Terra Luna Classic (LUC) is now trading in a healthy consolidation retreat at $0.000442, currently down 25% from the September 7 high of $0.00059.
The battle for control between bulls and bears is still finding a balance, but there is still room for LUNC to push towards $0.00088.
Can Terra Luna Classic maintain positive price momentum?
Terra Luna Classic (LUC) Price Analysis
Fundamental analysis might suggest that a recent tweet caused deleterious effects on the price of Terra Luna Classic (LUC) on September 9th.
On September 9, Terra Luna Classic lost a key support level in a symmetrical triangle leading to a loss in price structure. This resulted in a price drop of 28.87%.
It is assumed that much of the hype and euphoria surrounding the positive price momentum of Terra Luna Classic surrounds the idea that Binance will incorporate the 1.2% tax cut mechanism on its exchange.
The community has recently lost morale and feels rather disappointed as it seems that is no longer the case.
This had a negative impact on investor sentiment and appetite, as Binance holds the highest market dominance for LUNC/Fiat trading pairs, reaching an incredible 46.15% of all trading volume.
With no built-in tax-burning mechanisms, this means that the previously speculated amount of supply that will be burned in the ecosystem will no longer occur (for now).
Terra Luna Classic (LUNC) Bullish momentum lost?
From a technical analysis perspective, Terra Luna Classic (LUC) still looks strong despite the negative news and fear from holders.
Terra Luna Classic (LUC) has now written in three key support levels: $0.000363, $0.000388 and $0.000434 which it must respect and hold in order to avoid any downward pursuit.
Currently, Terra Luna Classic is trading in a horizontal channel and has been for the past 48 hours. This reflects consolidation and could lead to a decisive move up or down.
It is imperative that LUNC can push back the $0.000448 price level, the next key resistance levels would be at $0.000489 followed by the previous high from September 7th at $0.000593.
According to the Fibonacci extension, LUNC could be preparing to take a big step up to $0.00088, which would lead to a 98% increase in the price from current levels. This is just dubious speculation, but we’ve already seen LUNC do similar things over the past few weeks.
Video analysis of Terra Luna Classic (LUNC)
According to Coinmarketcap, Terra Luna Classic is ranked #29 compared to other cryptocurrencies. Market capital remains at a solid level of $2.724 billion and could head towards the $3 billion mark if LUNC does not lose its critical support levels.
The next hottest crypto that could provide similar results to Terra Luna Classic (LUC) in 2022 is tamadoge.