LUNC, the ticker for the Luna Classic cryptocurrency that powers the unique, however now largely defunct Terra blockchain, is up a formidable greater than 40% from the lows it printed again in December beneath $0.00013. LUNC/USD was final altering fingers within the $0.00017s, just a little beneath current highs within the $0.00019s, with the bulls nonetheless struggling to push the cryptocurrency again to the north of its 100 and 200-Day Transferring Averages.
However short-term price predictions stay cautiously optimistic, with the cryptocurrency’s near-term technical outlook pretty constructive.
The place Subsequent For LUNC?
Earlier this month, LUNC/USD broke to the north of a longer-term downtrend that had been capping its value motion going all the best way again to early October. The cryptocurrency additionally seems to be in an upwards pattern channel that has been in play since mid-December.
In the meantime, although the 100 and 200DMAs are nonetheless offering resistance, LUNC’s 50 and 21DMAs at the moment are offering help. The overall technical image thus suggests {that a} shopping for strain is constructing and a break above the 100 and 200DMAs is a risk. The $0.00019 space is a key zone of resistance. A break above it might set off a swift bounce to the subsequent main resistance space round $0.00027.
LUNC to $1.0 in 2023?
Whereas the near-term outlook for LUNC seems to be fairly good, a check of $1.0 in 2023 is unlikely, until the Luna Traditional neighborhood implements massive adjustments to the cryptocurrency’s tokenomics. That’s as a result of, at current, there are near 7 trillion LUNC tokens in circulation.
Most would agree that Luna Traditional is unlikely to ever attain a $7 trillion market cap, not least as a result of the blockchain’s complete web3 ecosystem was obliterated in mid-2022 when UST depegged from the US greenback and triggered hyperinflation in LUNC.
However can a continued rise within the broader cryptocurrency house push LUNC again in the direction of its highs from final yr within the $0.0006 space? Why not, cryptocurrency markets are a loopy speculation-driven place.
LUNC Alternate options
Should you’re in search of different high-potential crypto tasks alongside LUNC, we have reviewed the highest 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Trade Discuss group.
The checklist is up to date weekly with new altcoins and ICO tasks.
Disclaimer: The Trade Discuss part options insights by crypto trade gamers and isn’t part of the editorial content material of Cryptonews.com.