Terra Luna Classic Price Prediction as LUNC Falls to $0.000078 Support – Time to Buy?

cryptonews.com:

The price of Terra Luna Classic (LUNC) has dropped to $0.00007840 today, representing a 0.5% loss in 24 hours and a 3.5% decline in the past week.

LUNC also disappointingly remains down by 7.5% in the last 14 days and by 46% since the beginning of the year, in contrast to many major cryptocurrencies – such as Bitcoin (BTC) and Ethereum (ETH) – that have actually enjoyed double-digit gains since January 1.

The underperformance of LUNC comes amid the failure of the Terra Luna Classic community to make substantial progress on the matter of re-pegging LUNC's associated stablecoin, USTC, to $1, as well as on boosting the price of LUNC itself via burning.

However, with developers making some modest progress in terms of updating Terra Luna Classic's network and its usability, we may still see LUNC may a gradual recovery over time.

LUNC's chart makes it abundantly clear that the coin has been falling consistently since the middle of July, and at the moment there's no real sign that its slump is going to end anytime soon.

For example, the altcoin's relative strength index (purple) has languished well below 50 for the past couple of weeks, and despite a slight recovery over the weekend it remains stuck around 50, without any clear upwards momentum.

Likewise, LUNC's 30-day moving average (yellow) has fallen some distance below its 200-day average (blue), with its downwards angle suggesting that the falls may continue before the cryptocurrency sees anything like a rebound.

Supporting this negativity is the fact that LUNC's support level (green) has been sliding consistently for several weeks now, implying that the coin may not be able to defend itself against further losses.

This means there's a real chance that the market could see LUNC