Terra Luna Classic (LUNC) continues to endure bleed-out price action, as authorities in Singapore open an investigation into Do Kwon. The question is can LUNC recover this year?
A jaw-dropping surge of volume in the past 24 hours could be the catalyst LUNC needs for a bounce with $57m in trading volume ripping through exchanges.
This comes amid wider crypto market FUD as Powell continues to update Congress this week ahead of Friday’s highly anticipated US unemployment statistics. Rumour of an impending Mt Gox release has further hindered upside price movements.
LUNC Price Analysis
With a current trading price of $0.00013840 (representing a 24-hour change of -2.37%) – it seems the volume surge is yet to positively impact price.
However, price action seems poised for a bounce as the long -35% tumble from LUNC’s local high at $0.00021 finds legs at the $0.00014 support level.
Yet fundamental sentiment remains weak. With news of a fresh investigation into Terraform Labs in Singapore – stoking fears ignited last month when the SEC accused Do Kwon of fraud.
And this is reflected in the bleed-out price action, which continues to post lower highs and lower lows.
The RSI offers some hope – having cooled down to a very bullish 31.
This could signal that LUNC has finally entered bounce territory – indeed, this is the price level which supplied January’s LUNC rally.
Cascading price action registers as bearish on the MACD which remains increasingly bearish at -0.00000239.
How High Could LUNC Bounce?
Overall, upside potential sees LUNC targeting January’s resistance at $0.00018 (+29.86%).
Downside risk is less severe, with a local support level just below current price action at $0.000125 (-9.86%).
This leaves LUNC with a remarkably attractive Risk: Reward ratio of 3.02 – a great entry with minimal downside risk.
But poor fundamentals reject this bullish technical sentiment, without any significant bullish news that could fuel upside movement.
Some in the Luna Classic community have pinned their hopes on the development of the LUNC chain, on March 1 LUNC performed its first ever chain halt – a big win for the project.
And many speculate an upcoming listing on Binance could push LUNC to new heights, as the communtiy work to build on-chain utility that could finally ignite the burn effect on LUNC supply – such as the new Terraport DEX build.
Luna Classic Alternatives?
Although LUNC could see a bounce this week, it may not experience a strong rally until later in the year. If you’re looking for high-potential coins that could rally sooner, consider exploring other options.
To help you with your research, the Cryptonews Industry Talk team has analyzed and compiled a list of the top 15 cryptocurrencies for 2023.
This list is regularly updated with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.