Terra Luna Classic Price Prediction as $50 Million Trading Volume Comes In – Can LUNC Recover This Year?

cryptonews.com:

Terra Luna Classic (LUNC) continues to endure bleed-out price action, as authorities in Singapore open investigation into Do Kwon - can LUNC recover?

A jaw-dropping surge of volume in the past 24 hours could be the catalyst LUNC needs for a bounce - with $57m in trading volume ripping through exchanges.

This comes amid wider crypto market FUD as Powell continues to update Congress this week ahead of Friday's highly anticipated US unemployment statistics. Rumour of an impending Mt Gox release has further hindered upside price movements.

With a current trading price of $0.00013840 (representing a 24 hour change of -2.37%) - it seems the volume surge is yet to positively impact price.

However, price action seems poised for a bounce as the long -35% tumble from LUNC's local high at $0.00021 finds legs at the $0.00014 support level.

Yet fundamental sentiment remains weak. With news of a fresh investigation into Terraform Labs in Singapore - stoking fears ignited last month when the SEC accused Do Kwon of fraud.

And this is reflected in the bleed-out price action, which continues to post lower highs and lower lows.

The RSI offers some hope - having cooled down to a very bullish 31.

This could signal that LUNC has finally entered bounce territory - indeed, this is the price level which supplied January's LUNC rally.

Cascading price action registers as bearish on the MACD which remains increasingly bearish at -0.00000239.

Overall, upside potential sees LUNC targeting January's resistance at $0.00018 (+29.86%).

Downside risk is less severe, with a local support level just below current price action at $0.000125 (-9.86%).

This leaves LUNC with a remarkably attractive Risk: Reward ratio of 3.02 - a great entry with minimal downside risk.

But