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Terra Luna Classic Crypto Price Prediction – Will LUNC Recover?

Terra Luna Classic Crypto Price Prediction – Will LUNC Recover?

Terra Luna Classic Crypto Price

The price of Terra Luna Classic (LUNC) has collapsed over the last 24 hours and the fear amongst LUNC holders escalates. Following the formation of a bearish continuation pattern known as a bear pennant yesterday, LUNC plummeted down to $0.000218.

Now the bears have full control and it is going to take quite a lot of momentum from the bulls to create a u-turn effect for the price of Terra Luna Classic (LUNC).

Can LUNC recover? Terra Luna Classic is available on eToro.

Cryptoassets are a highly volatile unregulated investment product.

Terra Luna Classic Crypto Price Prediction

From a technical analysis perspective Terra Luna Classic (LUNC) is still in a downtrend from the recent rejection at $0.00059. Recently, LUNC lost support within a bear pennant pattern which led to continuation down to a support level of $0.00022.

At the price of $0.00022 many buyers flocked in and managed to bring the price of Terra Luna Classic (LUNC) back up to $0.000269, increasing by roughly 27% before plummeting back down to $0.000236.

Currently the trading price of Terra Luna Classic on the Binance exchange is $0.000256. The bulls must fight to push through the $0.000264 resistance level in order to see healthy continuation to the upside.

LUNC Bear Pennant

LUNC/BUSD – 4 Hour Time Frame.

It could be suggested that the long wick of the red candle from the 23rd September suggests the $0.00022 as an attractive undervaluation or re-accumulation range as buyers sweep in for LUNC.

The main concern for holders is now losing the support level of $0.00022. If this is retested and potentially lost again we could see a commanding move down for LUNC to the next support level of $0.000165.

I speculate that Terra Luna Classic (LUNC) could pump back up to the $0.000362 price levels if the market flips bullish. If we can see sideways trading and consolidation between the $0.000264 and $0.00022 price levels this could potentially lead to a breakout to the upside.

A recent tweet from the CEO of Binance @cz_binance suggesting that he is still navigating and sitting on the idea of implementing the 1.2% burning mechanics for Terra Luna Classic (LUNC).

If this does get approved in the near future this will be a major price catalyst for Terra Luna Classic (LUNC).

Terra Luna Classic (LUNC) Supply Levels

A major factor suppressing a bull run for LUNC is the superfluous current circulating supply. At the time of writing this article the supply of LUNC is 6,151.07 billion, yes, billion.

In order for the price to increase in a linear fashion, we need to see a reduction in the overall supply of Terra Luna Classic (LUNC) from taxing and burning wallets.

Terra Lunc Burn Counter

Source: terrarity.io

The overall burnt supply of LUNC has been increasing over the last few weeks as the burning mechanisms are integrated across more centralized exchanges. The total supply that has now been burnt amounts to 0.072758%.

Terra Luna Classic Video Analysis

Remaining risk averse may be a wise option as September is still looking like it may still see bearish continuation in the crypto markets. If you are looking to potentially accumulate and buy LUNC for a long-term portfolio, you can visit eToro.

Cryptoassets are a highly volatile unregulated investment product.

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