Terra Luna Classic price remained in a tight range in the past few days. The LUNC price was trading at $0.00028, where it has been this week. This price is about 23% from the highest level this week. It has also risen by about 60% from the lowest level this year, giving it a market cap of more than $1.2 billion.
Is LUNC a new meme coin?
Terra Luna Classic is a cryptocurrency that remained after the collapse of Terra and its ecosystem. After this collapse, Do Kwon and some of his community members moved to Terra 2.0. Terra Classic is therefore a community-run platform with no major use. For one, there are no major developers building on the ecosystem.
Therefore, some analysts believe that LUNC has become another meme coin just like Shiba Inu, Dogelon Mars, and Baby Dogecoin. These popular coins are well-known since they do not have any major use in the ecosystem.
Some LUNC buyers hope that Terra Classic USD (USTC) will regain its peg back. For one, the stablecoin, which led to the collapse of Terra’s ecosystem has soared by more than 1,000% from its lowest level this year. It needs to rise by about 900% to get to its parity level.
Another key driver for the Terra Luna Classic price is the fact that Dow Kwon, the platform’s founder, has now become a fugitive. The Interpol has issued a red alert notice and his passport has been canceled.
Terra Luna Classic price prediction
The two-hour chart shows that the LUNC price has been in a tight range in the past few days. It was trading at $0.00028, which is slightly above the important support level at $0.00025, which was the lowest level on September 26. It has formed what looks like a head and shoulders pattern.
Therefore, there is a likelihood that the coin will have a bearish breakout in the coming months. If this happens, the next key level to watch will be at $0.00025. A drop below this level will see the coin crash to $0.00021. A move above the resistance point at $0.00032 will invalidate the bearish view.