LUNC’s 14-Day Uptrend Signals Strong Growth Ahead – Time to Buy?
Luna Classic (LUNC), the cryptocurrency that powers the defunct original Terra blockchain, has been in a technical uptrend since March, suggesting potential price strength in the short term. The Terra blockchain experienced a catastrophe in May 2022 when its stablecoin token UST depegged from its 1:1 value to the US dollar, sparking hyperinflation in LUNC, the token that acted as collateral for UST. LUNC, which once traded with triple digits, now trades with three zeros in front of its decimal point. However, the token is currently up about 8.8% versus last month’s lows, supported by a short-term technical uptrend. In the short term, momentum appears to be building for a rally back towards earlier monthly highs above $0.00013 and a potential break above the 50DMA, which could lead to further upside towards resistance in the $0.000155 area. Investors should be cautious about buying LUNC, as it has no fundamental worth, and the outlook for a revival of a viable web3 ecosystem on the original Terra blockchain is poor, meaning that LUNC’s long-term prospects are poor. The article suggests that investors would likely do much better by considering investing in established blue chip cryptocurrencies, other established altcoins, or perhaps token presales, although these are highly risky. The article concludes with a list of 15 of the best crypto presales of 2023 as deemed by the Cryptonews team. The Industry Talk section is not a part of the editorial content of Cryptonews.com.
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