The Terra Luna classic price has continued to see volatile trading despite losing 99.99 per cent of its value in May. In today’s trading session, it is already up by 26 per cent. The session is still in its early hours. Therefore, it is highly likely that we will see a continued bullish move throughout the session.
The Evolution of Terra Luna Classic
In May, Terra Luna was one of the largest cryptocurrencies, with over $60 billion in market capitalization. However, all that changed when UST was de-pegged from US dollar value and resulted in the minting of Terra Luna due to being algorithmically linked to UST.
Within a week, Terra Luna and UST had lost over 99 per cent of their value. Billions of dollars of investors’ money had also been wiped out. The drop in Terra Luna and UST also resulted in a cryptocurrency crash that lasted for a few days.
However, by the end of the month, the parent company of both UST and Terra Luna, Terraform labs, rolled out a new version of Luna called Terra Luna 2.0. The original Terra Luna was then renamed Luna Classic. Today, both cryptocurrencies coexist, with varying degrees of performance.
Terra Luna Classic Price Prediciton
Before today’s trading session, where the prices are up by 26 per cent, Terra Luna Classic had looked aggressively bearish. Today’s surge, however, may be the start of a new bullish trend that will see the crypto hit the $0.0001 price level.
Therefore, my Terra Luna Classic price prediction expects the prices to continue rising throughout the session. I also expect the prices to hit the $0.0000874 resistance level in the coming trading sessions. If there is high momentum in the current bullish trend, then I expect the prices to hit the $0.0001 price level. My prediction will, however, be invalidated if the prices trade below today’s opening price of $0.000058.