Terra Luna Classic Crypto Price Prediction 2022
Terra Luna Classic (LUNC) is now trading with healthy stability at $0.000442, currently down 25% from the September 7 high of $0.00059.
The battle for control between the bulls and bears is still finding balance but there is room for LUNC to push towards $0.00088.
Can Terra Luna Classic maintain its positive price momentum?
Terra Luna Classic (LUNC) Price Analysis
Fundamental analysis may suggest that a recent tweet had a detrimental effect on the price of Terra Luna Classic (LUNC) on September 9.
Extremely disappointed in CZ for not keeping their word
The 1.2% tax on withdrawals and deposits only deters people from leaving Binance
They are not applying the $LUNC burn to spot + margin trading AKA which the community asked for.
September 9th is where the Terra Luna Classic lost a key level of support within a congruent triangle that caused the price structure to decline. This resulted in a 28.87% return in price.
Much of the hype and excitement surrounding Terra Luna Classic’s positive price momentum supposedly surrounds the idea that Binance will integrate the 1.2% tax burn mechanics on their exchange. The community has recently lost heart and is feeling desperate as it seems that this will no longer be the case.
This has had a detrimental effect on sentiment and investor appetite as Binance dominates the market for LUNC/Fiat trading pairs capturing an incredible 46.15% of all trading volume.
Not integrating the tax burning mechanics means that the ecosystem will no longer have the amount of supply that was previously predicted (for now).
Terra Luna Classic (LUNC) Lost Bullish Momentum?
From a technical analysis perspective, Terra Luna Classic (LUNC) still looks strong despite negative news and fear among holders.
Terra Luna Classic (LUNC) has now written in three key support levels: $0.000363, $0.000388 and $0.000434 which it must respect and hold to prevent further continuation to the downside.
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Currently, Terra Luna Classic is trading in a horizontal channel and is higher than the last 48 hours. It reflects stability and can lead to a decisive move upwards or downwards.
It is important that LUNC can push back the $0.000448 price level, the next key level of resistance will be $0.000489 followed by the previous high on September 7 at $0.000593.
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According to the Fibonacci extension, LUNC is preparing to make a big move to $0.00088 which would result in a 98% price increase from current levels. This is just dubious speculation, but we’ve already seen LUNC do similar things in recent weeks.