Terra Luna Classic (LUNC) experienced a massive rally recently, posting gains as high as 286% in 7 days. The price of LUNC is $0.00021071 today, representing a 4.96% increase in the past 24 hours and a 77.39% rise in the past seven days.
LUNC’s all-time high was $119.18; if you had bought at its all-time low of $0.000000999, you would be 20,886% up in profit.
Can LUNC return to its all-time highs and help you retire in the coming bull market? Let’s find out.
What is Terra Luna Classic (LUNC)?
Terra Luna Classic (previously Terra LUNA) is a layer 1 blockchain famous for all the wrong reasons. After Terra Ecosystem suffered an attack on its TerraUSD (USTC) algorithmic stablecoin, the crypto fell from grace alongside the entire network.
The once a $40-billion empire crumbled to less than $100m market cap while its founder became a fugitive.
LUNC price suffered considerably, going down from $119 to $0.000000999. However, since that initial crash, the asset has been trying to regain its stand again. The community came together and worked to revive the project.
LUNC Coin Price History
The price journey for LUNC has been thrilling. After the crash, several exchanges delisted the asset. However, after stability began to return, some exchanges, including Binance, relisted and supported its development updates.
LUNC was relisted on Binance in September 2022, just after the heat of the network crash had subsided. LUNC was listed at $0.00064, and investors, still afraid, proceeded to dump the token, causing it to drop by -79% in just a month.
In November 2022, LUNC entered a consolidation (some would call it an accumulation) zone and trended sideways for 162 days until it finally broke down in April 2023.
LUNC dropped -56% from this point to hit a record yearly low of $0.00005237 on August 17, 2023. This marked the bottom for LUNC.
Over the following weeks that seemed to scream, “Bear Market is Over!”, LUNC entered its second and final accumulation phase lasting 84 days. On November 9, 2023, LUNC broke out of this accumulation and broke above the 50-day moving average that had suppressed its price for the past year. LUNC retested the 50-day moving average before bouncing off it, rising over 280% weekly and setting new yearly highs.
LUNC Price Prediction
LUNC’s price chart is straightforward. Price broke above the 6-month range in the previous image, prompting it to rise to the overhead resistance of $0.0002786 – level (2). This resistance had been tested once about 1 year back, and from how LUNC reacted, it seems like a strong resistance. LUNC is now in retracement and is testing level (1).
If this level holds support, LUNC should bounce back up with newfound bullish confidence and break the overhead resistance (2), eyeing the subsequent levels (3), (4), and (5).
The probability of LUNC breaking all the subsequent overhead resistance points in the coming week or two is very high.
A rally of +229% from this price level would put LUNC back at the highest price on the chart, after which it’s nothing but price discovery.
The LUNC chart also spotted a golden cross on December 3, 2023, further igniting confidence in investors that LUNC’s time is now.
Should the current support level fail, LUNC is expected to fall to lower support levels of $0.00019785, $0.00017008, $0.00014265, and $0.00012000.
Can Terra Luna Classic (LUNC) Help You Retire in the Next Bull Run?
Yes.
LUNC is capable of helping you retire in the next bull run. The analysis in this article only runs up until the price discovery zone. Crazier things have happened in crypto when there is no history to refer to.
Meanwhile, LUNC is still gaining back the confidence of investors and centralized exchanges, as crypto exchange BitMEX, co-founded by billionaire Arthur Hayes, has announced a plan to list Terra Classic (LUNC) perpetual contracts.
Perpetuals contribute significantly to a token’s price increase and decrease since it allows traders to speculate on the asset. This is not possible when dealing with spot trading.
Author’s Comment
Since the market is almost extremely greedy, tokens will pop up everywhere. Fallen giants like LUNC and FTT will rise again since people trust them more than new memecoins.
The approval of a Bitcoin Spot ETF will be the spark that sends the crypto market over the edge. Blackrock is the largest among all these companies that have applied for Bitcoin Spot ETF. Out of 576 filings, Blackrock has only lost one – Bitcoin Spot ETF, which is yet to be approved as it hasn’t been rejected yet.
If I were to work with a time for approval, Blackrock’s deadlines are as good as any, and that is when we may be seeing an ETF approval that could send the likes of LUNC over $1.