Our Terra LUNA price prediction has flipped bullish for the short term as the price has broken out of the falling wedge. It is worth mentioning that the LUNA Classic price is still bearish in the long-term timeframe. Nevertheless, the price analysis of the 4H price chart indicates a breakout with another 30% upside from current prices. At the time of writing, LUNC is trading at $0.000104 and 1.1% up for the day.
Terra LUNA cryptocurrency has seen an unprecedented sell-off since the collapse of its algorithmic stablecoin known as UST. After the launch of the Terra 2.0 mainnet, many projects have migrated to the new chain. This has significantly affected the demand for the LUNC token of the old chain. Consequently, our Terra LUNA price prediction is bearish for the long term due to the reduced on-chain activity.
Most of the holders are the ones who bought into the hype after its price plummeted to a fraction of a penny. According to Terra LUNA news, the permissionless launchpad Wicca Money is launching on Terra 2.0 mainnet on 19th July. The protocol would allow mint, lock and invest within a few clicks.
Technical analysis of the LUNA price chart shows a clear break out of the falling wedge on the 4H timeframe. Since a falling wedge breakout is considered bullish, the target of this move would be the top of the wedge i.e., $0.000135. This level also perfectly aligns with the 0.618 Fib retracement level connecting the high and low of July 2022.
Like other altcoins, any Terra LUNA price prediction depends on the Bitcoin price action. Therefore, the above-mentioned target will be totally out of the window if BTC loses the $20,000 level. Our price analysis would also need a revision if the LUNC price dips back into the falling wedge. Hence it is very important to keep a tight stop-loss if you’re trading the breakout. You can trade LUNC and LUNA by signing up on exchanges like Binance, BYBIT and Kucoin.
This post was last modified on Jul 18, 2022, 16:45 BST 16:45