New York, USA - 1 May 2021: Terra LUNE cryptocurrency logo close-up on website page, Illustrative Editorial
Terra LUNA Classic (LUNC) price is underperforming once again. Most altcoins have been surging for the last couple of days due to a slight decrease in Bitcoin dominance. However, LUNC crypto has failed to show any significant recovery, and it closed last week with a 5.5% drop.
As Bitcoin continues its struggle to break above $31,000, altcoins are showing positive price action today. At press time, LUNA Classic price was trading at $0.000087, which is only 0.3% up from yesterday. The investor interest in the coin appears to be declining by each passing day.
The investors of Terra LUNA Classic have taken the biggest hit in the ongoing crypto beer market. LUNC price is currently trading 99.99% below its all-time high. This happened due to an exponential emission of new coins after the collapse of UST in 2022. Since then, the coin has been in a downward spiral.
As most of the projects have abandoned the legacy terra blockchain and have moved to LUNA 2.0, I don’t see any future for the LUNA Classic blockchain. Even though the project still boasts a strong community on Twitter, the coin lacks interest from new buyers.
The Terra LUNA Classic price chart is not for the weak of hearts, as the coin is trading only at a fraction of its all-time high. The only hope for the long-term holders is a short-squeeze event similar to what is currently happening to Verge. However, such a short squeeze needs to be fueled by some positive news for LUNC crypto.
LUNC price prediction remains bearish for me on both the short-term and long-term time horizons. The project currently lacks any development, and the network activity is also very low. It doesn’t seem quite logical to invest in such a project for a long term. The coin needs to break above its $0.000120 resistance to generate some investor interest.
In the meantime, you are also welcome to follow me on Twitter to keep track of my personal trades and the next 1000x Gems.
This post was last modified on Jul 03, 2023, 10:01 BST 10:01