Terra Luna Classic Price Prediction as LUNC Spikes Up 1% – Is the Sell-Off Over?

cryptonews.com:

The price of Terra Luna Classic (LUNC) has risen by 1% today, with its move to $0.00007818 coming as the wider cryptocurrency market gains by 2% in the past 24 hours.

LUNC's slight rise has done little to improve its performance over longer timeframes, however, with the altcoin remaining down by 2.5% in the past week and by 4% in the past month.

And with LUNC also down by 46% since the beginning of the year, it's arguable that today's rally is just a little blip in the coin's long-term decline, which has been caused largely by community infighting over how best to support the coin's price and develop its ecosystem.

However, with some modest progress being made in this respect in the past couple of weeks, there remains a chance that LUNC could see a steady recovery over the next few months.

LUNC's chart and indicators continue to look decidedly weak, with its relative strength index (purple) still struggling to pass 50, even with today's little bump upwards.

Much the same goes for the coin's 30-day moving average (yellow), which has stopped falling any further below its 200-day average (blue), but which doesn't seem to be able to point upwards and begin climbing.

This negative picture is completed by LUNC's support level (green), which has slid consistently downwards since the middle of July, with no obvious end in sight.

So even though LUNC has gained 1% today, and even though some might argue that it has been oversold in recent months, there's no guarantee that holders are going to see sustained improvements in its position.

The main problem with LUNC at the moment is that the Terra Luna Classic community has done little to provide its price with a lift, with validators and community members often divided on the best proposals