LUNC the native crypto coin powered by Terra blockchain recently experienced a decline in its price as it has given up on a long-standing uptrend.
The first trading day of the current week has seen a decline in the prices of all cryptocurrencies. LUNC’s price declined by 2.6%, and at the press time, the crypto coin was being traded around $0.000 1650.
If we compare the recent price of the cryptocurrency to its price back in November the current price is still higher by almost 10%.
However, the current price of $0.0001650 marks a 13% decline from the all-time high price. The Crypto market once more experienced a strong bearish trend, with bears crushing down the bulls.
The price of other cryptocurrencies such as Bitcoin, Ether, DOGE, ADA, and LUNC receded.
The Future of LUNC- Can Crypto Coin Reach High in 2023
As the prices were receded on Monday at the press time. The crypto investors and analysts initiated a conversation on Twitter and argued about the future of LUNC.
Can cryptocurrency once more reach the top in 2023, the highest price mark it touched back in early September?
Experts said that indicators are not very much in the favor of LUNC and it seems nearly impossible for Terra’s native coin to reach back to its all-time high.
The Technical Analysis Shows
First thing first, On Dec 12 2022 the currency’s long-standing upward trend was broken, which was constantly resisting the market bears since July.
This is a massive setback for the currency and that too at a very crucial time. This upward trend has now become a resistance level for the currency’s performance.
Whereas all the other cryptocurrencies are struggling to surpass their respective resistance levels. LUNC can’t surpass its resistance level. Moreover, the chances of further low are still very much on the cards for cryptocurrency.
If the ongoing downward movement of the asset keeps at it, LUNC price may fall below the $0.00015 mark. Later, it may end up falling to a low of $0.00012 as the running month comes to a close.
Bulls Are Hoping for Help from Somewhere Else
Following the current collapse in prices Bulls are hoping that the short-term monetary policy by the FED gives some support to Bulls.
The monetary policy that is due to be announced by the end of December can further make and break the crypto and fiat markets.
Lower inflation numbers and the lower interest rate can push the cryptocurrency back on high. But the favorable monetary policy does not guarantee the bulls will be able to push the bears down.
According to ‘TradingView’ LUNC now seems bearish and by the end of December, its price can reach $0.00012.
So, for the short term, things are highly bearish for LUNC. But as far as the long-term price is concerned, not only LUNC but all the other cryptocurrencies need a strong rebound to rise again.
If Fed decides to lower the interest rate this might be a factor that can lead the cryptocurrency market back to its recovery.
Experts have not ruled out that the prices of LUNC can go high again, but reaching the highest market that it reached back in September is impossible for the entire of 2023.
In order to replicate September’s high a massive reduction in the existing LUNC supply and a huge recovery in the LUNC ecosystem are required.
If the current supply of cryptocurrency somehow is brought down this would leave Terra Lunar with a crisis where the crypto exchange will lack the funds to support its operations.
As of now the only way left for the cryptocurrencies to regain their prices is some sort of hype or some sort of outcome that backs the market bulls.
Analysts seem to be quite clear that 2023 will see a momentum shift and investors will be more inclined towards investing in Altcoins. Currently, the future seems grimmer for Terra Luna native cryptocurrency.
