Terra Luna Classic Price Forecast – Down 60% in 3 Months, Is Price Pump Restoring Now

Terra Classic is bullish today, given the sentiment seen across the cryptocurrency market in the past day. In the last 24 hours, LUNC has gained around 1.7%. At the time of writing, the token was trading at $0.000172, according to CoinGecko.

Terra Classic price analysis

Terra Classic has made a relief rally in the past 24 hours. During this time, LUNC has traded between $0.000169 and $0.000176, indicating mild volatility. The token’s trading volumes also stand at around $101 million.

LUNC is currently benefiting from the bullish support from the broader market. While an influx of buyers booking profits during the current rally could be attributed to the gains, there are signs that the uptrend could weaken and LUNC will head lower.

If LUNC can sustain the gains, we could see the token breaking past $0.000176 again and possibly targeting $0.00018 in the coming hours. The bullish thesis will be invalidated if LUNC starts to reverse and the price drops to $0.000165.

Terra Classic price analysis

LUNC’s Relative Strength Index at 46 shows that the buying support is weakening, and the bears are fighting to regain control of the price action. However, the price chart does not indicate a sharp price reversal, showing some hesitance from the sellers. However, declines could be on the way if LUNC falls below $0.00017.

LUNC’s relief rally comes shortly after news that the former CEO of FTX, Sam Bankman-Fried, was being investigated by US authorities for market manipulation that resulted in the crash of Terra Luna and the TerraUSD stablecoin in May. The founder of Terraform Labs, Do Kwon, has also said that SBF was behind the collapse of the Terra ecosystem.

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