Terra Luna Classic Price Prediction as LUNC Bounces on Support: Are Bulls in Control?
The Terra Luna Classic price has bombed by 4.5% in the past 24 hours, falling to $0.00006193 as the altcoin continues what looks like a terminal decline.
Despite dropping heavily in the past day, LUNC has actually bounced a little in the past hour, rising from a 24-hour low of $0.00006174.
It also remains up by 2.5% in the past week and by 10% in the past fortnight, with the coin benefitting from last week’s market-wide rally.
And with LUNC remaining down by a massive 74% in the last 12 months, some meaningfully positive news could help it stage a big comeback.
Looking at LUNC’s chart, it would seem that the bulls aren’t really in control at the present moment in time.
Its relative strength index (purple) is sliding steeply towards 50 and looks like it could fall much lower.
Likewise, it’s important to note that LUNC’s 30-day average (yellow) has flattened after rising steadily last week, a sign that buying momentum has left the token.
Other negative signs include a declining trading volume, as well as a declining medium-term support level (green).
The latter indicator plots the downwards course LUNC has been charting over the past year, and while the coin is currently well above it, the next couple of weeks could see it return to this lower level.
This will, of course, depend on whether the market enjoys any further positive news regarding Bitcoin ETFs, which lifted LUNC – along with the rest of the market – last week.
Yet as for LUNC itself, its own situation and fundamentals would arguably suggest further pain to come.
For one, Terraform Labs and its co-founder Do Kwon have begun proceedings in their case with the SEC, which is accusing both parties of a multi-billion dollar fraud.
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