Terra Luna Classic Crypto Price Prediction
Sentiment for Terra Luna Classic (LUNC) crypto remains bearish this week as the price drops to $0.000255.
Over the past 24 hours, Terra Luna Classic has been one of the worst performers, falling over 31% in price.
However, there is still light at the end of the tunnel as LUNC is trading within a bullish reversal pattern known as a falling wedge.
Will the Terra Luna Classic keep pumping?
Terra Luna Classic (LUNC) Price Estimate
As the famous saying goes, nothing lasts forever, and neither did the uptrend for Terra Luna Classic (LUNC).
The bearish divergence on the 4-hour time frame finally played out as LUNC rejected the $0.000593 price level and turned into a downtrend.
Terra Luna Classic is now trading at $0.000289, which is 51.33% from its last high set just one week ago.
However, there is still light at the end of the tunnel. Currently, LUNC is within a bullish reversal pattern known as a falling wedge. There is a good chance we could see a strong breakout to the upside with enough accumulation around the lower price levels.
The price chart above clearly reflects a bearish trajectory for LUNC over the past few days. We can see before the downtrend, LUNC was healthy back off the 20-day moving average and setting higher highs and higher lows.
Now we see the exact opposite happening where the Terra Luna Classic is rejected at the 20-day moving average and at the upper resistance trendline of the falling wedge at $0.000593, $0.000509, $0.000394 and $0.000377.
Terra Luna Classic must now gain enough bullish momentum to break through the $0.000333 resistance level. Doing so, the technical target for LUNC is $0.00051 which would be a 61% increase from today’s price level.
Zooming in on the 15-minute timeframe for the Terra Luna Classic, we can see the formation of a symmetrical triangle pattern.
Usually this is a consolidating continuation pattern, on this particular occasion it would mean potentially dropping down to $0.00027, but I think the bulls can win the battle this time.
If LUNC breaks through the $0.0003 resistance trendline of the symmetrical triangle, we should see a healthy continuation up to around $0.000319.
Terra Luna Classic Do Kwon FUD
There has also been recent news surrounding Terraform Labs stating that the South Korean court has issued an arrest warrant for Terra co-founder Do Kwon himself.
This has created seismic waves and a huge amount of FUD among LUNC and Terra Luna holders, causing a detrimental effect on the price of both tokens (LUNC down 17.10%, LUNA down 24.63%).
A recent tweet from cryptoanalyst @ClassyCrypto_ states that he speculates that this is just a shakeout for retail investors as the huge amount of fear fueled by this controversial news causes panic and as a result huge selling pressure.
$0.00025 could be the bottom in this case for LUNC, although September is known to be quite a rocky and bearish month for cryptocurrency. If Bitcoin can hold current price levels, I hope to see LUNC slowly climb back up to $0.0003 price levels.
Terra Luna classic crypto video analysis
According to Coinmarketcap, Terra Luna Classic (LUNC) now has a market cap of $1.82 billion. The bulls couldn’t quite push through the $3 billion level, but that doesn’t mean it’s off the table for the future.
On the daily time frame, Terra Luna Classic has finally retested the 20-day moving average. It is important that we can consolidate and stay above the 20-day moving average to prevent price momentum to the downside.
Once Terra Luna Classic (LUNC) has the 1.2% burning mechanism deployed on more centralized and decentralized exchanges, I speculate that we will slowly see the rise of LUNC again.
LUNC relies heavily on the morale of the community at the moment, as it almost becomes a community token like a meme coin.
Speaking of meme coins, Tamadoge is a new immersive and exciting play-to-earn meme coin that will be released in the fourth quarter of this year, and it can bring big returns like Terra Luna Classic (LUNC).
It is safe to say that Terra Luna Classic has been one of the fastest growing cryptocurrencies of 2022.
