Terra Luna Classic Price Prediction as LUNC Bears Eye Retest of YTD Lows – Here's Where LUNC is Heading Now
Things aren’t looking good for Terra Luna Classic (LUNC).
The cryptocurrency, which powers the original Terra blockchain that experienced catastrophe after its associated algorithmic “stablecoin” UST lost its 1:1 per to the US dollar last May, was last trading around 3% lower on Wednesday in the $0.000084 area.
UST lost its 1:1 peg to the US dollar last year when the market cap of LUNC (formerly LUNA), which acted as collateral for UST, fell below the supply of UST, triggering a bank run that caused a so-called “death spiral” in LUNC.
LUNC holders lost everything as the supply was hyper-inflated by the UST to LUNA mint-burn mechanism, and the Terra ecosystem saw an exodus of nearly all its capital, users and developers.
LUNC’s drop on Wednesday suggests that a test of year-to-date lows in the $0.00008 area is likely.
That’s because the technicals are looking very bad.
LUNC found strong resistance at its 21DMA yet again a few days ago, suggesting the near-term bearish bias remains very much intact.
Meanwhile, LUNC is on the verge of breaking to the south of a pennant structure, which could trigger fresh technical selling.
The $0.00008 level is a key long-term resistance zone, with a break below it likely to open the door to a run lower towards last June’s lows in the $0.000035 area.
That could mean LUNC has a further 60% price decline in store.
This isn’t surprising.
The token represents a long-dead and gone cryptocurrency network – the disaster of May 2022 dealt a fatal blow to the Terra project and its credibility.
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where
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