Terra Luna Classic, the cryptocurrency that powers the original Terra blockchain protocol that collapsed in value in May 2022 after algorithmic stablecoin Terra UST lost its 1:1 peg to the US dollar, has been going sideways this week. Cryptocurrency markets are currently in wait-and-see mode ahead of a speech from Fed Chair Jerome Powell that could trigger fresh volatility after last week’s more dovish-than-expected Fed policy meeting.
LUNC/USD was last changing hands just above $0.00018, practically unchanged on the week, with the cryptocurrency still seemingly in a medium-term uptrend since its mid-December lows. If the uptrend continues to be respected, that would imply that LUNC could continue grinding higher in the weeks ahead and potentially rally back to the north of the $0.00020 level. Price predictions thus remain bullish.
In the short-term, technical buying could offer the bulls some assistance if LUNC/USD is able to break to the north of a pennant structure that it has formed in the last few days. However, technicians warn that a bearish break of the current pennant structure could result in a near-term drop toward the 21 and 100-Day Moving Averages in the $0.00017-1750 area.
Crypto Experts Give Their LUNC Price Predictions
Popular crypto technical analyst Mind Math Money speculated that if LUNC can break out of its near-term pennant structure to the upside, this could open the door to a potential run higher toward the $0.000277 area. If LUNC can post a daily candle close above this resistance level, Mind Math Money continued, then the cryptocurrency could continue its rally toward the next major resistance area around $0.00037.
Elsewhere, fellow crypto YouTuber Crypto King, who is also a validator of the Terra Luna Classic network, highlighted how he expects as much as 1 trillion LUNC tokens to be burnt in the coming years. Deflation of the LUNC supply combined with continual blockchain upgrades and the expected arrival of new projects to the ecosystem good see LUNC drop a couple of zeros over the next few years.
Is It Too Late to Buy Terra Luna Classic (LUNC)?
Asking whether it’s too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook.
If you deem LUNC as likely to rise substantially in price in the current years, based on your own research, it is probably worth buying some. If not, then stay away.
LUNC Alternatives
If you’re looking for other high-potential crypto projects alongside LUNC, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
