Luna Classic Price Prediction: Is Bullish Push in the Offing?

Summary:
• Terra Luna classic has been in a downward trend for the past two months, which has seen its price dropping by 51% from October 1 to date.

Terra Luna classic has been in a downward trend for the past two months, which has seen its price dropping by 51 per cent from October 1 to date. However, despite the aggressive drop in the past two months, the past six trading sessions have started to show signs that we might see a future recovery of the Luna Classic value after prices surged by more than 20 per cent. 

Why has the Luna Classic File been dropping?

The bearish trend of the past two months has been triggered by a number of factors, among them the recent downtrend of the entire cryptocurrency market. With Luna Classic being an altcoin that is significantly correlated with the industry, the downtrend of the industry resulted in its price also getting dragged down. 

The recent FTX collapse also contributed significantly to the Luna Classic’s continued collapse. In the two days following the announcement that FTX would be filing for bankruptcy, Luna Classic’s value plummeted by over 45 per cent, hitting a price low of $0.00013 price level. Although Luna Classic has since recovered 38 per cent of losses made in the 48 hours that were triggered by the FTX collapse, it was a clear sign of how fundamental factors and the trends of the entire cryptocurrency industry impacted it. 

Luna Classic Price Forecast

As seen from the above Fundamental analysis, most of Luna Classic’s price big movements were in response to market forces that were beyond its control. Therefore, by combining my technical analysis, as shown in the chart below, and factoring in fundamental analysis trends of the industry, there is a high likelihood that we might see Luna Classic price drop further in the coming sessions, despite gaining 20 per cent in the past six days. 

I expect that, in the next few trading sessions, the Luna Classic price will be approaching the recent price lows of $0.00013. There is a high likelihood that it might hit the price level and possibly trade below it. However, a trade above $0.0002 will invalidate my bearish analysis.

Luna Classic Daily Chart