Terra luna on cryptocurrency exchange market . A cryptocurrency is a digital or virtual currency that uses cryptography for security
Terra Luna Classic (LUNC) price has been in a tailspin since the collapse of UST. The coin has become a whale playground depicting extremely volatile moves in both directions. Our previous LUNC crypto price prediction has been perfectly met, and now we will try to predict its future price action.
On Wednesday, Terra LUNA Classic price is trading at $0.00009238 after rising by 3.48%. The positive price action of the LUNC crypto comes at a day when most cryptocurrencies, including BTC and ETH, are down. Our analysis reveals that LUNC still has some gas left in the tank.
It is needless to discuss the fundamentals of LUNC as the project has been completely abandoned by its original team. Shortly after the collapse of UST, the Terra 2.0 blockchain was launched, which sucked up all the liquidity from the LUNA Classic chain.
The project’s founder Do Kwon is currently under arrest after being caught in Montenegro. Fundamentally, there is nothing going on for the project except. Nevertheless, the LUNC community is still one of the most vibrant communities on Twitter, which has kept the project alive.
In my previous LUNC crypto analysis, I mentioned the formation of the bear flag on its daily chart. This bear flag broke down in April, and the price has perfectly met our price target of $0.00009000. In fact, the price dropped to its August 2022 lows before having a strong bounce.
The ongoing bounce may turn into a retest of the $0.00010000 level. Nevertheless, my Terra Luna Classic price prediction will remain bearish till the price breaks above the $0.00001333 level on its daily chart. This seems unlikely to occur any time soon.
I’ll keep sharing my updated LUNC analysis in my free Telegram group, which you are welcome to join.
This post was last modified on May 10, 2023, 09:14 BST 09:14