Terra Luna Classic (LUNC) price is making news lows every month as investors and projects abandon the troubled chain. The cryptocurrency has been in a tailspin since the collapse of Terra’s stablecoin UST. Consequently, the LUNC price chart seems to have become a whale’s playground.
On Monday, Terra LUNA Classic price is trading at $0.00008782 after sliding 1.07%. Most other cryptocurrencies, including BTC, showed a similar negative price action in the first trading session of the week. Our analysis reveals that time is running out for the LUNC bulls.
LUNC Gets Completely Abandoned
Due to the bad PR and the lack of clarity from the founders, Terra LUNA Classic appears to have been abandoned. Shortly after the collapse of UST, the Terra 2.0 blockchain was launched, and most of the projects migrated to the new chain. Due to this reason, the TVL on the legacy chain tanked.
According to the latest LUNC news, the project’s founder Do Kwon is currently under arrest after being caught in Montenegro. The founder’s arrest increased the selling pressure on Terra LUNA Classic price. Nevertheless, the LUNC community is still one of the most vibrant communities on Twitter, which has kept the project alive.
Terra LUNA Classic Price Eyes A Major Drop
Due to the formation of a bear flag on LUNC chart, bears are aiming for a target that is 50% below the current level. However, there is still some hope for the bulls as long as the price holds the $0.00008500 support level. A breach below this level will give bears enough momentum to tank price by another 50%.
A 50% downside from here will mean a retest of the $0.00004250 level. This bearish Terra Luna Classic price prediction can only be avoided if the price breaks above the $0.0001333 level on its daily chart. This will flip the outlook from bearish to bullish on a higher timeframe.
I’ll keep sharing my updated LUNC analysis in my free Telegram group, which you are welcome to join.