Terra Luna Classic Price Prediction as Bulls Hold LUNC Above $0.00012 – Can LUNC 10x From Here?
Luna Classic (LUNC) bears remain in control.
The cryptocurrency, which powers the now largely defunct original Terra blockchain that experienced catastrophe back in May 2021 was last changing hands close to $0.00012, only slightly above the $0.0001170 lows it hit earlier this month.
Price predictions thus remain downbeat.
Indeed, despite other major cryptocurrencies rallying in March, LUNC has performed poorly.
The cryptocurrency is on course to have shed around 26% of its value, after falling to the south of a long-term pennant structure at the start of the month.
Technical selling is one argument as to why LUNC has performed so poorly.
But a flight to quality within the cryptocurrency space amid concerns about broader financial stability is another.
After all, Bitcoin, deemed as the largest, most secure and most decentralized cryptocurrency network that, at the moment, stands the best chance of fulfilling its goal of becoming a widely used currency/store-of-value, led the rally in March.
Even despite its 7.5% pullback from earlier monthly highs to the low-$27,000s, Bitcoin is still up around 17.5% on the month.
Given LUNC’s ugly history – the cryptocurrency was hyperinflated from being valued in the triple digits at one point in 2022 to its current value of near worthless after Terra UST depegged from the US dollar last May – traders have likely been dumping the token in favor of projects with a better history of stability (like Bitcoin) and a better outlook.
The original Terra blockchain saw an exodus of nearly all of its development community following the hyperinflation event of 2022 and most analysts deem the outlook for the blockchain’s ecosystem as poor.
Unfortunately for the LUNC bulls, recent price action is suggestive
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