LUNC, the ticker for the Luna Classic cryptocurrency that powers the original, but now largely defunct Terra blockchain, is up an impressive more than 40% from the lows it printed back in December under $0.00013. LUNC/USD was last changing hands in the $0.00017s, a little under recent highs in the $0.00019s, with the bulls still struggling to push the cryptocurrency back to the north of its 100 and 200-Day Moving Averages.
But short-term price predictions remain cautiously optimistic, with the cryptocurrency’s near-term technical outlook fairly positive.
Where Next For LUNC?
Earlier this month, LUNC/USD broke to the north of a longer-term downtrend that had been capping its price action going all the way back to early October. The cryptocurrency also appears to be in an upwards trend channel that has been in play since mid-December.
Meanwhile, though the 100 and 200DMAs are still providing resistance, LUNC’s 50 and 21DMAs are now providing support. The general technical picture thus suggests that a buying pressure is building and a break above the 100 and 200DMAs is a possibility. The $0.00019 area is a key zone of resistance. A break above it could trigger a swift jump to the next major resistance area around $0.00027.
LUNC to $1.0 in 2023?
While the near-term outlook for LUNC looks pretty good, a test of $1.0 in 2023 is unlikely, unless the Luna Classic community implements big changes to the cryptocurrency’s tokenomics. That’s because, at present, there are close to 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 was obliterated in mid-2022 when UST depegged from the US dollar and triggered hyperinflation in LUNC.
But can a continued rise in the broader cryptocurrency space push LUNC back towards its highs from last year in the $0.0006 area? Why not, cryptocurrency markets are a crazy speculation-driven place.
If you’re looking for other high-potential crypto projects alongside LUNC, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
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Source: Crypto News