Terra Luna Classic (LUNC) is gathering positive price momentum this morning as the bulls push the price back through the $0.0003 levels. Since yesterday the price of LUNC is already up by over a generous 8.49% and multiple technical indicators suggest there could be room for more.
Will Terra Luna Classic be able to pump back up towards $0.00037 this October? LUNC is available to buy on eToro.
Cryptoassets are a highly volatile unregulated investment product.
Terra Luna Classic (LUNC) Price Prediction
At the time of writing this article, Terra Luna Classic is trading at $0.000301, certainly a euphoric day for the LUNC community and bulls.
From a technical analysis point of view the price of LUNC is starting to look bullish as the 20-day moving average has been re-tested and broken through on the 4-hour time frame.
LUNC/USD – 4 Hour Time Frame.
Three consecutive green candles on the 4-hour time frame has led to continuation to the upside. Trading at lows of $0.000281 just yesterday, LUNC is now starting to fire up and gain enough momentum to push back through the 20-day moving average.
We can also see a fake out occurred as the $0.00029 support level was lost. The price began to spiral downwards where many traders may have gone short, but LUNC had been trading in a bullish reversal pattern known as a falling wedge prior to the breakout.
Fakeouts like this can create confusion amongst traders as it spins the narrative emotionally. Fear kicks in and it becomes easy to speculate that the price is going to continue dropping, and if a fake out occurs, the opposite actually happens (in this case a bullish breakout).
LUNC/USD – Daily Time Frame.
The daily chart is also beginning to look rather bullish too. Following Binance integrating the 1.2% burning mechanics, trade volume has increased and the sentiment has flipped bullish for the LUNC community.
We can see Terra Luna Classic is in the process of printing a huge daily green candle after 5 consecutive red ones. This bullish reversal has also allowed the price of LUNC to stay above the 20-day moving average which could suggest that there is more upside potential and LUNC delves deeper into a potential uptrend.
The major technical target for LUNC is now recovering back to $0.000316 and then retesting the $0.000373. Betting on LUNC to pump back up towards $0.000595 is still dubious speculation in my opinion as it is going to require massive strength from the bulls to reclaim.
Should the bullish scenario not go to plan Terra Luna Classic could retest the support level of $0.000291 and potentially see downside all the way back down to $0.000241.
If this happened there could be a good chance that LUNC would be oversold on the 4-hour time frame, which usually indicates a good opportunity for dollar cost averaging.
Terra Luna Classic (LUNC) Crypto Price Prediction
According to Coinmarketcap Terra Luna Classic (LUNC) has a market capital of $1.851 billion and is ranked #31 versus other cryptocurrencies in the blockchain markets. By the next crypto bull run it is still very possible to see a $5-10b market capitalization, although I think upside potential is minimized as LUNC has recently been described as only a community based token.
Terra Luna Classic displayed incredible price performance during the bear markets of 2022 so far. Following this, we saw the successful presale of the Tamadoge meme coin give back up to 1,953% returns for investors who got into the BETA phase of the presale.
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