Is Terra Luna Classic Going to Zero? LUNC Price Drops 20% as Novel Mining Protocol Takes All the Attention
Despite a tumultuous 2023, Terra Luna Classic (LUNC) has made a strong comeback. However, there is concern about whether the price drop of -20% means that Terra Luna Classic is headed towards zero.
LUNC Price Analysis: As LUNC Hammers Down Is Terra Luna Classic Going to Zero?
Terra Luna Classic is currently trading at $0.00011741, with a 24-hour change of 0.64%. The price has retraced from upper trendline resistance at $0.00027960, and there has been a month-long decline of -64%. The moving averages have played a significant role in the downward price action, with LUNC losing support from the 20DMA on December 15.
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The 20DMA has now become resistance, pushing the price downwards. The 200DMA is still showing gradual ascent at $0.00008945. A crucial local support at $0.00011525 is the last hope for LUNC holders.
Although the RSI shows oversold bullish divergence, suggesting an upcoming upside movement, the MACD displays bearish divergence, indicating fleeting momentum. Overall, Terra Luna Classic appears weak due to poor project fundamentals following the court ruling against Do Kwon.
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