Terra Luna Classic Price Prediction as Bulls Hold Key $0.00010 Level – Where is LUNC Headed Next?
Terra Luna Classic (LUNC) bulls are currently holding the cryptocurrency above the key psychological $0.00010.
Nonetheless, price predictions are becoming more bearish.
LUNC is the cryptocurrency that powers the original Terra blockchain that experienced catastrophe last May when its algorithmic stablecoin TerraUSD (UST) lost its 1:1 peg to the US dollar, triggering sudden capital flight from Terra’s Decentralized Finance ecosystem and hyperinflation in the LUNC supply.
LUNC, which only just over one year ago was valued above $100 per token, lost virtually all of its value in a matter of days, as its supply jumped exponentially to the multiple trillions.
While LUNC is for now holding above key $0.0001 support, things are looking grim for LUNC.
The cryptocurrency has been in a vicious downtrend since topping out for the year above $0.0002 in February and has continually failed to get above its 21 and 50-Day Moving Averages in recent weeks.
A test of last July and August’s lows in the $0.000083-87 area looks highly likely.
Efforts by the Luna Classic and Binance to burn the LUNC supply in order to inject some optimism back into the have failed this year, with LUNC last down over 30% so far for the year versus gains of more than 70% for Bitcoin, the crypto market’s largest cryptocurrency by market cap.
Last year’s catastrophic collapse of the original Terra ecosystem appears to have dealt a fatal blow to the project’s credibility and outlook, with the vast majority of supporters, community members and developers having long since moved on to more viable projects.
Buy Luna Classic Now
While near-term price outlook for Luna Classic (LUNC) is potentially very weak, rising bank crisis risks and a rising likelihood the US Federal
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