. As a result this left the Luna Classic and the Terra Classic chain. The new project is now known as Luna 2.0.
It is important to understand that Terra Luna Classic (LUNC) still had the existing Luna supply of 6.5 trillion carry over. In my opinion the term ‘classic’ is likely to be a reference to the Ethereum/Ethereum Classic split after the Eth DAO hack in 2017.
The future of Terra Luna Classic is very much unknown at the moment, many investors consider it a high-risk high-reward investment. If you wish to add LUNC to your portfolio it is now available on eToro.
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