Despite falling around 5% on Friday, the Terra Luna Classic (LUNC) price remains over 20% up versus the lows it printed earlier in the year near $0.00010.
The Luna Classic price was last around $0.00012, having reversed sharply back from earlier session highs in the upper $0.00013s.
LUNC’s drop comes as the broader market falls on sell-the-fact sell pressure following the SEC’s Bitcoin ETF approval.
Bitcoin (BTC) was last trading in the $43,000s, down over 10% from its two-year highs on Thursday.
The latest reversal lower suggests that the Luna Classic price remains stuck in a short-term downtrend.
Luna Classic price predictions are thus likely to remain pessimistic, despite it still being 20% up from a recent low.
Terra Luna Classic is the cryptocurrency that powers the original Terra blockchain, which experienced a spectacular blow-up in May 2022.
It once had a price of above $120 per token.
But after Terra’s algorithmic stablecoin UST depegged from the US dollar, a rush to redeem the failed stablecoin for LUNC caused hyperinflation in the token, driving it to its current price level of a fraction of a cent.
Price Prediction – Where Next for the Terra Luna Classic Price?
LUNC’s latest reversal comes after the cryptocurrency rejected a retest of its 21DMA.
The 21DMA has been acting as strong support going all the way back to mid-December.
The Terra Luna Classic price reversal also confirms that the downtrend from the one-year highs hit by LUNC in November remains intact.
Chart technicals are thus all pointing to more downside for the Terra Luna Classic price.
A retest of 2024 lows at $0.00010 looks likely in the short term.
Terra Luna Classic (LUNC) Price In a Bearish Trend / Source: TradingView
And in the longer term, the outlook is even worse.
LUNC’s market cap is currently just above $700 million.
That’s a lot for a coin that has basically no utility.
Whilst the Terra Classic blockchain lives on, its ecosystem of users and developers is virtually non-existent.
The ecosystem died in May 2022 when UST depegged and LUNC hyperinflated, triggering billions in losses to users and investors.
The token has become more a speculative shitcoin than anything else in the last few years.
A drop back to 2023 lows around $0.00005 looks likely for 2024.
Better Crypto to Buy – Meme Kombat ($MK)
LUNC’s trajectory for 2024 is poor.
Investors looking to bag 100x gains might instead want to check out a high-risk/high-reward crypto investment strategy that has been growing in popularity in recent years – investing in token presales.
Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called Meme Kombat.
Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually.
The project has already raised close to $6.75 million, despite launching just a few months ago.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Terra Luna Classic Price Prediction as LUNC Bounces 30% From Recent Bottom – Where Next for LUNC? appeared first on Cryptonews.
