After FTX and its associated companies went under, the price decline of Terra Luna Classic (LUNC) hasn’t stopped. Investors responded to the bloody mess created by the now never-ending issues at one of the biggest cryptocurrency exchanges in the world, sending the total market cap of cryptocurrencies further below the $1 trillion threshold.
Similar circumstances have existed for Terra Luna Classic, with overall weekly losses totaling 28%. During the previous day, LUNC lost a further 6.7% of its value, trading at $0.0001820 at the time of writing.
Immediate recovery is quite unlikely given the numerous uncertainties that are currently surfacing in the crypto market. However, many anticipate that the market will soon reach its bottom, opening the door for a general upturn.
Today’s Lunc Price
Luna Classic’s price today is $0.0001831 USD
| DATE | Luna Classic | USD |
|---|---|---|
| Today | 01 | 0.0001831 |
Terra Luna Classic Price Prediction
The price of Terra Luna Classic held onto support at $0.0001640 despite the market being inundated with adverse sentiment. A rapid recovery followed, but it lost steam as soon as LUNC came into contact with the 50-day Exponential Moving Average (EMA) (in red) around $0.0001949. The token continued to bleed uncontrolled to $0.0001820 because of the already deplorable market conditions.
If Terra Luna Classic confirms the presence of a symmetrical triangle, a 26% freefall might occur. Until a break establishes either an up or down trend, this pattern is neutral.
According to the Moving Average Convergence Divergence (MACD) indicator, a retracement is very likely. The price of Terra Luna Classic is still in the grips of a sell signal, which is confirmed when the 12-day exponential moving average (in blue) passes below the 26-day EMA (in red).
Before buying into the market, investors are probably pushing for a cheaper LUNC in order to profit from the anticipated rebound to $1.00 after the dust has settled. If the Relative Strength Index (RSI) dips below the midline and enters the oversold zone, the bearish outlook for Terra Luna Price will gain more support (beneath 30.00).
Averted from the triangle’s 26% breakdown to 0.0001345, the LUNC might, on the other hand, hold the support at the rising trend line and then push for a comparable break above the triangle.
Remember that symmetrical triangles have exact breakout objectives (26% in the case of LUNC), which are extrapolated from the breakout point and are equivalent to the pattern’s widest points. Such a move will have a favorable effect on the price of Terra Luna Classic and pave the stage for a rally to $1.0000.
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