Terra luna on cryptocurrency exchange market . A cryptocurrency is a digital or virtual currency that uses cryptography for security
Terra LUNA Classic (LUNC) price is not started to show some strength. However, LUNC crypto still needs to break above a key level on its chart to signal a bullish reversal. We’ll discuss this key level in this article, along with the downside target in case of another bearish breakdown.
On Wednesday, altcoins are trading sideways as BTC price keeps fondling with the $30,000 level. Terra LUNA Classic turned red for the fourth consecutive day and lost 0.53%. The asset of the troubled Terra blockchain is currently awaiting the next BTC move.
The collapse of Terra LUNA and UST has been the biggest heartbreak in the crypto industry. This event shook the whole industry and sent shock waves across the other blockchains. Following this catastrophe, many other protocols and exchanges went bankrupt.
At the time of writing, Terra LUNA Classic price is 99.99% down from its April 2022 all-time high of $119. A large sum of holders have lost their life savings to the project and are still holding LUNC in anticipation of a miraculous comeback. However, such a recovery is theoretically impossible as there are 5.8 trillion coins in circulation.
It is quite clear from the following LUNC crypto chart that there is very little demand for the digital asset. Nevertheless, the project still maintains a market capitalization of more than $500 million. Currently, the price is trading above the critical level of $0.000088.
An acceptance below this level will make Terra Luna Classic price prediction extremely bearish. In such a case, bears may target $0.00004250, which is more than 52% below the current price level. This is only likely to occur if BTC price breakdowns below $30,000 in the coming days.
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 19, 2023, 14:33 BST 14:33