Since the collapse of UST, Terra Luna Classic price has been in a constant downtrend. Millions of users lost their life saving overnight as the algorithmic stablecoin USTC lost its peg in 2022. Nevertheless, the old Luna coin is still trading on exchanges backed by a strong LUNC community on Twitter.
As per the most recent LUNC news, the total number of coins staked on the network has reached 955 billion. However, there has been very little to no development since the fall of Terra LUNA. This makes the fundamentals of the project very weak as compared to other altcoins.
As it has been often seen in crypto that a strong community sometimes overshadows the weak fundamentals. The rise of the memecoins in 2021 proves this fact as the dogcoins like DOGE, SHIB, Floki, etc. generated exponential gains.
Many users are holding the coins hoping that LUNC price would hit $1. Considering the massive circulating supply of the cryptocurrency, I think it is highly unlikely that it would ever hit $1. That would put the coin’s market cap at $5.9 trillion. This will be 6 times bigger than the current total market cap of the whole crypto market.
LUNC Price Prediction – Daily Chart
The Terra LUNA Classic price appears to be ranging between $0.000135 and $0.000206 levels. One positive aspect for the holders is that the price has maintained its uptrend on a higher timeframe. It can be seen on the chart that there have been multiple bounces from the upward trendline.
This trend started in June 2022 and has continued since then. If the price breaks below this trendline in the coming days then things could turn pretty ugly very soon. Therefore, for any traders holding the coin for the short term, this level must act as invalidation.
However, if the Bitcoin price remains in an uptrend then I expect the LUNA Classic price to retest the range high of $0.000206. If it reclaims this level then bulls can target further upside around $0.000277 level.
