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Terra LUNA Classic (LUNC) Rebounds 10% After A Huge Correction

Terra LUNA (LUNC) price has been very volatile today. After reversing most of its monthly gains the altcoin had a strong rebound on Tuesday. At press time, the price was up more than 10% and stood at the fresh weekly high of $0.0001682.

LUNC crypto outperformed most of the major cryptocurrencies today. Despite a 0.6% drop in the Total 3 market capitalization, it still managed to remain in green. While this seems to be very bullish there could also be some market manipulation. Therefore, it is better to analyze the price action on a higher timeframe.

On the monthly timeframe Terra LUNA Classic is up 43.5% which is a huge gain. However, it has experienced 40% correction from its monthly highs of $0.0002800 which shows the presence of a lot of sellers above $0.0002100.

Altcoins market is experiencing massive capital inflows as Bitcoin price keeps holding onto its $40,000 support. There are strong chances that the spot Bitcoin ETF applications get approved in January 2024. Due to this reason there is a strong institutional demand for the digital assets.

However, from a fundamental perspective, LUNC is looking weaker than ever. There is very little network activity on its network and it has nothing exciting to attract new users. Only users holding this coin are the ones who took a big hit in last year’s LUNA crash which jolted the crypto markets.

Terra LUNA Classic price prediction can become very bullish if bulls push it above $0.00021 resistance level. A weekly closure above this level may trigger another bullish leg with the upside price targets of $0.0002800 and $0.0003700. Such a move may only occur if the BTC price action and the broader market sentiment remains positive.

If up want to follow my personal trades and updated outlook on LUNA, you are also welcome to follow me on X (Twitter).

Terra LUNA price chart
LUNC Chart