Terra luna on cryptocurrency exchange market . A cryptocurrency is a digital or virtual currency that uses cryptography for security
For the last four trading sessions, the momentum and volatility of Luna Classic price have died out, which has seen it start trading in a horizontal trend. Today, it is up by less than 0.5 percent, with intraday trading data showing a high likelihood of it failing to aggressively push either downward or upside.
Despite losing its momentum and volatility over the past few trading sessions, Luna Classic’s price opened the markets with a strong push to the upside. The strong push at the start of the year resulted in the Luna Classic’s year-to-date value increase by over 20 percent. However, the recent sideways market may spell the end of Luna Classic’s push to the upside.
One of the major reasons we saw a strong push to the upside at the start of the year was due to an industry-wide recovery of the crypto markets. The push saw the Luna classic price also starting to trend to the upside. However, for the past few trading sessions, the Luna Classic price has started to trend against the bullish industry-wide trend.
The dissociation with the trend likely means that investors are not willing to invest as much as they are doing with other projects. This is after the original Luna project collapsed last year, which resulted in the loss of billions of dollars. Therefore, even as the industry continues to recover, investors are still cautious about investing in Luna Classic to avoid getting caught up in another collapse.
As seen from the above analysis, the Luna Classic price may be at the end of the bullish trend that has pushed it about 20 percent year-to-date. Looking at the chart below, there is a high likelihood that the current sideways trend formation may be a pattern for price reversal.
Therefore, in the next few trading sessions, I expect the Luna Classic price to start going downwards. There is a high likelihood that we might see its value dropping below the $0.00013 price level in the next few trading sessions.
This post was last modified on Jan 23, 2023, 13:42 GMT 13:42