Terra luna on cryptocurrency exchange market . A cryptocurrency is a digital or virtual currency that uses cryptography for security
Despite the recent price drop that has seen Luna Classic’s value going down by 37 per cent, the long-term data shows a possible comeback.
To understand why the current drop of 37 per cent may not be a huge problem, we have to look at what has been happening in the markets for the past few weeks. In the week starting August 22, Luna classic price rose 38 per cent. This was followed by another aggressive push to the upside for the week starting August 29, which saw Luna Classic close the markets with a price gain of 102 per cent.
Last week, Luna’s classic price started strongly, and at one point, the prices were trading as high as 135 per cent. However, by the end of the week, the prices had started to come down, which saw Luna classic closing the market with a gain of 70 per cent. Today, the bearish trend, which started last week, looks to be continuing, with Luna classic already down by 13 per cent.
In the past four trading sessions, we have seen the Luna Classic price falling by 37 per cent to trade at the current price of $0.00036. However, despite the plunge in the price of the cryptocurrency, the long-term price history indicates the drop is not a price reversal.
Instead, the Fibonacci Retracement shows price has broken below the 38 per cent retracement and is currently approaching the 50 per cent retracement. Therefore, my Luna Classic price prediction expects the price to continue dropping until it hits the 50 per cent retracement, which is at a $0.00034 price level and will start rising again.
There is also a high likelihood of temporarily seeing the prices dropping below the price level. However, my price expectation for Luna Classic does not expect the prices to drop as far back as the 61.8 per cent (0.00028) retracement level. If it does, then my long-term bullish view of Luna’s classic will be invalidated.
This post was last modified on Sep 12, 2022, 18:00 BST 18:00