Despite a tumultuous 2023, which saw Terra Luna Classic de-listed by major exchanges, LUNC has mounted a resounding come-back, yet, amid a -20% price drop – is Terra Luna Classic going to zero?
Upside price action appears to have been invigorated by a quick-fire burn mechanism, that has been inducing a continual reduction on LUNC total supply.
$LUNC Burn Update
Over 150M $LUNC Burned Today. pic.twitter.com/Y2wGiH6VBr
— LunaClassic HQ (@LunaClassicHQ) January 3, 2024
Indeed, in the past 24-hours more than 150,000,000 LUNC has been burned, however, the downtick in price comes amid increased woes for Terraform Labs founder Do Kwon – who last week saw a Judge rule in agreement with the Securities and Exchanges Commission that Kwon violated the law.
LUNC Price Analysis: As LUNC Hammers Down Is Terra Luna Classic Going to Zero?
With price action hammering the bottom of the channel, Terra Luna Classic is currently trading at a market price of $0.00011741 (representing a 24-hour change of 0.64%).
This comes as price retraces from upper trendline resistance at $0.00027960, in a month-long bleed-out that has seen price tumble a worrying -64%, leaving price action perilously on the edge of slipping back into rock-bottom price levels.
Moving averages have played a significant role in the downside price action over the past fortnight, with LUNC losing supportive footing from the 20DMA on December 15.
This has seen the 20DMA (now sat at $0.00014990) flip to resistance, forcing a descendant capstone that has pushed price downwards.
Meanwhile, the 200DMA is still reflecting the recent uptick recovery, showing continual but gradual ascendance at $0.00008945.
A crucial local support at $0.00011525 now stands as the last hope of desperate LUNC holders, who fear a return to capitulation.
Yet, a glimmer of hope emerges from the RSI, which has cooled down significantly over the retracement move, now showing serious oversold bullish divergence at 35.31 – suggesting price could soon resume upside movements.
But this is contrasted with negative sentiment from the MACD which is displaying bearish divergence at -0.00000523 – highlighting the fleeting momentum.
Overall, Terra Luna Classic looks weak here, with rally structure on the verge of collapse amid awful project fundamentals following the Do Kwon court ruling.
To the upside this leaves LUNC targeting a recovery to higher support above $0.00013525 (a possible +15.84%).
While downside risk could see LUNC plummet down to lower price range at $0.0000805 (a potential -31%).
This leaves Terra Luna Classic facing a risk: reward ratio of 0.51 – suggesting a weak entry dominated by downside risk.
But while LUNC offers an unappealing entry, a rapidly growing Bitcoin Cloud Mining project is emerging as a potential breakout Bitcoin halving play.
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Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
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The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
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AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
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