Luna Classic (LUNC), the cryptocurrency that powers the original but now largely defunct Terra blockchain, has stabilized in the $0.00018 area after pulling back aggressively from last Friday’s highs around $0.00021. LUNC’s latest drop comes in tandem with downside being seen across the broader cryptocurrency market as traders pricing in a more restrictive Fed policy outlook for this year in wake of last Friday’s bumper US jobs and ISM Services PMI numbers. However, price predictions remain upbeat, in the short-term at least.
Price Prediction – Where Next for LUNC?
While the latest decline means that LUNC has yet again failed to push to the north of its 200-Day Moving Average (DMA) in the $0.00019s, the cryptocurrency remains in an uptrend that has been in play since late December 2023. The cryptocurrency may soon find support from its 21 and 100DMAs if it continues to decline towards $0.00017.
All said, LUNC’s technicals seem to point towards the likelihood of a continued grind higher in the coming weeks. If the cryptocurrency can sustain a push to the north of its 200DMA and the support-turned-resistance $0.00021 area, then a rally towards the next major resistance area around $0.0002740 looks to be on the cards. However, to get to this area, LUNC would first need to get back above a key Fibonacci resistance level near $0.00023 – the 61.8% retracement back from the September 2022 highs around $0.00060 to last May’s record lows at $0.00001.
Can LUNC Pump to $1.0?
Prior to the de-pegging of Terra’s algorithmic stablecoin UST back in May 2022 that then triggered hyperinflation in LUNC, the cryptocurrency used to have a value of in the triple digits. In fact, it hit a record high near $120 in April 2022, only a few weeks before its spectacular collapse. Thus, many LUNC investors hope that, someday, the cryptocurrency might be able to regain its former glory.
Certainly, 2023 could be a better year for LUNC than 2022. Cryptocurrency markets have shown signs of wanting to bottom from 2022’s bear market, amid hopes that the US Federal Reserve is close to having completed its tightening cycle as inflation falls quickly back towards the central bank’s 20% target.
Low market capitalization altcoins like LUNC have shown an ability to quickly 5x when market conditions are correct. That means a really towards the $0.001 area shouldn’t be seen as out of the question for this year. However, LUNC probably has far too many tokens in circulation for it to ever get back to $1.0.
Indeed, according to CoinMarketCap, there are currently not far from 6.0 trillion LUNC tokens in circulation at the moment. Given Bitcoin’s market cap of only $440 billion as of Monday the 6th of February 2023, it seems unrealistic to ever expect LUNC to get to a $6 trillion market cap. After all, Bitcoin is the world’s most famous and popular cryptocurrency and LUNC is the token of a now largely defunct blockchain – most Terra projects of any merit moved to the Terra blockchain (which doesn’t have a UST stablecoin) long ago.
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