The Terra Classic price continues to struggle in the markets, months after plunging by more than 99 per cent, resulting in billions of dollars in losses. Today, despite the prices trading relatively stable with only a small gain in the markets, the long-term trend of Luna Classic shows prices are in a sideways market.
For Context, In May, Luna Classic was one of the largest cryptocurrency projects in the markets. It was worth billions and trading above the $75 price level. However, by May 10, the cryptocurrency had started to show that it was struggling. Part of the reason for the struggle was due to it being linked with the UST stablecoin, which was also a project from Terra Luna Classic developers, Terraform Labs.
When UST stablecoin de-pegged, it meant that more Luna Classic had to be minted to meet the peg of the coin. Unfortunately, due to Luna Classic being algorithmically linked to UST, as the stablecoin continued to de-peg, more Luna Classic continued to be minted, resulting in the cryptocurrency losing value.
By Mid-May, Terra Luna classic prices were coming down hard, and the crypto had already dropped by more than 99 per cent. In addition, the UST stablecoin had also de-pegged to levels that could not be pegged again. Since then, Luna Classic prices have continued to struggle in the markets.
Is Terra Luna Classic Price Recovering?
Unfortunately, despite the current market conditions showing the past three trading sessions’ price surge of over 15 per cent, Terra Luna’s price is not recovering. Looking at the wider trend and price action of Terra Luna, the crypto is also not in a strong and aggressive bullish move. Instead, it is in a sideways market.,
Therefore, my Terra Luna price prediction expects the crypto to continue to struggle for the next few trading sessions. I expect the prices to continue trading below the $0.00013 price level for the next few trading sessions and possibly for the next few weeks.