In May 2022, when algorithmic stablecoin Terra UST lost its 1:1 peg to the US dollar, Terra Luna Classic, the cryptocurrency that powers the original Terra blockchain architecture, experienced a sharp decline in value. This week, Terra Luna Classic has been trading sideways. The cryptocurrency markets are currently in a wait-and-see mode following last week’s more dovish-than-expected Fed policy meeting ahead of a speech from Fed Chair Jerome Powell that might cause further volatility.
Since its mid-December lows, LUNC/USD has been largely stable week over week, trading around a little bit above $0.00018. This indicates that the cryptocurrency is still rising over the medium term. In the next few weeks, LUNC may increase more if the uptrend is sustained, and it might even perform a return rebound to the north of the $0.00020 level. As a result, optimistic price expectations persist.
Technical buying may be able to support the bulls in the short term if LUNC/USD is able to break to the north of a pennant structure that it has recently created. A bearish break of the current pennant structure, however, might trigger a short-term slide in the $0.00017–1750 zone in the direction of the 21 and 100-Day Moving Averages, technicians warn.
Price of a Lunc today:
The current price of Luna Classic is $0.0001716 USD.
Related: Lunc Price Prediction for Today, February 7, 2023
Today’s Luna Classic: 01 $ 0.0001716 DATE
Price forecast for Terra Luna Classic
LUNC may be able to rise higher towards the $0.000277 area if it can break out to the upside of its short-term pennant structure, according to well-known technical analysts. If LUNC can create a daily candle that closes above this resistance level, according to a source, the cryptocurrency may move on to the next key resistance area, which is located around $0.00037.
Never check to see if it’s too late to buy a specific asset. The answer is always never. The right question to ask is whether or not to buy a specific asset. And that depends on how a shareholder evaluates the outlook for the stock’s long-term price performance.
You might want to think about buying some LUNC if you think its price will rise dramatically over the next few years, based on your own research. If not, remain impartial.
