Terra Luna Classic (LUNC) Price Chart / Source: TradingView
The Terra Luna Classic price is holding steady amid market volatility, with some bulls hoping this could be a sign of strength.
Terra Luna Classic (LUNC) was last trading in the $0.000123s, roughly flat on the day.
Terra Luna Classic is the cryptocurrency that powers the original Terra blockchain, which experienced a spectacular blow-up in May 2022.
It once had a price of above $120 per token.
But after Terra’s algorithmic stablecoin UST depegged from the US dollar, a rush to redeem the failed stablecoin for LUNC caused hyperinflation in the token, driving it to its current price level of a fraction of a cent.
A flat Terra Luna Classic price comes despite Bitcoin (BTC) swinging within a more than $1,000 range between the $42,000 and $43,000 levels.
Other altcoins are also choppy, with most top 20 altcoins lower as per CoinMarketCap.
US market participants are returning to the market in droves on Tuesday following Monday’s MLK Day celebrations.
Despite hopes that LUNC’s resilience might be a sign of strength, price predictions are likely to remain bearish.
Here’s why.
Terra Luna Classic Price Prediction – Resilience Not a Sign of Strength
LUNC’s recent attempts to hold firm above $0.00012 in recent sessions are not a sign of strength.
That’s because the Terra Luna Classic price is still stuck beneath its 21DMA, which has acted as an important level of resistance in recent weeks.
Unless it can break to the north of this key moving average, then the trading bias will remain negative.
With the Terra Luna Classic price having formed a pennant structure in recent weeks, a breakout could be coming.
Terra Luna Classic (LUNC) Price Chart / Source: TradingView
But risks seem tilted towards a bearish breakout rather than bullish, thanks to resistance from the 21DMA.
The Terra Luna Classic price is likely also continuing to feel bearish tailwinds after losing its grip on the 50DMA in early 2024.
A bearish breakout would open the door to a test of resistance-turned-support in the $0.000010 area.
Terra Luna Classic (LUNC) Price Chart / Source: TradingView
And in the longer term, the outlook is even worse.
LUNC’s market cap is currently just above $700 million.
That’s a lot for a coin that has basically no utility.
Whilst the Terra Classic blockchain lives on, its ecosystem of users and developers is virtually non-existent.
The ecosystem died in May 2022 when UST depegged and LUNC hyperinflated, triggering billions in losses to users and investors.
The token has become more a speculative shitcoin than anything else in the last few years.
A drop back to 2023 lows around $0.00005 looks likely for 2024.
Crypto Alternatives to Consider
Bitcoin can offer huge potential upside.
But crypto investors should always be on the lookout to diversify their holdings.
For those looking to add some beta to their portfolios, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content, and receive commission.
The post Terra Luna Classic Price Prediction as LUNA Holds Steady Amid Market Volatility – A Sign of Strength? appeared first on Cryptonews.