New York, USA - 1 May 2021: Terra LUNE cryptocurrency logo close-up on website page, Illustrative Editorial
Terra LUNA Classic (LUNC) price remains range bound amid the sideways price action of Bitcoin. Most altcoins are facing headwinds due to the choppy price action of the biggest cryptocurrency. LUNC crypto appears to be hanging by a thread as it has been consolidating around a very key support level for weeks.
On Monday, the BTC price once again retested the $29,000 level after failing to break above $29,250. This resulted in increased selling pressure in the altcoin market. Consequently, LUNA Classic had a 0.49% pullback today. At press time, the coin was trading at $0.00007850.
LUNC is the native asset of the legacy Terra LUNA chain, which is now referred to as the LUNA Classic blockchain. There is very little network activity on this network as most of the projects have moved to other blockchains. Since the collapse of Terra UST, the coin has become just a memecoin.
For the past couple of months, Terra LUNA Classic price has been trading within a $0.00008000-$0.0001100 trading range. It appears that the market makers are testing the patience of the holders, who remain optimistic about the project’s future.
At first look, the following LUNC crypto chart appears to be quite boring without any major breakout. However, such prolonged consolidation often preceded the major price moves in cryptocurrencies. Due to this reason, the ongoing sideways price action can’t be ignored.
Even though my Terra LUNA Classic price prediction remains bearish, I still expect a bullish move once it gains strength above the $0.00008000 level. This might result in a potential retest of the range highs, which currently lie around the $0.0001100 level, as shown in the chart below.
I’ll keep posting my updated LUNC price analysis and upcoming 1000x gems on my Twitter, where you are welcome to follow me.
This post was last modified on Aug 07, 2023, 10:48 BST 10:48