The Terra Luna Classic cryptocurrency suffered a major collapse in price today losing over 23% of its valuation before seeing an aggressive recovery, making investors think about buying. Recently Terra Luna Classic has been fighting for the $0.0001 price level and unfortunately, we have seen rejection just today.
Today, the price of Bitcoin has also dropped by 4.94% so we have seen harmful effects on the price in the altcoin market.
The good news is that investors found value in today’s rapid rally to $0.000075 and the price is now trading back at a stable $0.0000935.
Will Terra Luna Classic (LUNC) continue to grow?
Terra Luna Cryptocurrency Price Prediction
Terra Luna Classic has been testing investors’ patience as it has hovered around the $0.001 price level for quite some time now. However, today Terra Luna Classic has lost a critical support level of $0.0000976, $0.000095, and $0.0000853.
The loss of the price structure has caused a serious capitulation to around $0.000075. Terra Luna Classic (LUNC) should now attempt to retest the $0.000095 price levels that have become resistance. Let’s hope this isn’t the start of a new short-term downtrend for Terra Luna Classic as things were starting to look pretty strong for the LUNC ecosystem.
Today’s red candle charts show that LUNC was rejected at the $0.000101 resistance level which was around the 20-day moving average. Terra Luna Classic then plummeted below the Bollinger Band’s lower trend line, triggering enormous buying pressure. Unfortunately, missing the 20-day moving average is a fairly bearish sign, and the prediction for Terra Luna could be the start of a downtrend.
Terra Luna Classic has also entered the oversold territory on the Relative Strength Index in the 4-hour time frame, which also indicates that $0.000075 could be a solid accumulation range as the price rebounds quickly.
From a technical analysis point of view, the above historical data reflects that whenever Terra Luna Classic (LUNC) is oversold on the Relative Strength Index it can be a great time to buy Terra Luna.
As we can see, the previous two oversold positions offered investors a price recovery of approximately 36-38%. The current oversold position has offered 23%, leading us to wonder if the decline is over.
If Terra Luna Classic is able to mirror a similar 36% rally, Terra Luna’s price would push back toward the $0.0001 resistance level.
According to Coinmarketcap, Terra Luna Classic (LUNC) is still trading at 214th place with a market cap of $613 million. Terra Luna Classic’s recent price action has wrought uncertainty and fear among investors as it moves between resistance and support levels with volatility.
Terra Luna Classic is still reweaving the networks that unite its community, trying to restore the trust and faith lost in the project due to the fall of Terra Luna that occurred in May 2022. It will take a great deal of time, patience, resilience, and commitment to completely turn around the Terra Luna ecosystem.
By the next bull market, which could occur in 2025, Terra Luna Classic (LUNC) could return to a market capitalization of between $5 billion and $10 billion once sufficient burning of the Luna token has occurred. More centralized exchanges, dApps, and validators will appear over time which will also help increase the value of Terra Luna Classic as more volume comes in and helps the token burn effect.
Naturally, reducing the total burning supply of the token will increase the scarcity of the project and increase the price gradually over time. This will also increase the overall floor price of Terra Luna making drops potentially less volatile.
Buying cryptocurrencies specifically Terra Luna Classic remains a strong option in the cryptocurrency markets today and could be a healthy addition to any diverse or lucrative cryptocurrency portfolio. If you are thinking of buying Terra Luna Classic today, you can do so on the best cryptocurrency platforms. One of the safest brokers to do this is eToro.
