Terra Luna Classic (LUNC) price has rebounded strongly after months of negative price action. The sellers finally seem to be exhausted as the coin had a massive bounce on the weekend. There are technical and fundamental reasons for this bounce which we are going to discuss below.
On Monday, Terra LUNA Classic price is trading at $0.0001000. The price tanked by 7.84% on Monday after a 29% surge on Sunday. I’m still not convinced of this bounce as it looks like just another pump and dump. There is a key level on the chart that the bulls still need to reclaim to show some strength.
LUNC Crypto Pumps As Do Kwon Gets Released
After months of negative news, LUNC holders have finally received some good news. The controversial founder of the project, Do Kwon has been granted bail by the Montenegro court. This latest LUNC news is the primary reason behind the increase in Terra LUNA Classic price.
Earlier, the price tanked very hard when the founder was apprehended by the Montenegro police a few months ago. The negative news and lack of any fundamental development are what are keeping the LUNC price in a downtrend on a higher timeframe.
Terra LUNA Classic Price Breaks Out Of Downtrend
I’ve repeatedly mentioned the significance of the $0.0001200 level in my previous LUNC crypto analysis. The price appears to be heading for a retest of this resistance in the coming days. This will be one of the most decisive moments for
Currently, the price is hovering around $0.00010000 psychological level, but there’s still a chance of more downside. Therefore, my Terra Luna Classic price prediction will remain bearish till the price breaks above the $0.00001200 level on its daily chart. This will mark the break of the bearish structure on the higher timeframe.
I’ll keep sharing my updated LUNC analysis in my free Telegram group, which you are welcome to join.
