Not much has changed since our last Terra LUNA price prediction. The price has faced massive resistance from the $0.000110 level. LUNA Classic price retested its July low of $0.000085 once again last week. However, the dip was bought immediately, and the price is now trading at $0.000114. LUNC price has not just recovered from the July low but also attempting a breakout on the 4H timeframe right now.
The project has become one of the most controversial projects in the crypto space since its native stablecoin UST collapsed. Most of the investors’ capital was obliterated as the dollar-pegged stablecoin’s price was reduced to only a couple of cents. This also led to a collapse of Terra LUNA price. As the dust settled, the protocol’s founder Do Kwon immediately announced the launch of a new blockchain named Terra 2.0.
According to Terra LUNA news, the layer two interloop services HaxionChain, will be running a test transaction within the next two days. The transaction will be a test contract call between Polygon and LUNA Classic blockchains.
Terra LUNA Price Prediction
Technical analysis of the LUNC USD chart shows that the price failed to gain momentum despite a falling wedge breakout. Consequently, the price retested the $0.000085 low once again. However, the price is signalling a double bottom in the 4H timeframe. A breakout of the $0.00011 level would confirm this breakout, giving further upside. In such a case, $0.000135 might become a valid Terra LUNA price prediction in the short term.
It is worth mentioning here that the prices of most altcoins follow the Bitcoin price action. Therefore, a recovery in Bitcoin price action is the prerequisite for any altcoin rally. Therefore, if you’re entering any LUNC position, you must pay close attention to the BTC price action. A tight stop loss below last week’s low of $0.000085 might also help manage your risk.
You can trade LUNC and LUNA by signing up on top crypto exchanges like Binance, Kucoin and ByBit in a few minutes.
Terra LUNA 4H Chart
