- Summary:
- Our analysis shows that Terra LUNA classic price has been trading sideways for months. A break above 200-day MA can be very bullish.
Surprisingly, Terra LUNA classic price (LUNC-USD) has been in an uptrend since the collapse of UST. This price action is different than most other altcoins that kept making lower lows till the end of 2022. Despite losing their life savings, millions of users still keep holding LUNC in anticipation of an exponential recovery.
Many crypto exchanges still support trading pairs for the old LUNA coin. The reason is a strong LUNC community still keeps the project alive. There is very little or no network development on its blockchain, and the price appears to be in a prolonged accumulation phase.
What Is LUNC Crypto?
In the May of 2022, the stablecoin of Terra blockchain, known as UST, started to lose its peg. Within a couple of days, the UST price fell from $1 to less than $0.10. This resulted in an exponential emission of LUNC crypto. A few days later, the founder, Do Kwon, announced a new blockchain LUNA 2.0, with a new token. The token on the old chain became LUNA classic.
At the time of writing, LUNA classic price is trading at 0.0001693, which is 72% below its September 2022 high. The price has been moving sideways for the past few months within a narrow range. According to the recent Terra LUNA Classic news, there is very little activity on its network. Most projects have already moved to the new Terra blockchain. Nevertheless, the ‘hodler’ community keeps backing the project while expecting their losses to recover.
Terra LUNA Classic Price Chart
As described above, LUNC has shown an unexpected price action since the collapse of its stablecoin USTC. Despite negative Bitcoin price action, the coin remained in an uptrend in the 2nd half of 2022. The following chart shows that the price hasn’t broken below the upwards trendline since last June.
However, the price is still trading below the 200-day moving average. A daily closure above 200-day MA can make LUNA classic price (LUNC-USD) prediction extremely bullish. In the coming weeks, I expect LUNC-USD price to retest $0.0002 level once again. If you’re wondering how to buy LUNC then the best place to buy is Binance due to its low trading fees.
