- The LUNC price prediction exhibits weakness as the price plunged from a key level.
- At the time of publication, the LUNC Coin price is trading at $0.000117, with a last 24-hours intraday volume of 118.84 Million.
LUNC, previously Luna, is the first token of the Terra blockchain, which changed its name to Terra Classic after the Terra community’s governance proposal 1623.
This was because of the UST de-pegging event. The original chain still works, but market swaps (mint/burn function) are turned off, and LUNC shows this old chain.
LUNC crypto is the main staking asset of the Terra Classic network. It’s used for protecting the Proof of Stake (PoS) network and for joining in governance proposals.
Even though the depegging event and the making of a new Terra chain happened, LUNC crypto keeps its use in the Terra Classic ecosystem. It works as collateral for the Terra Classic stablecoins and gets rewards from transaction fees on the network.
The Terra blockchain is protected using a proof-of-stake consensus algorithm based on Tendermint, in which LUNA token holders stake their tokens as collateral to verify transactions, getting rewards based on the amount of LUNA staked.
Token holders can also let others verify transactions for them, splitting any revenue made. Terra also gives more advice to validator nodes on the best ways to help keep the network safe.
In May 2019, soon after Terra’s mainnet started, blockchain verification and penetration testing firm CertiK finished a security audit of the network.
It looked at its economic model to check against market manipulation, its structure and its coding language. CertiK said that the “modeling and mathematical reasoning” of the Terra network was “thought to be good,” but it would not say anything about the blockchain’s performance.
What to Expect Next From LUNC Price Prediction?
The LUNC price prediction exhibits weakness as the price plunged from a key level of around $0.000280 on the charts.
It seems the crypto is set for a dismal plunge, as it fails to rise and sinks to new lows due to solid resistance.
The LUNC crypto is showing bearish signs and has the potential to fall further. It performed poorly in the past week, and last month, by 21.95% and 54.86% respectively, indicating a strong downtrend.
At the time of publication, the LUNC Coin price was trading at $0.000117, with a 24-hours intraday volume of 118.84 Million.
Therefore, the LUNC coin price could continue to move downwards and reach $0.000085. If the crypto fails to maintain the current level.
The LUNC price prediction is showing bearishness as it falls below major trend EMAs. If the selling pressure rises, the slump might stretch more to new lows, simultaneously.
On the flip side, if the LUNC coin price rises from the current level, then it might hit the nearest resistance level of $0.000170.
The MACD line at 0.00000707 and the signal line at 0.00000186 are below the zero line and both lines crossed each other in a bearish crossover.
The current value of the RSI is 35.39 points while the 14-day SMA is below the median line at 45.41 points. This indicates a downward direction and bearish sentiments in the market for the LUNC coin.
Summary
The LUNC price prediction is showing bearishness and low potential as it fell below major EMAs. The slump might stretch more and conquer below levels, simultaneously amid strong selling pressure.
The MACD line at 0.00000707 and the signal line at 0.00000186 are below the zero line and as both lines crossed each other, a bearish crossover was observed in the MACD oscillator, suggesting bearish signals. The RSI at 35.39 is also giving bearish signals.
Technical Levels
Support Levels: $0.000085
Resistance Levels: $0.000170
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.