Terra Luna Classic Price Prediction as LUNA Holds Steady Amid Market Volatility – A Sign of Strength?
The Terra Luna Classic price is holding steady amid market volatility, with some bulls hoping this could be a sign of strength.
Terra Luna Classic (LUNC) was last trading in the $0.000123s, roughly flat on the day.
Terra Luna Classic is the cryptocurrency that powers the original Terra blockchain, which experienced a spectacular blow-up in May 2022.
It once had a price of above $120 per token.
But after Terra’s algorithmic stablecoin UST depegged from the US dollar, a rush to redeem the failed stablecoin for LUNC caused hyperinflation in the token, driving it to its current price level of a fraction of a cent.
A flat Terra Luna Classic price comes despite Bitcoin (BTC) swinging within a more than $1,000 range between the $42,000 and $43,000 levels.
Other altcoins are also choppy, with most top 20 altcoins lower as per CoinMarketCap.
US market participants are returning to the market in droves on Tuesday following Monday’s MLK Day celebrations.
Despite hopes that LUNC’s resilience might be a sign of strength, price predictions are likely to remain bearish.
Here’s why.
LUNC’s recent attempts to hold firm above $0.00012 in recent sessions are not a sign of strength.
That’s because the Terra Luna Classic price is still stuck beneath its 21DMA, which has acted as an important level of resistance in recent weeks.
Unless it can break to the north of this key moving average, then the trading bias will remain negative.
With the Terra Luna Classic price having formed a pennant structure in recent weeks, a breakout could be coming.
But risks seem tilted towards a bearish breakout rather than bullish, thanks to resistance from the 21DMA.
The Terra Luna Classic price is likely also continuing to feel bearish tailwinds after losing its grip on the
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