LUNC Touches Trendline Support. Will it Bounce Back or Further Dip?

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Terra Classic’s token, LUNC, has recently reached a critical point as it touches trendline support.

Traders and investors are now closely monitoring the situation, pondering whether LUNC will experience a potential bounce back from this significant level or decline.

Despite this optimistic move, LUNC is down by 2.26 in the past 24 hours with a trading volume of over $28 million.

LUNC Short and Long-Term Price Movement

Terra Classic token ($LUNC) has been on a steady price decline since the first quarter of 2023. After several attempts to shift momentum, the bears persist and push the asset to a quarterly low of $0.0001 on March 10.

At the beginning of Q2, 2023, LUNC was trading on a range price pattern for 20 days, oscillating between $0.00012 and $0.00013, respectively.

However, the price broke the significant support level of $0.00012, dropping below the previous quarterly low to $0.000079. Since then, there has been a slight recovery in price movement as the coin is trading above the trendline support.

Based on data from CoinGecko, the LUNC token’s price has displayed notable volatility over the past seven days. It is worth noting that LUNC has witnessed a significant decline of over -100% from its all-time high of $119.18.

Conversely, despite this sharp decline, LUNC has shown remarkable resilience by surging massively by over 8,000% from its all-time low of $0.000000999 on May 13, 2022.

LUNC Touches Trendline Support, Potential Break-out Point

After experiencing a prolonged bearish trendline, the price of LUNC is now shaping a new technical chart pattern.

The price chart depicts several attempts to breach the trendline resistance on March 03 and June 04, but each effort failed to break through. However, on July 17, a glimmer of hope emerged as a new momentum began to form.

This occurrence caught market participants’ attention, eagerly awaiting signs of a potential trend reversal. Nevertheless, the excitement was short-lived as the price quickly retraced into the established trading range.

However, on July 17, a fresh momentum emerged, briefly pushing the price above the trendline resistance before returning into the previous trading range. Presently, the price is trading within the confines of the trendline support.

The price must successfully break out from the resistance level to validate the bullish sentiment. This critical move would signal potential further upward movement in the LUNC token’s price.

Price Analysis Using Technical Indicator

As shown on the daily chart, after five consecutive red candles, the coin is showing momentum today as its showing one green candle. This indicates buyers are aggressively stepping into the market, signaling a potential bullish run in the coming days.

Additionally, the asset is trading above the middle band of the Bollinger Bands Indicator, expressing the bullish momentum present. Despite the bullish momentum, the Relative Strength Index oscillator indicates a balanced market with a reading of 50.28.

An RSI value of 50.28 is considered a neutral market with balanced buying and selling pressure.

Expert’s Review on LUNC Price

DigitalCoinPrice had a more optimistic outlook for Terra’s long-term price prediction, suggesting that by 2030, the token could potentially trade at an average price of $20.23.

On the other hand, LongForecast presented a bearish view of LUNA’s future, predicting that by the end of 2023, the token might close at $1.15. Their 2025 forecast indicated LUNA starting the year at $0.71, declining to $0.69 in April, and possibly ending at $0.72.

Wallet Investor, too, had a pessimistic stance on LUNA’s price prediction, projecting a possible decline to as low as $0.0552 by mid-April of the following year.

Note that the volatile nature of the crypto market makes it difficult to accurately predict the potential future price of any coin or token.

Factors That Can Affect The Price of LUNC

Adopting the Terra Luna Classic token in real-world use cases and its integration into various platforms and ecosystems can substantially impact its price.

Additionally, partnerships and integrations with other projects and platforms can enhance the token’s utility and adoption, positively influencing its value.

Other factors that could affect LUNC price include network-related events.

Terraform Labs Appoints New Interim CEO

Terraform Labs, a prominent blockchain development company, has recently made a significant leadership change with the appointment of Chris Amani as the interim Chief Executive Officer (CEO).

This move comes as he steps into the role previously held by co-founder Do Kwon. As an experienced professional with over two decades of experience in the crypto and tech industry, Chris Amani is expected to bring fresh insights and expertise to the organization’s top leadership position.

