- Summary:
- Terra LUNA Classic price (LUNC-USD) has been trading sideways for months.
- Currently, LUNC is retesting a key trendline that started in June last year.
- The price will likely remain sideways in the next few days.
Our previous Terra Luna Classic price (LUNC-USD) is still valid as the price is trading sideways. The uptrend of LUNC is still intact, as the price is still getting support from the upward trendline. The price is also trading below the 200-day moving average, which is not a good thing for long-term holders.
On Monday, Luna Classic price showed minor losses as cryptocurrencies shed their yearly gains. At press time, LUNC is trading at $0.000162 after losing 0.6% in today’s trading session.
Why Did LUNA Crash?
Terra Luna Classic (LUNC) was the native asset of the Terra blockchain. It was an algorithmic stablecoin-based DeFi project with the stablecoin UST. In May 2022, the UST stablecoin started to lose its peg. Consequently, the price of the LUNA coin crashed as trillions of new coins entered into circulation.
This was one of the biggest crashes in crypto, which wiped off billions in the span of a few days. Luna crypto got affected the most by this crash as its price plummeted by 99.99%. After a few days, a new blockchain, Terra 2.0, was launched, and the old token was named Luna Classic.
Terra LUNA Classic Price Forecast
Our technical analysis of the LUNC chart reveals very critical information for long-term holders. Since November 2022, LUNA Classic price has been trading sideways. The $0.000135 level is acting as a range low, while the range high lies at $0.00021 level. The price is still maintaining its uptrend on a mid-term timeframe and hasn’t made fresh lows since June 2022.
If the price breaks below the upward trendline, then I expect a retest of the December lows of $0.00012. However, if Bitcoin price bounces from its current levels, then a corresponding bounce in altcoins is also likely. In such an event, I expect Luna Classic price to retest the range high at $0.00021.
This will be a price increase of 28% from the current price. However, considering the recent price action, the bearish scenario seems more likely.
