Terra Luna Classic (LUNC) price is on track to meet my bearish price target after a major breakdown in August. The smart contract cryptocurrency is facing headwinds from the decreased volume and the changing liquidity dynamics of the crypto markets.
On Tuesday, Bitcoin is trading below $25,700 as altcoins continue to suffer. LUNA Classic also fell 1.37% after a 2.24% rebound in its previous session. At press time, LUNC crypto is changing hands at $0.0000604, which is just slightly above last week’s low.
LUNC Crypto Is 99.99% Down From ATH
In one of the most brutal collapses in the cryptocurrencies, the native asset of Terra LUNA crashed in 2022. This was due to the de-pegging of its native stablecoin, UST. Shortly after the cataclysmic event, the chain was abandoned as the projects moved to the Terra 2.0 ecosystem.
Nevertheless, many holders still expect a miraculous recovery in Terra LUNA Classic price. I think any significant recovery in the coin is a far cry because of its massive price. At this point, LUNC has just become another memecoins as there is no activity on its blockchain.
Terra LUNA Classic Price Prediction
Technical analysis of the LUNC price chart shows a breakdown below the accumulation range of $0.000080-$0.000115. I already predicted this scenario in my previous forecasts. The technical target of this breakdown is $0.000041, which is another 31% below the current price.
Terra Luna Classic price prediction is unlikely to flip bullish anytime soon. A reclaim of $0.000115 resistance is the only hope for the bulls. However, this price target lies almost 95% above the current level. Most of the traders have lost interest in the project due to its shady past.
I’ll keep posting my updated LUNC price analysis and upcoming 1000x gems on my Twitter, where you are welcome to follow me.
