Terra Luna Classic (LUNC) crypto is struggling to gain enough bullish momentum to recover back towards the $0.0003 price levels. Although, today has been a strong day in the crypto markets and Bitcoin has rapidly bounced back from $18,150 up towards $19,500.
If the remainder of October can prove to be bullish for the crypto markets there is a good chance that we will see Terra Luna Classic (LUNC) recover back above $0.0003, or perhaps even higher.
Is LUNC going to recover soon?
Terra Luna Classic (LUNC) Crypto Price Prediction
On the 10th of October the price of Terra Luna Classic (LUNC) got rejected at $0.000316 and the recent Bitcoin crash took the price of LUNC down to $0.000254.
Currently, Terra Luna Classic (LUNC) is trading at $0.000273 and if enough accumulation can happen above the $0.000241 support trendline there is a good chance that we might get another breakout to the upside.
A key level of resistance at the moment is the resistance trendline of a bullish reversal pattern known as a falling wedge that LUNC is currently trading in.
In order to see more continuation to the upside LUNC needs to break through the $0.000282 resistance trendline with supporting volume. This could bring the price back up to the next swing high at $0.000302 and then $0.000316.
A bearish factor is that the price of Terra Luna Classic is still yet to break back through the 20-day moving average on the 4 hour and daily time frame. This could suggest that momentum is slipping away from the bulls and we are still in a short-term downtrend as lack of trading volume comes through.
LUNC/BUSD – Daily Time Frame.
LUNC is at risk of printing a second consecutive red candle on the price charts and the long wick on top of the body of the candle suggests quite a bit of selling pressure. It is still possible that we could see another swing low down to the support trendline of the falling wedge at $0.000249 before perhaps another impulse to the upside.
I speculate that Terra Luna Classic (LUNC) has a good chance of going back above $0.000378 and $0.000592 in Q1 2023. If October, November and December serve to be a strong trilogy of months as historical data would suggest, this could easily set Terra Luna Classic (LUNC) up for another slingshot to the upside.
More Luna Classic Burning
In terms of total market share and trading volume the Binance centralized exchange is certainly in the limelight with 49% of total volume occurring on Binance. The total amount of LUNC tokens burnt by Binance now totals at roughly 16.9 billion tokens.
This is because Changpeng Zhao or colloquially known as CZ Binance (CEO of Binance) has pledged to help reduce the superfluous supply of LUNC tokens at their own expense and so traders on the platform are not at loss.
Source: Terrarity.io
When the news officially released on the 26th September, the price of LUNC rocketed up by 80.56% from $0.000181 to $0.000329. If Binance continues to burn more Luna Classic tokens at the current rate we could see LUNC retest the $0.00037 price range.
If Luna Classic breaks out of the falling wedge pattern we could potentially expect a valid bullish reversal and Terra Luna Classic would incept in a new uptrend once again.
It is worth noting that the $0.0003 is a strong level of resistance and also a psychological barrier. Traders looking to get in now could potentially sell in tranches at that particular level or consider removing their original capital and leave the remainder running as profits to reduce all risk.
Terra Luna Classic Video Analysis
Terra Luna Classic Alternative Choice – IMPT Token
Overall, Terra Luna Classic has demonstrated fantastic performance through the crypto bear market, but to really get the price of LUNC to shave off an extra zero could really take time and multiple protocol upgrades. Having already increased in price by over 1,500% from June 2022, the upside potential is quite limited, especially during a crypto bear market.
Lucrative investors who are looking for potentially greater and quicker returns within the crypto bear market could consider the new IMPT Token. This is a new carbon offsetting cryptocurrency which strives to reduce the world’s carbon footprint by creating carbon credits on the blockchain. This helps connect socially responsible businesses, enterprises and individuals to reduce carbon footprint and fight against global warming.
IMPT Token is currently in presale and has raised an incredible $4,400,000 in just over 11 days, early investors will benefit from a lower entry or unit cost which reduces the risk and maximizes upside potential once the token goes to public sale next year.
Interested parties can head over to the official impt.io website and research the whitepaper today.
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