Terra Luna Classic (LUNC) price is at a very critical level, and a breakdown may open doors to a massive upside. Things are not looking good for the holders of the troubled coin. However, there is still a potential scenario that could cause a potential 40% bounce in LUNC crypto.
Altcoins are having a very bad day today as the BTC price dropped below $29,000. This was the lowest level for the leading cryptocurrency in the last four weeks. Consequently, Terra LUNA Classic also showed a negative price action and was down 4.9% till press time.
Since the collapse of Terra LUNA, most of the projects have abandoned the legacy chain. As a result, the network activity on the legacy chain has dwindled. This is very disappointing for the investors who had faith in the project. Their investments have been reduced to virtually nothing due to the exponential emission of LUNC crypto.
It is not wise to expect a full recovery in Terra LUNA Classic price. This is because even a $1 price would put its market cap at trillions of dollars. Therefore, any long-term investment in the project seems to be highly risky, considering its price history and circulating supply.
As visible on the following LUNC chart, the price is retesting the yearly lows that lie around the $0.0000800 level. This level is also the bottom of the current trading range, as shown in the chart below. If the price gets a strong rebound from the current level, there is a potential 40% upside for the cryptocurrency.
On the other hand, a breakdown below the $0.0000800 level will make Terra LUNA Classic price prediction very bearish. In this case, the price may drop 50% as the next support lies at $0.0000425. The next few days are very critical for future price action.
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This post was last modified on Jul 24, 2023, 12:34 BST 12:34