Terra Luna Classic Price Prediction as LUNC Approaches Long Term Support – Will LUNC Bounce Up Soon?

cryptonews.com:

The price of Terra Luna Classic (LUNC) has fallen to $0.00011681 today, marking a 3% decline in 24 hours and an 8% decrease in the last 30 days.

LUNC has also fallen by 19.5% since the beginning of the year, only one of the few top-100 cryptocurrencies to have not seen gains since 2023 kicked off.

This comes after the token fell through the key $0.00012 support level, a drop which could potentially signal further losses to come.

However, while things don't look great for LUNC in the short-to-medium term, the continued efforts of the Terra Luna Classic community to restore its value and that of sister stablecoin USTC may help it see sustained price increases in the longer term.

The important point to make about LUNC's recent price falls and its chart at the moment is that the coin is severely undervalued, meaning that now may be the best time to buy it for a discount.

Its relative strength index (purple), for example, has sunk back down towards 30, after several weeks during which it rose slowly towards 50.

Likewise, LUNC's 30-day moving average (yellow) has sunk much further in relation to its 200-day (blue), with the implication being that it can't fall much further without the coin needing to correct upwards.

This may be true, but 2023 has found LUNC falling through one support level (green) after another, as if the token is trapped in a long-term death spiral.

This is largely the case at the moment, with the coin breaking through the all-important $0.00012 support level today.

As such, it would be sensible to expect further falls in the near term, potentially sending LUNC down to $0.0001 or lower.

However, one bright spark for LUNC is that the Terra Luna Classic community is constantly working to improve the altcoin's