Terra Luna Classic Price Prediction – Is LUNC Poised for a Breakout in 2023?
LUNC, the native token to the original Terra blockchain, which is called Terra Classic, is an underperformer on Thursday, nursing losses of about 5.5% in the last 24 hours. LUNC/USD was last changing hands in the mid-$0.00014s, down about 20% from its earlier weekly highs above $0.00018, but still up about 15% from monthly lows in the $0.000127 area.
LUNC’s abrupt turnaround in recent days comes after the cryptocurrency failed to sustain an attempted push to the north of its 200-Day Moving Average. The fact that the cryptocurrency has now dipped under its 21 and 50DMAs as well suggests the near-term technical outlook might not look too great. But there is some reason to be optimistic and, as a result, near-term price predictions shouldn’t be too pessimistic.
LUNC’s latest pullback has seen it fall back to come close to testing a downward trendline that had previously been acting as resistance but may now switch to acting as support. That may be enough to encourage the bulls to re-enter the market and start buying the dip. If so, LUNC could be looking at a short-term rally back to its recent highs in the $0.00018-20 area
Indeed, the breakout from the downtrend that had dominated LUNC price action since September suggests that the cryptocurrency’s medium-term prospects for early 2023 are looking much better. Of course, in the absence of a broader crypto market rebound in early 2023, going to be difficult for LUNC to get back to its September highs in the $0.0006 area.
Some crypto bulls are hopeful for a “pivot” from the Fed towards offering more dovish guidance on its plans for interest rates as inflation comes down and the economy weakens. This would be expected to give a broad lift to risk assets, including cryptocurrencies
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