Terra Luna Classic Price Prediction: LUNC Dips 3.5%, But Is This a Buying Opportunity?
The Terra Luna Classic price has partially recovered after dipping by as much as 3.5% this morning, with the coin's price of $0.00012738 representing a loss of only 1% in the past 24 hours.
This means LUNC has gained by 2.5% in the past week, although it remains down by 25% in the last 30 days, as the market experiences a period of unpredictable volatility.
Today's selloff was caused by the news that the SEC is likely to take enforcement action against Coinbase, a piece of news that has resulted in prices falling pretty much across the board.
However, with LUNC being a very undervalued coin, and with the Terra Luna Classic community constantly working on new ways to improve its utility, it's arguably only a matter of time before it witnesses a big push.
LUNC's indicators are in a good position, insofar as they're close to recovering from depressed positions.
Its relative strength index (purple) has risen close to 50 after an earlier drop to under 30, suggesting that it's now accumulating momentum.
Its 30-day moving average (red) also remains below its 200-day average (blue), meaning that a correction upwards is due (all other things being equal).
As stated above, the news about the SEC and Coinbase had come as a shock to the market, yet it seems that the fall wasn't as bad as it might have been, given that the exchange appears ready to stand its ground and fight a legal battle.
For this reason, there's a good chance that the shock to prices is over, and that LUNC should be in the clear to rise again in the coming days.
If it can retake the $0.000013, then it could be in a position to see further consolidated gains.
As we've noted before, any big rally is dependent on progress in realizing plans to burn LUNC (or on big adoption
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