LUNC, the ticker for Luna Classic The cryptocurrency that powers the original, but now largely inactive Terra blockchain, is up an impressive 40% from its December lows of just under $0.00013. LUNC/USD was last changing hands at $0.00017s, down slightly from a recent high at $0.00019s, with bulls still struggling to push the cryptocurrency back north of its 100 and 200-day moving averages.
but short term price prediction Remain quite positively bullish with the near-term technical outlook for the cryptocurrency.
Where next for lunch?
Earlier this month, LUNC/USD broke north of a long-term downtrend, limiting its price action until early October. The cryptocurrency also appears to be in an uptrend channel that it has been following since mid-December.
Meanwhile, while the 100 and 200DMA are still providing resistance, the 50 and 21DMA of LUNC are now providing support. The general technical picture thus suggests that buying pressure is building up and a break above the 100 and 200 DMA is likely. The $0.00019 area is a major resistance area. A break above this could lead to a bullish jump to the next key resistance area near $0.00027.
LUNC to $1.0 in 2023?
While the near-term outlook for LUNC looks great, testing $1.0 in 2023 is unlikely unless the Luna Classic community implements major changes to the crypto’s tokennomics. That’s because, currently, there are approximately 7 trillion LUNC tokens in circulation.
Most would agree that Luna Classic is unlikely to ever reach a $7 trillion market cap, not least because the blockchain’s entire Web3 ecosystem is slated to collapse in mid-2022 when the UST decouples from the US dollar. and hyperinflation started in LUNC.
But can the continued growth in the broader cryptocurrency space push LUNC back to last year’s highs in the $0.0006 area? Why not, the cryptocurrency market is a crazy speculation driven place.
LUNC option
If you are looking for LUNC as well as other high-potential crypto projects, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The industry talk section features insights by crypto industry players and is not part of the editorial content of 0xnews.com,
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