Terra Luna Classic Price Prediction as Bears Send LUNC Toward $0.00008 Support – What Happens Next?
Terra Luna Classic (LUNC) is under pressure in line with the downward movement observed in the broader cryptocurrency space on Wednesday.LUNC was recently trading approximately 5% lower, below the $0.00009 level, and back below its 21 and 50-Day Moving Averages.While the overall sell pressure in the crypto market can be attributed to profit-taking due to concerns regarding the hawkish message from Fed Chair Jerome Powell on Wednesday, technical selling is also contributing to the decline in LUNC.On Wednesday, the LUNC broke below a short-term pennant formation that had been established over the past few weeks.
Short-term price predictions are thus pessimistic.
While Wednesday's drop may be seen as a temporary setback for the LUNC bulls, the situation has not yet reached catastrophic levels.
This is because the upward trend starting from the May lows is still intact.
If this trend were to break, bears would likely push LUNC towards the $0.00008 support level, resulting in a potential 10% decline from current levels.
Unfortunately for the bulls, a retest of the $0.00008 support is more likely at this time than a retest of the recent highs above $0.0001.
This is mainly due to the elevated medium-term sell pressure, as LUNC failed to break above the resistance in the $0.000115 area earlier this month.
LUNC bulls can only hope for an improvement in optimism regarding the fundamental situation of the blockchain ecosystem.
In this regard, developers working on maintaining the Terra Luna Classic blockchain ecosystem have recently proposed a plan to restore the failed Terra USD (UST) stablecoin to its 1:1 peg with the US dollar.
If UST can be brought back to $1 and sustainably maintained at that level, it could attract significant inflows
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