As mentioned in our last Terra LUNA Classic price (LUNC-USD) analysis, the price has recently retested the $0.000120 support level. This level is very critical as it is the December low and the lowest level in the past six months. Our LUNC crypto forecast shows that the price can dip more than 50%, if the $0.00012 support is broken.
On Monday, crypto markets are recovering after one of the most brutal weekends in their history. The sudden de-pegging of most stablecoins triggered a massive sell-off during the weekend. However, most altcoins are trading much higher than their weekend lows. At press time, LUNC is trading at 0.000130 after gaining 7% for the day.
Lately, there has been very little to no Terra LUNA Classic news, as the project has been abandoned by the founder and core developers. Since the launch of Terra Luna 2.0, the founder and the team have been focussing on the new blockchain. There is very little or no developmental activity on the old chain where LUNC crypto is the native asset.
Terra LUNA Classic price has suffered a lot due to a significant decrease in network activity. Most of the capital has been moved to the new Terra chain. This has created major concerns for the LUNC holders who are holding on to their bags in anticipation of a recovery.
As mentioned earlier, the $0.000120 level has become a line in the sand for many LUNC traders. The significance of this level comes from multiple confluences. As shown on the chart, the price has retested this support over the weekend but didn’t close below it. In fact, the price is trading 10.5% above the recent low of $0.000116.
However, despite a bounce from a key support area, LUNC is yet to flash a reversal signal. Terra LUNA Classic price prediction will become extremely bearish if prices close a day below the $0.000120 level. This bearish closure can potentially tank the price by another 50% to target the $0.000060 level, which is also the 1.618 fib retracement level.
This post was last modified on Mar 13, 2023, 11:23 GMT 11:23