Terra Luna Classic Price Prediction as Bears Push LUNC Down 0.4% – Is the Sell-Off Over Now?
The price of Terra Luna Classic (LUNC) has dipped by 0.5% this morning, with its fall to $0.00005748 representing a similar fall in the past week and a 14% drop in the last 30 days.
Given just how heavily LUNC has been sold in the past few months, many traders may be tempted to think that it has finally bottomed out and could be ready to mount a significant recovery.
However, the failure of the Terra Luna Classic community to rally around a particular strategy for boosting LUNC could mean that the altcoin remains in a long-term state of decline, and that no major rebound is ever likely to arrive.
LUNC's chart makes for some grim reading, in that its indicators have mostly been in a condition of weakness for several weeks now.
Most notably, the altcoin's 30-day moving average (yellow) has been substantially below its 200-day average (blue) for an incredibly long time, and it continues to sink further.
Normally, the 30-day tends to dip below the 200-day for a temporary period, before the related asset sees a recovery.
However, things are clearly different with LUNC, which has also seen its relative strength index (purple) remain below 50 for the past few months, another sign that it's really struggling to regain any kind of serious momentum.
Even more discouragingly, the coin's support level (green) has been declining steadily for pretty much the entire year, falling through one short-lived floor after another.
Again, this all points to a coin trapped in a terminal state of decline, with the realists among us probably having to concede that all available technical indicators predict ongoing stagnation.
On the other hand, the Terra Luna Classic community does continue its efforts to boost LUNC and its related stablecoin, USTC, in
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