Terra Luna Classic, the cryptocurrency that runs the original Terra blockchain architecture, has been trading sideways this week after its value plummeted in May 2022 after algorithmic stablecoin Terra UST lost its 1:1 peg to the US dollar. Following last week’s more dovish-than-expected Fed policy meeting, cryptocurrency markets are currently in a wait-and-see mode ahead of a speech from Fed Chair Jerome Powell that might spark new volatility.
Since its mid-December lows, LUNC/USD has been trading at slightly above $0.00018, essentially steady week over week. This suggests that the cryptocurrency is still in a medium-term uptrend. If the uptrend is maintained, LUNC may continue to rise in the coming weeks and may even stage a comeback rebound to the north of the $0.00020 mark. Thus, positive price expectations continue.
If LUNC/USD is able to break to the north of a pennant structure that it has established in recent days, technical purchasing may be able to help the bulls in the short run. However, technicians caution that a bearish break of the current pennant structure might lead to a short-term decline in the $0.00017-1750 range towards the 21 and 100-Day Moving Averages.
Today’s Lunc Price
Luna Classic’s price today is $0.0001605 USD
Terra Luna Classic Price Prediction
According to popular technical analyst, if LUNC can break out to the upside of its near-term pennant structure, this might pave the way for a potential move higher towards the $0.000277 region. Source stated, “If LUNC can produce a daily candle close above this resistance level, then the cryptocurrency could continue its climb towards the following significant resistance area around $0.00037.”
Never inquire as to whether it is too late to purchase a certain asset. The response is invariably never. The correct inquiry is whether or not to purchase a particular asset. And that is dependent on how an investor assesses the prognosis for its long-term price performance.
Based on your own research, you may want to consider purchasing some LUNC if you believe that its price will increase significantly over the coming years. If not, keep your distance.