Terra Luna Classic Crypto Price Prediction 2022
Terra Luna Classic (LUNC) is now trading in a healthy consolidated refuge at $0.000442, currently down 25% from the $0.00059 swing high reached on September 7th.
The battle for control between the bulls and bears is still finding equilibrium, but there is still room for LUNC to push towards $0.00088.
Can Terra Luna Classic maintain positive price momentum?
Terra Luna Classic (LUNC) Price Analysis
Fundamental analysis may suggest that a recent tweet caused damaging effects for the price of Terra Luna Classic (LUNC) on September 9.
On September 9, Terra Luna Classic lost a key level of support within a symmetrical triangle leading to a loss of price structure. This resulted in a price increase of 28.87%.
It is speculated that much of the hype and euphoria surrounding the positive price momentum of the Terra Luna Classic surrounds the idea that Binance will integrate 1.2% tax burn mechanics into their exchange.
Society has recently lost its morale and is feeling quite disappointed as it appears that this may no longer be the case.
This has had a detrimental impact on sentiment and investor appetite as Binance holds the largest market dominance for the LUNC/Fiat trading pairs achieving an incredible 46.15% of all trading volume.
With no tax burning mechanics integrated it means that the previously speculated amount of supply that will be burned in the ecosystem will no longer happen (for now).
Terra Luna Classic (LUNC) Lost Bullish Momentum?
From a technical analysis perspective, Terra Luna Classic (LUNC) still looks strong despite negative news and fears among holders.
Terra Luna Classic (LUNC) has now entered three key support levels: $0.000363, $0.000388 and $0.000434 which it must respect and hold to prevent further continuation to the downside.
Currently, Terra Luna Classic is trading in a horizontal channel and has been for the past 48 hours. This reflects consolidation and can lead to a decisive move to the upside or downside.
Importantly, LUNC can push back through the $0.000448 price level, the next key level of resistance will be $0.000489 followed by the previous swing on September 7th at $0.000593.
According to the Fibonacci extension, LUNC may be preparing to make a big move up to $0.00088, which will result in a 98% price increase from today’s level. This is just dubious speculation, but we’ve seen LUNC do similar things already in recent weeks.
Terra Luna Classic (LUNC) video analysis
According to Coinmarketcap, Terra Luna Classic is ranked #29 compared to other cryptocurrencies. The market cap remains at a solid $2.724 billion and could be heading towards $3 billion if LUNC does not lose critical support levels.
The next hottest crypto that can deliver similar results to Terra Luna Classic (LUNC) in 2022 is Tamadoge.
