Luna Classic Price Predictions Boosted by Doubling of Market Cap

Bullish Luna Classic price predictions are playing out in the market, with a 31.55% surprise upsurge this Thursday. This bullish move follows the completion of at least two successive bullish chart patterns on the chart, allowing the LUNA/BUSD pair to push up from the 25 August low of 0.00009956 to the intraday high at 0.00057483. This translates to a price gain of nearly 280% in the last three weeks.

The latest upsurge in the Tera Luna Classic token takes it into the top 30 cryptos by market capitalization, enabling it to overtake others like Bitcoin Cash, Stellar Lumens, Monero, Decentraland and Tezos. Indeed, the token’s market cap rose so sharply that it went from number 206 to 26 in terms of market capitalization, in data revealed by Coinmarketcap. This translates into a 90% rise in its market capitalization in less than a week, boosting Luna Classic price predictions.

A community vote comes up on 10 September to determine if a parameter change that will impose a 1.2% tax on all on-chain transactions should be implemented. KuCoin and have already lent support to the initiative, all of which will lead to the burning of excess LUNC tokens that were minted in the unsuccessful attempt to save the UST stablecoin.

Luna Classic Price Prediction

The latest price advance is the completion move of the bullish pennant pattern. The 0.00054833 resistance (intraday top) is the price level to beat. A break above this point takes the pair to new highs, with the 0.00060405 price mark (27% Fibonacci extension) forming the initial upside target. An extension of the advance will see 0.00067588 (61.8% Fibonacci extension) becoming an additional northbound target.

On the flip side, a pullback that stems from the rejection at 0.00054833 will initially target the 0.0048023 price mark (7 September high) before the demand zone with the 50% Fibonacci retracement level at 0.00044513 as its ceiling enters the mix as the next downside target.

Only when this demand zone gives way will the 0.00033979 price mark (7 September low) become available as a new support level. Further price deterioration lines up the 1 September high at 0.00029809 as the next downside target. 

LUNA/BUSD: 4-hour Chart