Terra Luna Classic (LUNC) is currently trading at $0.000056 with the possibility of hitting $3 coming under discussion. 
According to Analysts, this could happen in the long term, but for now, the asset is moving within the neutral to a bearish zone. 

Terra Luna Classic, a native taken of the original Terra blockchain designed to absorb price deviation of the algorithmic stablecoin of the blockchain has been under discussion lately. The asset currently has a neutral market sentiment with a trading price of $0.000056. To a section of the crypto community, LUNC could make an unprecedented move to “kill multiple zeros” to hit $3. This prediction has also been termed as outrageous considering its current trading price. To ascertain the possibility, analysts have taken a deeper look into the asset. 

Currently, LUNC has a 24-hour trading volume of $12,053,992 and has been said to indicate a growing investors’ interest. However, its market cap of $326,284,451 puts it far behind the leading digital assets.

Price Analysis of LUNC

According to analysts, the immediate resistance level of the asset is currently around $0.00006215. The next price level to beat is $0.00006471, followed by $0.00006695. In terms of support levels, the immediate price point is $0.00005800, followed by $0.00005586 and $0.00005421.

A serious look into its Relative Strength Index (RSI), one of the most popular technical indicators, positions the asset at 42. This indicates a bearish sentiment. A look at the 50-day Exponential Moving Average (EMA), another important technical indicator, put LUNC at $0.00006022. According to analysts, the closeness of this reading to the actual price indicates a “precarious position between bullish and bearish trend.”

One notable pattern formation in the recent chart of the asset is the symmetrical triangle. Analysts explain this as a potential breakout following a period of consolidation. On top of that, there is a potential bearish break below the triple pattern at $0.00005800. According to the information, there could be serious selling pressure once a breakout from the symmetrical triangle in the downward direction is confirmed. This could send the price to $0.00005421. 

In the short term, the asset is moving within the zone of neutral to bearish. A $3 price point in the short term is almost impossible, but anything can happen in the long run. 

What Could Be the Game Changer?

On September 25, the LUNC community agreed to send $USTC back to its $1 peg after losing its anchor in May 2022. The plan was to stop all minting and reminting of the USTC to also cease the conversion of xUST to $USTC. 

The team has also been very active in its technical developments with the third quarter of the year devoted to reducing the circulating supplies of USTC and LUNC. It was also reported that on-ramp provider Guardian would provide services to the Terra community for free including listing the asset without any fee. 

We will be reviewing potential service providers and will assess if this is a suitable fit prior to making any recommendations or governance proposals moving forward. However, the technical implementation and how it can be done has been completed, which fulfills the Q2 goal.

LUNC is down by 8 percent in the last seven days. 

 

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Filed under: Bitcoin - @ October 11, 2023 3:20 am