Terra Luna Classic price has tagged new lows for 2023 following a sharp retracement in the last 24 hours. LUNC powers the original Terra (LUNA) network which was revamped following the tremendous crash of the stablecoin UST in 2022.

After an aggressive bullish push in January from $0.0001450 to $0.00021 Terra Luna Classic price embarked on a gains’ trimming exercise. Efforts to keep the uptrend intact hit strong snags in early February as the crypto market reacted to the Federal Reserve interest rates hike.

Economic data after the Federal Open Market Committee (FOMC) meeting in early February has not offered any hope that things can get better for crypto and other high-risk asset classes.

Investors are now waiting for the next FOMC meeting on March 22. Still, it’s nothing positive to look forward to following the latest remarks from Fed Chair Jerome Powell. Speaking on Tuesday during his hearing before the Senate Banking Committee, Powell reckoned that investors should brace for tougher economic conditions, with the interest rate hike expected to surpass market expectations.

Meanwhile, Terra Luna Classic price appears ready to climb higher after sweeping a new 2023 low at $0.000131 and testing a key point of control established in Q4 2022. Traders would be looking at three key signals likely to keep LUNC price on an upside roll over the coming days – maybe weeks.

Terra Luna Classic Price Eyes Relief Rally – Here’re the Levels to Watch

Terra Luna Classic price has been moving within the confines of two price ranges with the lower limit at $0.00014 and the upper limit generally at $0.00018. The last time LUNC price slipped below the lower limit in December, the token exploded in a remarkable 65% rally to $0.00021.

• Traders would be looking for three key signs to show Terra Luna Classic is ready for a laudable rebound:
• LUNC has dropped below the 2022 Q4 price control point and this situation would provide the necessary momentum from increased long positions.
• Terra Luna Classic price also established a base price with the presence of double-bottom roughly at $0.0001275.

The last thing that is absent is Terra Luna Classic price pulling a sharp upside move on a lower time frame – this would be the 4-hour chart and below.

What does this mean? LUNC should rebound to bring forth a higher high supported by an impulsive price action with a Fair Value Gap (FVG). In other words, such a move would create an imbalance in the token’s market structure likely to lead to a correction – similar to the one witnessed between late December and the end of January.

As Terra Luna Classic price pulls back into the FVG, it may present traders with an undeniable but lower timeframe entry. Amidst the prevailing oversold conditions and the double-bottom, the probability of a sharp rebound is significantly high.

That said, investors would be looking forward to Terra Luna Classic price making a 16.5% recovery from the current market value of $0.0001374 to highs around $0.00016. However, this is a conservative target from a lower timeframe standpoint. LUNC may close in on the upper limit at $0.00018 ahead of another move to $0.00021.

Traders must be careful not to chew more than they can swallow, hence the need to move with the trend. Entries above $0.00014 can first be cashed out at $0.00016 before new entries are made toward $0.00018 and $0.00021, respectively.

Other macroeconomic factors will also determine how Terra Luna Classic price trends in the next few weeks, especially with the risk of higher interest rates anticipated from the Fed. Internally, the crypto market is facing growing pressure from the Silvergate crisis.

The once-thriving crypto-friendly United States bank raised an alarm last week about its weakening capital position. It is believed the collapse of FTX exchange in November and the liquidity crunch that subsequently followed are to blame for the financial woes.

Top clients with the Silvergate including Coinbase, Kraken, and Galaxy Digital stopped all relations with the bank, a move that could have further exacerbated the situation. However, these key clients cannot be blamed for taking steps to protect their customers and company assets.

Over the coming weeks, the world would slowly discover what led Silvergate to its knees. Experts expect investors to remain risk-averse, or in other words, with reduced appetite for high-risk markets like crypto – a situation that may prevent Terra Luna Classic from swinging to $0.00018 and $0.00021, respectively.

Moreover, whatever happens to Bitcoin will also affect altcoins following the next interest rate hike. If Terra Luna Classic price moves lower and creates a fresh 2023 low below $0.0001275, traders should expect the bullish narrative to be invalidated. In that case, LUNC’s technical outlook would change drastically eyeing dips toward $0.00012.

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