Terra Luna Classic crypto had seen a major collapse in price today losing over 23% of its valuation before seeing an aggressive recovery. Recently Terra Luna Classic has been fighting for the $0.0001 price level and unfortunately we have seen rejection today.
Today the price of Bitcoin has also gone down by 4.94% which is why we have seen deleterious effects on price carry over in the altcoins market.
The good news is that investors and holders found value in today’s quick wick down to $0.000075 and the price is now trading back at a steady $0.0000935.
Will Terra Luna Classic (LUNC) continue to pump?
Terra Luna Classic (LUNC) Crypto Price Prediction
Terra Luna Classic has been testing the patience of holders and traders as it has flirted around the $0.001 price levels for quite some time now. However, today Terra Luna Classic lost a critical support level of $0.0000976, $0.000095 and $0.0000853.
The loss of price structure had led to a serious capitulation down to around $0.000075. Terra Luna Classic (LUNC) must now try to retest the $0.000095 price levels which has been flipped into resistance. Hopefully this isn’t the inception of a new short-term downtrend for Terra Luna Classic as things were beginning to look quite strong for the LUNC ecosystem.
Lunc/Usdt – Daily Time Frame.
The red daily candle printed today shows that we were rejected at the resistance level of $0.000101 which was around the 20-day moving average. Terra Luna Classic then plummeted below the lower trendline of the bollinger band which led to huge buying pressure. Unfortunately losing the 20-day moving average is quite a bearish signal and can mean the beginning of a down trend.
Terra Luna Classic has also entered the oversold territory on the relative strength index on the 4-hour time frame which also supports $0.000075 being a solid accumulation range as the price rebounds rapidly.
Lunc/Usdt – 4 Hour Time Frame.
From a technical analysis point of view the historical data above reflects that each time Terra Luna Classic (LUNC) is oversold on the relative strength index it can be a great time to buy.
As we can see the two previous oversold positions offered investors roughly a 36-38% price recovery. The current oversold position has offered 23%, which leaves us to question whether the dump is over?
Should Terra Luna Classic be able to reflect a similar 36% recovery the price would impulse back towards the $0.0001 resistance level.
Terra Luna Classic Video Analysis
According to Coinmarketcap Terra Luna Classic (LUNC) is still trading at rank #214 with a market capital of $613 million. The recent price action of Terra Luna Classic has forged uncertainty and fear amongst holders as it chops between resistance and support levels with volatility.
I think Terra Luna Classic is still in a phase of nurturing it’s community and restoring the lost trust and faith in the project due to the Terra Luna crash which occured in May 2022. A great deal of time, patience, resilience and commitment will be required to fully turn the Terra Luna ecosystem around.
I speculate by the next crypto bull run in 2025 Terra Luna Classic (LUNC) could still achieve a large market capital of $5-10b once enough burning of the Luna token has occurred. More centralised exchanges, dApps and validators will appear over time which will also help increase the value of Terra Luna Classic as more volume comes in and aid towards the effect of token burning.
Naturally, the reduction of the total supply from token burning will increase the scarcity of the project and increase the price gradually over time. This will also increase the overall floor price of Terra Luna making the crashes potentially less volatile.
Terra Luna Classic is still a strong option in the crypto markets today and could make a healthy addition to any diverse or lucrative cryptocurrency portfolio. If you are thinking of buying Terra Luna Classic today one of the best places to do so is on the extremely secure eToro platform.
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