The cryptocurrency, Terra Luna Classic (LUNC), experienced a catastrophe last May, when its associated algorithmic stablecoin UST lost its 1:1 peg to the US dollar. This event had devastating consequences on LUNC’s price, which remains roughly flat on Thursday, trading in the $0.000085 area. However, a potentially bullish chart pattern has emerged, giving LUNC holders hope for a much-needed recovery.
Over the past few weeks, LUNC has been consolidating within a pennant structure while also finding resistance at its 21-Day Moving Average (21DMA). If the cryptocurrency can break to the north of the pennant structure and overcome its 21DMA resistance, a recovery toward support-turned-resistance at $0.0001160, about 36% higher, could be possible.
On the flip side, LUNC remains below its 21DMA and could break to the south of the pennant structure, which would leave the possibility of a retest of annual lows in the $0.00008 area, followed by an even steeper drop towards June 2022 lows at $0.000035. The road ahead remains uncertain as fundamentals don’t seem to be in LUNC’s favor, following the loss of its 1:1 peg to the US dollar last May, which resulted in a devastating “death spiral.” As a result, LUNC holders may want to consider selling while they can.
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While the future of LUNC remains uncertain with a combination of bullish and bearish indicators, alternative projects like yPredict’s AI-based trading signals platform provide new opportunities for investors to explore within the ever-evolving cryptocurrency market.
Source: Cryptonews