Before this, Chris Amani occupied key leadership roles at renowned technology firms, including MongoDB, Electronic Arts, and Zynga.

The appointment of Chris Amani as the interim CEO of Terraform Labs could impact the price of LUNC, the Terra Luna Classic token.

Positive sentiment and confidence in Amani’s leadership, backed by his experience in notable technology companies, may attract more investors and potentially drive demand, positively influencing LUNC’s price.

Another notable event within the ecosystem is the resignation of two prominent LUNC L1 Task Force members, LuncBurnArmy (LBA) and Fragwuerdig, due to a breach of their privacy.

The developers opted to resign immediately following the unauthorized public release of their sensitive personal information, a challenging choice they had to make.

After stepping down, the surplus funding intended for the second quarter will be returned to the community pool as the team completed the quarter with the remaining funds. Furthermore, the funding initially assigned to LBA and Fragwuerdig for the third quarter will be reallocated to the community pool.

Overall, the resignation of team members and the financial reallocation could result in increased market volatility and potential price fluctuations for LUNC.

Investors and traders are likely to closely analyze the project’s response to these events and how the leadership navigates through the challenges, as this could play a significant role in determining the token’s price direction in the short to medium term.

LUNC Alternative: Wall Street Memes Presale Hits $16M – Next Meme Coin to Mint Crypto Millionaires

Wall Street Memes (WSM) has quickly gained attention in the meme coin market, even during its presale phase, successfully raising over $16M and sparking fear of missing out (FOMO) among investors.

Industry experts and analysts believe WSM can potentially transform strategic early investors into crypto millionaires by the end of this quarter. The coin’s success is attributed to its compelling theme, engaged community, and association with influential figures like Elon Musk.

Moreover, WSM has established a robust presence in the global crypto market, contributing to its favorable outlook.

Factors Contributing to the Popularity of Wall Street Memes Presale

One of the most notable aspects of Wall Street Memes (WSM) is its vibrant online community, which shares humorous memes that satirize financial institutions, governments, investors, and traders.

With a global following of over one million users, this community holds considerable influence, particularly among meme coin investors in their late twenties and early thirties.

To expand its presence in the Web 3.0 market, Wall Street Memes launched an NFT collection named the Wall St. Bulls, which remarkably sold out within just 32 minutes.

This success highlights the community’s strong position in the market and adds credibility to bullish price predictions for the meme coin, ranging from 25X-30X upon its listing on exchanges.

Notably, the project has gained visibility in external markets due to active engagement from Elon Musk, further bolstering its reputation and drawing attention to its potential for growth and success.

Wall Street Memes Presale Activities

The presale is divided into thirty stages, with its price gradually growing. The present stage is anticipated to elapse in a few days.

The token is selling at $0.0322, projected to increase slightly by 1% to $0.0325 in the coming stage.

Wall Street Meme Tokenomics

WSM’s extensive community-reward mechanism, distributing 30% of the total token supply, positions it as an attractive long-term investment in the meme coin realm.

Despite the token lacking utility, the reward system is a strong incentive for investors to retain their holdings beyond the initial hype phase. This feature enhances the coin’s appeal for those seeking sustained value and potential returns.

However, the project has set aside 50% of the total token supply for aggressive marketing, while 20% is allocated to CEX and DEX Liquidity.

By providing liquidity to DEXs, the project aims to facilitate smoother and more efficient trading, making it easier for users to buy and sell the token in the open market.

This allocation can also prevent significant price fluctuations and contribute to a healthier and more stable market environment for the token.

How To Buy $WSM Token?

Visit the official Wall Street Meme website – (wallstmems.com)
Connect your wallet (MetaMask or Trust Wallet)
Buy Wall Street Meme token with USDT, BNB, or ETH, or you can also use your debit card to purchase the token.
Claim your tokens – All Wall Street Meme tokens are stored in your wallet until after the presale, when you can claim the tokens.