Terra Luna Classic price (LUNC/USD) has failed to impress crypto investors as the price is consolidating below key support. Things can get ugly if the price doesn’t reclaim the $0.000138 level soon. LUNC crypto is currently 99.9% down from its all-time high.
On Monday, Terra Luna cryptocurrency started the week with a minor loss. Till press time, the coin was trading at $0.000124 after losing 0.63% during today’s trading session. Most other altcoins are also showing negative price action as Bitcoin is struggling to break above $28000.
Why Is LUNC Crypto 99.9% Down?
The fall of Terra Luna Classic is one of the major reasons behind the ongoing bear market. Just ten months ago, LUNA was one of the biggest cryptocurrencies by market cap. However, the collapse of the biggest DeFi protocol on its blockchain, known as Anchor, led to an exponential emission of coins. This massive increase in circulating supply reduced the price to just a fraction of its all-time high of $119.8.
Soon after the fall of Terra, a new blockchain with a new token was released. Since then, Luna Classic price has lost 99.9% of its value. Nevertheless, the community of holders still keeps backing the project despite the project being abandoned by its founders. More recently, the founder of Terra LUNA, Do Kwon, has been arrested in Montenegro.
Terra Luna Classic Price Accumulates Below Support
The price chart of LUNC crypto depicts a prolonged sideways price action since November. It also shows that the price has broken below the key support level and range lows of $0.000138. At the moment, the price is accumulating below this support and gearing up for a big move. A break below the March low of $0.000115 may lead to a bigger drop to the $0.000085 level.
It is also worth mentioning that Terra Luna classic price prediction also depends on the Bitcoin price action. Therefore, the price can reclaim its $0.000138 support if Bitcoin gains strength above the $28,000 level in the coming days.
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