Terra LUNA Classic price is lagging in the market recovery as Bitcoin price has made new 2023 highs again. At the time of writing, the biggest cryptocurrency is fondling, with the critical price level of $28,000. The price also gave the highest weekly close since May 2022, signalling great strength.
On Monday, LUNC crypto is having a pullback as Bitcoin price is consolidating just below $28,000. Other altcoins are also showing a similar price action as Bitcoin dominance is surging. This means that the money is flowing into Bitcoin from other altcoins like Terra LUNA cryptocurrency.
LUNA Classic Chain Gets Abandoned
Since the launch of the Terra 2.0 blockchain, the founding team’s attention has shifted to the new chain. As a result, most projects have already migrated to Terra 2.0 blockchain. This has drastically reduced the total value locked on the LUNA Classic chain. As per the latest Terra LUNA news, the network TVL on the legacy chain is only $7.1 million. At its peak, the same figure stood at north of $20 billion.
The lack of developmental and transactional activity on the platform has quite adversely affected the Terra LUNA Classic price prediction. At press time, LUNC, which is the native asset of the blockchain, is trading at $0.000130, which is just a fraction of its all-time high of $119. Nevertheless, the volunteers of the LUNA classic community are still keeping the project alive by promoting it on Twitter.
Terra LUNA Price Attempts A Breakout
Our LUNC crypto outlook based on its chart is still the same as presented in our last week’s analysis. The only difference is the breakout attempt that occurred during the weekend. As shown on the chart, the price tried to break out of the downward trendline but failed to do so.
At the moment, the price appears to be heading for another retest of the $0.000120 level. If this happens, this will be a very critical retest, as a breakdown might trigger a 50% downward move. However, in case of a breakout from the downward trendline, Terra LUNA classic price can surge to the $0.000180 level.
