Terra luna on cryptocurrency exchange market . A cryptocurrency is a digital or virtual currency that uses cryptography for security
The Terra Luna Classic market capitalization has surged to above $1 billion, following a strong bullish start to the year, which has seen its value surge by almost 20 percent. However, in the early hours of today’s trading session, Terra Luna Classic is down by almost 2 percent, with intraday trading activity showing a possible continuation of the bearish trend throughout the session.
Despite surging by 19 percent year-to-date, its recent price action indicates that Luna Classic has traded within narrow price margins of between $0.00012 and $0.00020 since November 9. Therefore, it is clear that the current price gain may still be a continuation of the recent long-term horizontal trend.
Since the start of the year, the price margins have also narrowed further, with the past few weeks resulting in LUNC price trading between $0.00015 and $0.00020. This is an indication that, despite what appears to be an industry-wide bullish trend, the Terra Luna Classic has continued to struggle to establish a similar aggressive bullish move that has caused projects such as Bitcoin to surge by almost 40 percent year-to-date.
The recent price action also comes amidst bullish news reports of the project, including the recent upgrade to Terra Classic V1.0.5. Unfortunately, the upgrade reports look to have had little to no impact on the markets as Terra Luna Classic continues to struggle.
As seen from the above fundamental analysis, even with the industry-wide bullish trend, Terra Luna Classic has failed to keep up. For instance, with Bitcoin price surging by almost 40 percent, most of the altcoins saw price surges of over 30 percent. However, Terra Luna Classic has failed to break the 20 percent YTD price increase an indication of its struggle in the bullish market.
On the technical side of things, the chart below shows Terra Luna price trading in a sideways market for the past few weeks. In today’s trading session, its prices are already down by almost 2 percent, with intraday data showing a possible continuation of the bearish trend.
Therefore, based on both fundamental and technical analysis, I expect Terra Luna Classic to continue trading sideways. There is a high likelihood that for the next few trading sessions, it will continue failing to break below or above the narrow margins of between $0.00015 and $0.00020.