Terra Luna Classic price continued falling as demand for the coin crashed. LUNC price plunged to a low of $0.00024, which was the lowest level since September 26. It has crashed by more than 62% from its highest level in September. Despite this crash, Terra Luna is still valued at more than $1.5 billion.
What next for LUNC?
Terra Luna Classic is one of the biggest cryptocurrencies in the world. According to CoinMarketCap, LUNC is the 36th biggest cryptocurrency in the world. This is notable since the coin LUNC has become a meme coin that has no major role.
For starters, Terra Luna Classic is the remnant of Terra, which collapsed in May. When the meltdown happened, Do Kwon and his team decided to move to Terra 2.0, whose coin is now LUNA. Its new coin has a market cap of more than $300 million and is the number 105 biggest cryptocurrency in the world.
One possible reason why LUNC is still valued at over $1 billion is that some analysts believe that TerraClassicUSD has a market cap of more than $345 million. It has surged by more than 400% from the lowest level this year.
Still, since it is trading at $0.035, it is significantly lower than $1, where it was designed to remain at $1. Meanwhile, Terra Luna Classic has become a meme coin, like Shiba Inu, Tamadoge, and Dogecoin.
Terra Luna Classic price prediction
The daily chart shows that the LUNC price has been in a strong bearish trend in the past few days. It has managed to move below the important support level at $0.00025, which was the lowest on October 13th. The Relative Strength Index (RSI) has moved below the oversold level. Also, Terra Luna Classic price has formed a head and shoulders pattern.
Therefore, there is a likelihood that the coin will continue falling as sellers target the key support at $0.00022, which is about 20% below the current level. A move above the key resistance at $0.00025 will invalidate the bearish view.