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 hanging by a thread as it consolidates at the range lows. Time is running out for the bulls, and a breakdown would be quite catastrophic. There has been a significant increase in the selling pressure on LUNC crypto for the past few weeks.
Currently, LUNA Classic is trading at $0.00008109. So far, the price has slid 0.10% in today’s trading session. The troubled altcoins are awaiting the next BTC move as the volatility decreased in crypto markets. Analysts are expecting a major move by BTC this week after weeks of sideways price action.
Despite the disappointing price action by LUNC, many people are still holding on to their bags, anticipating a miraculous recovery. Everybody knows that the project has been abandoned by its founder, and there is very little activity on its blockchain. This, together with trillions of coins in circulation, make any significant recovery a far cry.
While in the short term, Terra LUNA Classic might give some returns, it doesn’t appear to be a viable long-term investment. Considering the loyal community of the project, I won’t be surprised if LUNC attains a status of a memecoin in the next bull run.
Even though the following chart is self-explanatory, still I’m going to mention a few key levels. Currently, there is demand around the $0.00008000 level. Due to this reason, the price has retested this level multiple times this year. The moment this level is broken, bears will be in business.
The cumulative volume delta (CVD) shows a constant increase in the selling pressure for the past few days. This points towards a breakdown in the coming days. In case of a breakdown, the major target for the bears would be the $0.0000425 level which lies 45% below the current price.
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This post was last modified on Jul 31, 2023, 10:56 BST 10:56