Terra luna on cryptocurrency exchange market . A cryptocurrency is a digital or virtual currency that uses cryptography for security
Amidst what many experts fear might be a cryptocurrency winter, the LUna classic price continues to show resilience in the markets and is relatively stable compared to most cryptocurrency projects. This week, it is up by a percentage point, with today’s trading session indicating the crypto has not moved in any direction.
During last week’s aggressive bearish trend in the market that was sparked by the collapse of FTX, the second-largest cryptocurrency exchange, Luna Classic was able to prevent a complete meltdown such as one seen by FTT and instead dropped by 26 per cent. Although significant, the drop was in tandem with the industry trends and only slightly worse than Bitcoin, which had dropped by 22 per cent. For instance, projects such as Solana saw a drop in value of more than 50 per cent.
The fall of the FTX crypto exchange also triggered fears that we might see a repeat of Luna Classic collapse, which in mid-may, lost over 99 per cent of its value. Therefore, Luna Classic escape from the total collapse during the past few trading sessions, and this week’s performance can only be termed as an overperformance in the markets.
Despite its overperformance in the past few trading sessions, I expect the Luna Classic price to trade in a horizontal trend for the next few trading sessions. There is a high likelihood that we might even see it resuming the long-term bearish trend in the coming sessions.
Therefore, in the worst-case scenario, I expect Luna’s classic price to drop and break the recent price low of $0.00013 price level. There is a high likelihood that we might even see it dropping further down the $0.00013 price level. However, should the price trade above the $0.00020 price level, then my analysis will be invalidated. It will also mean a possible bullish trend has been established.
This post was last modified on Nov 15, 2022, 12:05 GMT 12:05