Terra LUNA Classic (LUNC) price is yet to see any signs of bulls taking over. This is mainly due to the failure of Bitcoin to show any buying pressure. LUNC crypto has broken the critical support area of 0.00008 and has been consolidating under it for the past few weeks.
In the last week, Bitcoin tried to break above the $30,000 mark but faced multiple rejections. The pioneering cryptocurrency is now trading at $29,394. Bitcoin must break above the $30,000 resistance level for altcoins to have any chance of upside from here.
Terra LUNA TVL Continues to Decline
The total value locked (TVL) has been on a continuous decline since the Terra UST crash last year. At the peak of Terra LUNA, the total TVL was about $20 billion, and now it’s a mere $2 million. It is expected to continue declining due to the decreased activity on its network and the negative press it got last year.
Despite the crash of Terra UST, some optimistic coin holders still expect the project to recover. However, the likelihood of recovery appears slim, as many projects have been transitioning away from the Terra blockchain to explore alternative platforms. Terra LUNA Classic is currently trading at $0.00007841.
Terra LUNA Classic (LUNC) Price Prediction
The following LUNC crypto chart shows that the price broke off the $0.00015-$0.00008 range last week and is consolidating under it. If Bitcoin fails to show any bullish movement, the price of LUNC will remain in a slump.
For Terra Luna Classic price prediction to flip bullish, the price must break back into the range of $0.000115-$0.00008. if that happens, the range high of $0.000115 will be the first target for the bulls. However, in case of acceptance below $0.00008, LUNC price may tank to $0.00004250.
I’ll keep posting my updated LUNC price analysis and upcoming 1000x gems on my Twitter, where you are welcome to follow me.
