Terra Luna Classic (LUNC) has been experiencing a downfall recently. The data has confirmed that within a matter of 24-hours, the trading price of LUNC has plummeted by 4%.
The decline in LUNC’s Trading Price
It is quite alarming to see that the decline hasn’t been recorded for LUNC in the past 24-hours but it extends to the past 7 days. The value of LUNC has continued declining in the past 7 days as well.
In this particular period, the value of LUNC has declined by 5%. This is not a good sight for the LUNC investors who were hoping to see the price of the asset climb higher in the upcoming days.
The decline in the trading price of LUNC keeps on increasing as the historical data is analyzed. It shows that in the past 30-days, LUNC’s trading value has dipped by 27%.
The year-to-date report shows that the asset’s price has continued to decline. It shows that the trading price of the asset has plunged by 13% from the start of the year until now.
The overall performance of LUNC has not been convincing at all since the New Year has begun. Compared to LUNC, the trading prices of the major currencies have continued moving in the upward direction.
Even now, cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin have all moved in the upward direction. Whereas, the trading price of LUNC has continued moving in the downward direction.
LUNC Community is Still Supporting the Token
When it comes to the token, it has not delivered a strong performance since its demise back in May 2022. That was the time when the Terra Network, which is behind the issuance of the token, faced a major crash.
It caused a crash for the Terra USD stablecoin, which is now known as TerraUSD Classic (USTC). Following the crash of the stablecoin, people lost their trust in the LUNA token as well, bringing it to its demise.
As the Terra Network tried to recover from the major downfall, it relaunched the Terra Luna token as Terra Luna Classic.
Since the relaunch, the token has not performed well and by some, the token shouldn’t even be in circulation. Still, the LUNC community has strong faith in the token and they are not letting it go out of existence.
They have continued supporting the ecosystem that the LUNC token backs, which is keeping the token alive. The communities still believe that the trading price of the token may recover very soon.
Therefore, they are constantly investing in the token and are stopping it from going out of business.
Prediction about LUNC
As of now, the token is heavily oversold, which means that the community is low on confidence or they have lost its breath.
As long as the community is taking a breather, the price of LUNC may continue declining. The most alarming thing is that the token has already been below the 200-day moving average threshold.
It has also faced a decline below the 30-day moving average and the situation may keep getting worse in near future.
Bullish Prediction for LUNC
Although the situation is very complicated for LUNC and it is expected to move in the bearish direction, still, analysts have made bullish predictions about the token.
The bullish predictions suggest that if the rally sticks around, the trading price of LUNC may rise over the $0.00014 level, the resistance level for the token.
For a long time, the bulls have tried to push the price of LUNC higher than the $0.00014 mark. However, they were not able to do it and every time, they were rejected from doing that.
Given the general market trends, if the rally continues, then the trading price of LUNC may surge to a high of $0.00020.
Despite the bullish predictions, there is a high chance that the trading price of the asset may fall below the $0.00007 mark.