Terra Luna Classic price prediction remains slightly bullish above the $0.00022 level, which is supported by a triple bottom pattern. The Terra Luna Classic has been struggling in the market for many months, particularly since rebranding in the aftermath of the collapse of the original Luna cryptocurrency.
The recent decline in crypto shows that traders have not yet gained full confidence in the network, which is also the reason for the market’s low to no volatility.
But recently, Terra LUNA Classic has recently gained a slight bullish momentum; can LUNC reach $1 parity? Let’s find out!
Profit Withdrawals from Investors
The Federal Reserve’s comments regarding the ease of inflation measures triggered this week’s surge in LUNC prices. The comments sparked a massive rally in the stock market, and the strong correlation between stocks and cryptos caused optimism to spill over into the bleak crypto market.
As a result, many cryptocurrencies, including LUNC, rallied in response to stock market gains. However, the coin is currently declining, raising the possibility that investors are still concerned about the sustainability of the LUNC’s price growth.
The -2% drop could be attributed to an increase in the number of cryptocurrency investors withdrawing profits. The reason for quick profit booking could also be related to a lack of confidence in the growth’s long-term viability.
Following the crash of the original LUNA coin, the new Terra network brand has suffered greatly in the market. It has also had an effect on LUNC’s overall performance.
Token Burning Might Help
The only hope for the coin is token burning, which will help reduce market oversupply and push prices higher. It was already tested in September, when Binance and other major CEXs began burning LUNC tokens, causing the price of LUNC to skyrocket by 60% in a matter of hours.
Binance, the centralized exchange, is in the spotlight since it accounts for 49% of all trading volume. Approximately 24.6 billion LUNC tokens have been burned so far.
This is due to the fact that Changpeng Zhao, also known as CZ Binance (CEO of Binance), has promised to help reduce the surplus supply of LUNC tokens at their own expense, ensuring that traders on the platform suffer no losses.
After the announcement was made public on September 26th, LUNC’s price increased by over 80%, from $0.000181 to $0.000329. This means that a retest of the $0.00037 range for LUNC is possible if Binance keeps burning more Luna Classic tokens at the current rate.
Stronger Dollar Puts Pressure on LUNC
The falling LUNC/USD price can also be attributed to the rising USD price. The greenback was +0.29% higher than it had been in the previous session on Friday. This indicates that the US dollar was strong against a basket of major currencies.
The dollar’s strength could be attributed to upcoming inflation data, as well as the Euro’s weakness on the day after the ECB raised interest rates by 75 basis points.
As a result of the stronger US dollar amid rate hike sentiment, LUNC is becoming less appealing as investors shift their investments from crypto to USD in anticipation of a Fed rate hike.
Terra Luna Classic Price Prediction – Can LUNC Reach $1 Parity?
During the trading session on October 28th, the LUNC/USD pair opened the day at $0.000239 and reached a high of $0.000254 and a low of $0.000239. The cryptocurrency has been trading in the same range for the past eight days.
The token fell by 2.11% in the previous 24 hours but gained more than 5.46% in the previous seven days. On the technical front, LUNC is gaining immediate support from an upward channel at $0.00023.
On the upside, LUNC may encounter resistance at $0.00025, and a cross above this level may lead the price to $0.00026 or $0.00027.
Leading indicators such as RSI and MACD are tossing in the buying and selling zone, assisting investors who are unsure. Consider looking for a buying trade above $0.000239 and a selling trade below that level.
New Crypto Presales
Traders looking for a quick profit may be disappointed, as Terra Luna Classic price prediction shows a slow bullish recovery in 2022. In less than a week, the Dash 2 Trade presale has already raised over $3 million, making it one of the year’s largest token sales.
Dash 2 Trade, an Ethereum-based platform, seeks to provide users with real-time analytics and social trading signals. The money raised thus far represents a massive show of support for the system.
Following the conclusion of the presale and prior to the platform’s launch in the first quarter of 2023, the company intends to list its D2T token on multiple exchanges.
D2T has solid foundations to propel it to even greater success if previous presales this year are any indication.
Visit Dash 2 Trade now
Read the full article here
