Terra Luna Classic (LUNC) price crash is one of the saddest tales in the crypto world. Since the collapse of Terra LUNA, the coin has become a whale playground. The LUNC price action appears to be highly manipulated as the cryptocurrency shows massive volatility spikes in both directions.
On Friday, Terra LUNA Classic price is trading at $0.00009117 after sliding 2.08%. The negative price action of the LUNC crypto comes at a day when most cryptocurrencies, including BTC and ETH, are showing strength. Our analysis reveals that LUNC still has some gas left in the tank.
LUNC Lacks Strong Fundamentals
It is needless to discuss the fundamentals of LUNC as the project has been completely abandoned by its original team. Shortly after the collapse of UST, the Terra 2.0 blockchain was launched, and most of the projects migrated to the new chain. This dried up the liquidity on the legacy Terra blockchain.
As per the most recent news, the project’s founder Do Kwon is currently under arrest after being caught in Montenegro. The negative news and lack of any fundamental development are what is keeping the LUNC price in a downtrend. Nevertheless, the LUNC community is still one of the most vibrant communities on Twitter, which has kept the project alive.
Terra LUNA Classic Price Consolidates Around Support
In my previous LUNC crypto analysis, I mentioned the formation of the bear flag on its daily chart. The breakdown of this bear flag has brought the price to $0.00008500 support. This also marked a retest of the August 2022 lows. The price has yet to show a strong bounce from the support and is currently consolidating around it.
The price may retest the $0.00010000 psychological level, but there’s still a chance of more downside. Therefore, my Terra Luna Classic price prediction will remain bearish till the price breaks above the $0.00001333 level on its daily chart. This will mark the break of the bearish structure on the daily timeframe.
I’ll keep sharing my updated LUNC analysis in my free Telegram group, which you are welcome to join.