Terra Luna Classic Price Prediction as LUNC Falls Below $500 Million Market Capitalization – Here are Key Levels to Watch
The Terra Luna Classic price has fallen by 0.5% in the past 24 hours, with its slip to $0.00008144 also representing a 6% loss in the last seven days.
This marks a bad week for LUNC, yet the altcoin has been facing a decline for several months now, with its price also down by 9% in the past fortnight and by 43% since the beginning of the year.
Such a slide has happened in the context of most major cryptocurrencies (e.g. Bitcoin, Ethereum, XRP) enjoying big gains since January, with LUNC's market cap also falling below $500 million this month, for the first time September 2022.
Such a slump paints a very negative picture for LUNC, with the coin being entirely dependent on significant developments regarding a USTC re-peg for it to see any kind of recovery.
If you were looking solely at technical indicators, then LUNC should really be rebounding in the very near future.
The coin's relative strength index (purple) has begun rising again after dipping very close to 30 yesterday, something which appears to suggest some kind of recovery of momentum.
At the same time, LUNC's 30-day moving average (yellow) has fallen substantially below its 200-day average (blue), meaning that it's oversold and is due to recover anytime soon.
On the other hand, such positivity appears to be contradicted by LUNC's support level (green), which continues to fall and which has been declining steady pretty much throughout the year.
Indeed, LUNC truly does seem like a cryptocurrency caught in the throes of a terminal decline, with there being the possibility of a drop to $0.000070 if it dives through the $0.000080 support level.
This is certainly the impression created by its recent price history, yet its followers and supporters continue to suggest that it's
Read more on cryptonews.com
