Terra Luna Classic Price Prediction – How High Can LUNC Go in 2023?
LUNC, the native token to the original Terra blockchain that experienced a catastrophic collapse in May 2021 after the UST algorithmic stablecoin lost its 1:1 peg to the US dollar, is ebbing lower on Wednesday, in tandem with bearish flows being felt across the cryptocurrency space. The cryptocurrency was last around 1.25% lower on the day in the $0.0001630 area and trading back to the south of its 21-Day Moving Average (DMA) in the $0.0001670s.
LUNC’s latest drop marks a bearish breakout of an upwards trend that had been supporting the price action since November’s post-FTX collapse lows in the $0.0001350 area. Price predictions have thus become more pessimistic.
The latest downside also comes as LUNC finds resistance at a longer-term downtrend from its September highs in the $0.00059 area. LUNC has dropped over 70% from these highs and further losses seem likely, with bears targeting a retest of the November lows. A drop under these lows would open the door to a run lower towards the next support area in the mid-$0.00011s.
In wake of Wednesday’s hawkish message from Fed Chair Jerome Powell, who was keen to emphasize to markets that the Fed’s inflation fight remains far from over, which investors interpreted as pushback against the idea that the central bank will be pausing rate hikes or looking to reverse them anytime soon, looks set to weigh on cryptocurrency markets into the year’s end. Indeed, Powell’s hawkish tone seems specifically designed to present a melt-up rally in stock markets into the year-end that could juice the economy (via the wealth effect), thus making the Fed’s inflation fight more difficult.
Crypto’s tight correlaction to stocks means that Powell has effectively killed any possible crypto “santa
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