Terra Luna Classic Price Prediction as LUNC Starts Forming Bullish Chart Pattern – Here's the Next LUNC Target
Terra Luna Classic (LUNC), the cryptocurrency which powers the original Terra blockchain that experienced catastrophe after its associated algorithmic “stablecoin” UST lost its 1:1 per to the US dollar last May, was last trading roughly flat on Thursday in the $0.000085 area.
But LUNC has formed a potentially bullish chart pattern that LUNC holders are praying could trigger a much-needed recovery for the cryptocurrency’s price.
LUNC has spent the last few weeks consolidating within a pennant structure whilst also finding resistance at its 21-Day Moving Average.
Should it be able to break to the north of the pennant structure and its 21DMA, a swift recovery back towards support-turned-resistance in the $0.0001160 area is a possibility, around 36% higher versus current levels.
But price predictions remain downbeat for now.
After all, LUNC is still stuck below its 21DMA and could just as easily break to the south of the pennant structure.
This would open the door to a retest of annual lows in the $0.00008 area and a longer-term downwards drop towards June 2022 lows in the $0.000035 area.
Fundamentals certainly aren’t working in LUNC’s favor.
Readers might recall that, when UST lost its 1:1 peg to the US dollar last May, this triggered a “bank run” that caused a so-called “death spiral” in LUNC.
LUNC holders lost everything as the supply was hyper-inflated as UST owners redeemed their UST tokens on masse via the protocol’s mint-burn mechanism.
The Terra ecosystem saw an exodus of nearly all its capital, users and developers and has never recovered.
LUNC represents a long-dead and gone cryptocurrency network – the disaster of May 2022 dealt a fatal blow to the Terra project and its credibility and LUNC holders might want to consider
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