Luna classic is up by 23 percent for the month, reversing its long-term bearish trend. The current push to the upside comes amidst an industry-wide bullish push, which has seen almost all altcoins gaining in the markets.
Is Luna Classic in a Long-Term Bullish Trajectory?
Despite rising by over 20 percent in the past two weeks, there is a high likelihood that Terra Luna classic is not poised for a comeback in 2023. One of the project’s biggest hindrances is the lack of trust with investors. Going back to its genesis, the project was founded as a result of its original project falling and resulting in clients losing billions of money. This was after Terra Luna, which was algorithmically linked to UST, collapsed in May of last year following the de-pegging of UST. Since then, the project has had a love-hate relationship with most of its investors, with most still reeling from losses they made after the original project collapsed.
Another reason that might hinder Luna Classic’s recovery in 2023 despite starting strongly is due to lack of utility. Despite the project professing to have real-world use cases, the previous collapse of UST indicated the risks of its utility were far more than their benefits. This has also kept most investors away from the project.
Technical analysis indicators also suggest a downward trend for Terra Luna. The Williams Alligator indicator shows that the current trend is aggressive to the downside, and the price action also points downwards. This is despite a brief period of bullish activity in the past two days.
Therefore, my Luna Classic price prediction expects it to resume its bearish trend for the long term. There is a high likelihood that we might see its price drop to trade below the $0.00013 price level in the next few trading sessions. A trade above the $0.00020 price level will, however, invalidate my bearish trend analysis.
Daily Chart
