Luna Classic Price Prediction: Why LUNC Will Likely Drop

Summary:

Terra Luna classic is up by over 20 per cent in today’s trading session, resuming a strong bullish trend that had stopped in the past 3 days

Terra Luna classic is up by over 20 per cent in today’s trading session, resuming a strong bullish trend that had stopped in the past three days. Part of the reason we have seen a price surge in the past two weeks is due to the launch of the LUNC validators following the passing of a resolution to improve the network to v0.5.22. The improvement saw validators upgraded before the network reached the block height of 9,109,99. The upgrade was positively received positively by investors, which saw prices surging by 19 per cent on August 26th.

However, even before the launch of the LUNC validators, the Luna classic was already on the up in a move that had started on August 23rd. The move, which has so far seen prices surge by 260 per cent, has resulted in many people speculating we might see Luna Classic trading above the $0.001 price level soon.

Luna Classic Price Prediction

Unfortunately, despite the recent price surge that has resulted in a 266 price increase from August 23 to date, my Luna classic price prediction expects the price surge to slow down, despite today’s trading session surging by 20 per cent.

Part of the reason for my analysis is that the current Luna Classic price surge has been driven by the recent surge in trading volume. For instance, in the past 24 hours, the trading volume has submerged by 91 per cent to a total of $899 million. There is a high likelihood that in the next few trading sessions, we may see the trading volume starting to drop, which will see the Luna classic price also fall.

The second reason why I think Luna Classic price may not be able to push further upwards is due to the current downward trend of the cryptocurrency industry. For the past two weeks, the crypto has traded upwards and against a bearish trend in the industry. However, Luna classic is positively correlated with the cryptocurrency industry trend, and the current push to the upside has been majorly due to the increased trading volume of Luna classic.

However, I expect the prices to start falling even with an ever-increasing trading volume if the industry trend continues to be to the downside. My Luna Classic price expectation is for it to reverse and hit the $0.00022 support level in the next few trading session. This view will only be invalidated by Luna Classic price surging to hit the $0.0005 price level.