Terra Luna Classic investors seem to be playing the long game following an untimely retreat from LUNC’s February peak of $0.00021. Meanwhile, Terra Luna Classic price is currently boxed in a narrow range between a critical buyer congestion area at $0.00016 and a stubborn supply zone around $0.00018.
Despite the mundane trading across the board in the crypto market since last week, Terra Luna Classic price is up 3% to exchange hands at $0.0001691. The token’s 24-hour trading volume has also been on the rise, up 72% to $139 million. Spikes in volume suggest investors are currently concentrating on accumulating more LUNC tokens in anticipation of another breakout.
Terra Luna Classic Price Wobbles In Range as Investors Play The Long Game
Terra Luna Classic price has set two key levels in the last couple of months – one is the resistance at $0.000018 and the other a support at $0.00016. Unless LUNC breaks out to either side of this range, day traders are unlikely to pay any attention to it.
Traders contemplating buying LUNC may want to wait until the token resolves a breakout above the upper limit of $0.00018. This price action is bound to stir interest in LUNC and pave the way for a 17% recovery move to $0.00021 – February’s high.
On the downside, Terra Luna Classic would be open to a 17% dip on a 1:1 risk vs profit ratio if support at $0.00016 is broken. However, its bearish outlook comes with a twist, considering lower side liquidity between $0.000147 and $0.00015.
A sweep through this liquidity may present new entry opportunities for long positions in LUNC. Although a risky maneuver, investors would be targeting the upper limit at $0.00018 for the initial profit booking. In other words, investors would be presented with a chance to tap a 22% profit.
Nevertheless, the critical limit at $0.00018 may present a second opportunity for traders to push for the above-mentioned 17% target at $0.00021. Other crucial levels to monitor in Terra Luna Classic price are the moving averages.
At the moment, LUNC sits above all the three major applied moving averages, starting with the 50-day Exponential Moving Average (EMA) (line in red) at $0.0001641, the 100-day EMA (line in blue) at $0.0001658 and lastly the 200-day EMA (line in purple) at $0.0001693.
Terra Luna Classic price needs to hold above the immediate support, as provided by the 200-day EMA, otherwise, confidence in a near-term recovery would continue to erode. Remember, there is already minimal interest from day traders. The rest of the moving averages would try to mitigate the bearish picture but are likely to be overwhelmed and give way to losses foreseen toward $0.000147.
On the upside, Terra Luna Classic price may quickly resolve the consolidation if it steps above the month-long falling trendline as shown in the chart. A break and hold above this level, although not significant enough could make LUNC attractive again to day traders.
A glance at the Moving Average Convergence Divergence (MACD) indicator reveals buyers still have the upper hand. This momentum indicator has sustained a call to investors to fill their bags since late February. In that case, the delicate situation LUNC is in may culminate in a positive outcome, where Terra Luna Classic price goes ahead to print a green candle above the 200-day EMA.
In conclusion, Terra Luna Classic price is dealing with numerous ifs that must be achieved to spearhead its recovery. Despite the MACD’s buy signal, we cannot disregard the possibility of sweeping lows at $0.00047.
Investors need to be ready to control the selling pressure at that level, otherwise, it might invalidate the uptrend to $0.00018 and $0.00021, respectively. On the downside, sustained action below $0.00047 could further suppress LUNC’s upside, in favor of another lower sweep at $0.00014.
Binance Ramps Up LUNC Token Burn
Binance, the largest cryptocurrency exchange by daily traded volume is in the limelight for burning a colossal 8.8 billion LUNC. The Terra Luna Classic community has since its reinstatement been pushing for aggressive token burn mechanisms. Binance, being one of the largest holders of the token, has shown its commitment to reducing the supply.
Congratulations #LUNCcommunity #Binance has done their #LUNCBURN & they burned 8.8b this time🔥
These burn are good but real burns will come with utilities & the ongoing & upcoming projects so support them
Thanks Cz for burn
RT to spread positivity#LUNC #LuncArmy #LUNA #USTC pic.twitter.com/Co6iAuL7ZG
— Saqlain Ali (@SaqlainAli888) March 2, 2023
At the moment, Terra Luna Classic’s total supply stands at 6.8 trillion while its circulating supply holds at 5.9 trillion. For LUNC price to hit $1, the community must find ways to work together with stakeholders in the industry to fuel the token burn program.
Until then, it could be difficult for Terra Luna Classic price to sustain a rally to $1.00. Nonetheless, any ardent investor in the crypto industry would tell you an almost impossible situation does not mean never. Hence, LUNC could still surprise everyone and reclaim its former glory.
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