Terra Luna Classic Price Prediction as Bears Send LUNC Toward $0.00008 Support – What Happens Next?

Crypto News
Crypto News

28 Jun 2023 5:15 PM

Technical selling following a short-term pennant breakout is weighing on LUNC, but this support level will need to go before the selling gets really bad....

  • Terra Luna Classic (LUNC) is experiencing downward pressure in line with the broader cryptocurrency market.
  • LUNC is trading approximately 5% lower, below the $0.00009 level, and below its 21 and 50-Day Moving Averages.
  • The sell pressure in the crypto market is attributed to profit-taking and technical selling.
  • LUNC broke below a short-term pennant formation, but the overall upward trend from May lows is still intact.
  • Bears may push LUNC towards the $0.00008 support level, resulting in a potential 10% decline.
  • LUNC failed to break above resistance in the $0.000115 area, increasing medium-term sell pressure.
  • Developers are proposing a plan to restore the failed Terra USD (UST) stablecoin to its 1:1 peg with the US dollar.
  • Investors should diversify their crypto holdings and consider high-risk-high-reward investment strategies like crypto presales.

The sentiment in the article is mostly negative, as it highlights the downward pressure on Terra Luna Classic (LUNC) and the challenges it faces in the crypto market. However, there is a mention of a potential improvement in optimism if the Terra USD stablecoin can be restored.

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You May Ask

What is the current trading level of Terra Luna Classic (LUNC)?What factors are contributing to the sell pressure in the crypto market?What is the potential decline in LUNC if the upward trend breaks?What is the proposed plan to restore the Terra USD stablecoin?What investment strategy is suggested for diversifying crypto holdings?Please note that the analysis is based on the given input article and may not reflect the complete context or the most up-to-date information.

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