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 finally confirmed its breakdown from the prolonged accumulation range. The price for already troubled cryptocurrency fell by 23% after breaking below its $0.00008 support. Further downside is expected for the digital asset as it continues to gain bearish momentum.
Bitcoin also had a rough last week as the largest crypto went down 18% from its last month’s high. Since the price of Bitcoin affects the price of altcoins, the recent plunge in the largest cryptocurrency contributed to a significant sell-off in LUNC crypto. LUNA Classic is currently changing hands for $0.000065.
A member of the Luna community proposed the return of $800 Million UST tokens back to the Luna community tool from the failed Ozone Protocol Project. Another member suggested burning the tokens instead. The community members can also be seen on social media, discussing different ways to revive the UST.
In other news, the total value locked (TVL) seems to have suffered recently on Terra LUNA Classic, as it dropped to $1.7 million from $2 million just last week. This is expected to drop more as the price of the LUNC plunges. The LUNC price is at $0.00006519 till press time.
The price chart for LUNC shows that my prediction of the price falling by around 50% is still in play. The price is already down 25% from last week. The increasing bearish sentiment around the cryptocurrency and the Bitcoin slump could act as a catalyst for another move to the downside.
As I mentioned in my previous Terra LUNA Classic price prediction, I expect a further 35% correction in the price, potentially to the June 2022 low of $0.000041. Bulls need to reclaim the previous range low of $0.00008 to avoid this bearish outlook.
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 21, 2023, 15:02 BST 15:02