Terra Luna Classic Price Prediction as $100 Million Trading Volume Comes In – What's Going On?
The Terra Luna Classic price has fallen by 12% in the past 24 hours, dropping to $0.00012029 as the news of Silvergate Bank's liquidation sends shockwaves through the cryptocurrency market.
LUNC's current price means that it has also declined by 28% in the past week and by 35% in the last 30 days, with the coin actually down by 16% since the start of 2023.
It's in this context that LUNC's 24-hour trading volume has risen up to $100 million, yet given the direction of its price, it's likely that most of this volume is driven by sellers rather than buyers.
However, with the Terra Luna Classic community continuing to work on ways to boost the LUNC price, and with burning continuing apace, it may only be a matter of time before the token mounts another comeback.
As with most coins right now, LUNC's indicators suggest that it's about to reach a bottom.
Its relative strength index (purple) has dropped to 20 in the past few hours, signalling that it's oversold and should correct upwards.
Likewise, LUNC's 30-day moving average (red) has sunk well below its 200-day average (blue), while its actual price has fallen below both.
Again, this suggests that, once the dust has settled on this particular market-wide selloff, LUNC should witness a recovery rally.
Aside from its technicals, there are various reasons to be confident that the coin will enjoy substantial rallies again later in the year.
For one, last month saw the acceptance of a proposal to re-peg LUNC's sister stablecoin, USTC.
This is highly bullish for LUNC, since it would necessitate the large-scale burn of LUNC tokens, given the interrelatedness of the two coins.
And a large-scale burning of LUNC is needed, since to date only 39.6 billion LUNC has been destroyed, out of a
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