{"id":379073,"date":"2023-03-07T12:00:35","date_gmt":"2023-03-07T12:00:35","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=379073"},"modified":"2023-03-07T11:57:10","modified_gmt":"2023-03-07T11:57:10","slug":"lunc-price-prediction-lunc-bulking-the-bearish-trend-as-broader-market-struggles-rebounds-as-the-crypto-market-rallies","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/lunc-price-prediction-lunc-bulking-the-bearish-trend-as-broader-market-struggles-rebounds-as-the-crypto-market-rallies","title":{"rendered":"LUNC Price Prediction: LUNC Bulking the Bearish Trend as Broader Market Struggles Rebounds as the Crypto Market Rallies"},"content":{"rendered":"

Luna Classic (LUNC) is the native token for the first-ever Terra blockchain launched in 2018. It served as a part of a lever system for regulating the price swings of the now-defunct UST algorithmic stablecoin.<\/p>\n

However, its subsequent collapse in 2022 led to the split of the Terra blockchain to accommodate a more modern approach to blockchain transactions.<\/p>\n

Despite enduring a tough period, LUNC is still one of the most recognizable crypto assets in existence, ranking 57th on the global crypto market chart.<\/p>\n

The digital asset has recently taken a contrarian approach, posting bullish signals despite the broader crypto market trailing the bears. Could this be a good time to buy LUNC in hopes of a possible recovery?<\/p>\n

LUNC Price Recovers<\/h2>\n

At press time, the Terra classic coin trades at $0.000146, following an uptrend of 1.08%% in the previous day. The digital asset has been in decline for a while, with a 9.6% drop in the last week and 100% in the last year.<\/p>\n

This rebound could be a new beginning for the crypto asset<\/a> as the broader market recovers.<\/p>\n

\"LUNC<\/p>\n

These previous slumps in prices have negatively impacted the technicals of the crypto asset, which shows a bearish trend. Its simple moving average (SMA) indicator is at $0.000175 for the 50-day short-term prediction and $0.000202 for its 200-day SMA for the long-term prediction, which is above its current price action.<\/p>\n

\"Lunc<\/p>\n

According to the technical analysis, LUNC met resistance at the 38.2% Fibonacci retracement of $0.00019 and dropped to the 23.6% Fibonacci retracement of $0.00015. However, the digital asset could not find support at this level and dropped further.<\/p>\n

LUNC’s moving average convergence and divergence (MACD) value indicates a sell signal. On the other hand, its relative strength index (RSI) value of 35.39 currently puts the digital asset in the underbought region.<\/p>\n

Nevertheless, LUNC may rebound when the broader crypto market fully recovers and rallies.<\/p>\n

Mysterious Wallet Responsible for Terra (LUNA) Crypto Crash Found<\/h2>\n

It has been about nine months since the crypto project<\/a> Terra’s (LUNA) disastrous collapse in May 2022, and several post-mortem investigations have been conducted in the wake of the LUNA disaster.<\/p>\n

However, a particular “Wallet A” has emerged as the main suspect after being proven to have played a substantial role in the UST de-pegging event.<\/p>\n

\n

1\/7<\/p>\n

Many post-mortems after the Terra events have focused on “Wallet A” which played a large role in UST depegging<\/p>\n

\"Wallet A\" swapped 85M UST for USDC and imbalanced the UST\/3CRV Curve pool<\/p>\n

There is a good chance this wallet is related to @JaneStreetGroup<\/a> pic.twitter.com\/iUGLmFCTaT<\/a><\/p>\n

— Igor Igamberdiev (@FrankResearcher) February 28, 2023<\/a><\/p><\/blockquote>\n