Luna Classic Price Could Rise Another 1,000% if Crypto Complex Settles

Luna Classic price has been rallying sharply in recent weeks. The native token of the original Terra blockchain recorded a sharp decline in May after the depegging of TerraUSD (UST) stablecoin, which resulted in the crash of Terra blockchain. Now, it seems that Luna Classic (LUNC) is making a comeback.

Luna Classic gains 1000%

In the past month, LUNC has rallied over 300%. At the time of writing, the token was trading at $0.000432, according to data from CoinGecko. The uptrend reported during the past month has been one of the highest since May’s volatility.

Despite this uptrend, a pullback may be on the way, as seen in the cooling down of the uptrend. The recent uptrend comes amid intense buying pressure, but the momentum of buyers may soon run out due to the broader market recession.

Earlier this month, Luna Classic price consolidated as the bears and bulls fought to have control of the market. Bulls seem to be winning, but the demand could be exhausted, and the price could soon consolidate.

During the past 24 hours, LUNC price has consolidated between the $0.000339 and $0.000441 range. Its trading volumes during the past 24 hours also stand at over $2 billion, making it the seventh-most traded cryptocurrency.

The uptrend reported during the past month has also aided LUNC in climbing up the leaderboard to become the 28^th largest cryptocurrency with a market cap of $2.9 billion. The current uptrend is optimistic for the LUNC traders that bought post the May crash. However, the early LUNC investors are still in losses following the token’s 100% drop from the all-time high of $110.

Before the collapse, LUNC was one of the top ten largest cryptocurrencies by market cap and one of the leading projects in the web 3.0 & crypto sector. However, its price correlation with the UST stablecoin was a major weakness that saw it crumble after UST lost its peg. The UST stablecoin has also been on a bold uptrend during the past month, gaining by around 30%.

The gains made by LUNC are spectacular, given that the rest of the cryptocurrency market is bleeding. The global cryptocurrency market has plunged by 4.5% during the past 24 hours and dropped below $1 trillion. Bitcoin is also back to trading at the June 2022 lows, but none of these happenings are harming LUNC’s momentum.

Luna Classic price chart

LUNC has a Relative Strength Index of 55%, showing that the bears are in control. Buyers seem to be losing control of the market, which could signal a downturn soon. The sellers could be behind LUNC’s consolidation and the token cooling off after the significant gains made during the past few weeks.

At the current prices, the next resistance level for LUNC to overcome is $0.00045. The token has failed to break this resistance during the past 24 hours as broader market volatility has led to a decline in buying support.

On the other hand, LUNC could also fall if the shorts take control. If this happens, the support levels of $0.0003 and $0.00025 will be tested. If the token falls to these support levels, it could fall further as holders abandon their tokens.

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