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Terra LUNA Classic Attempts Breakout But Lacks Momentum

Crypto markets have been experiencing increased volatility since the start of this week. Since the start of the month, Terra LUNA Classic price has been stuck within a 7% price range. It appears that due to low interest from the traders, LUNC crypto price is being managed by computer algorithms.

After a dramatic first trading day of the week, the markets turned red on Tuesday. At press time, the biggest cryptocurrency, Bitcoin, is trading at $28,400 without any significant gain or loss from its last session. On the other hand, most altcoins are trading in red as the altcoin market cap fell 0.18% today.

LUNC crypto is also experiencing a 1.35% correction today after a rejection from the $0.0000059 level on Monday. The native asset of the LUNA Classic ecosystem is currently trading 31% below its 200 moving average on the daily timeframe. Most traders avoid taking any long positions when an asset’s price is below the 200 MA.

Cryptocurrencies had an instant surge on Monday as the renowned news site CoinTelegraph tweeted fake news about the approval of spot Bitcoin ETF. The tweet was shared by thousands of crypto people and went viral. However, the markets had a sharp decline when the news was debunked by BlackRock.

Terra LUNA Classic Price Prediction

LUNC to USD price is struggling to break out of the falling wedge pattern that I discussed in my previous analysis. There is no buying pressure at all, due to which the coin is lacking momentum. A breakout from this pattern would make Terra LUNA Classic price prediction bullish for the short term.

However, the longer term outlook will still remain bearish as the coin is down 99.99% from its peak. The only people interested in the project are the day traders and the bag holders from the last bull run. There is no excitement for the troubled coin among the new investors.

LUNC Price Chart

Technical analysis of Terra LUNA Classic price chart.
LUNC to USD Analysis