⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

Luna Classic (LUNC): A Lucrative Investment Opportunity?

Published 2023-12-06, 11:26 a/m
© Reuters.  Luna Classic (LUNC): A Lucrative Investment Opportunity?
BTC/USD
-
LUNAt/USD
-

Coin Edition -

  • LUNC faces a 13.73% drop, testing key support levels at $0.000195 and $0.000167 amid a bearish trend
  • LUNC has outperformed BTC recently, attracting traders seeking volatility and market opportunities
  • The controversial proposal to reduce validators in Terra Luna Classic sparks debate over centralization risks and security concerns

Terra Classic (LUNC) has recently caught the attention of investors and traders alike. Following a significant surge to $0.00028, the coin experienced a sharp 26.6% decline in value over two days, settling at approximately $0.000206. This change comes amid overall bullish sentiment in the broader crypto market, suggesting that this dip could be a temporary correction, a common occurrence after substantial rallies.

However, bears in the LUNC market have had the better hand in the previous 24 hours, with prices sliding from a high of $0.000275 to an intra-day low of $0.0002159 before regaining some stability. At press time, the bearish momentum was still in charge, with LUNC trading at $0.0002068, a 13.73% drop from the intraday low.

LUNC/USD 24-hour price chart (source: CoinStats)

Investors are now closely watching key support levels for LUNC, particularly at $0.000195 and $0.000167. These figures align with the 38.2% and 50% Fibonacci retracement levels. Holding these levels could indicate a potential rebound and a continuation of the coin’s recovery trend. Conversely, a dip below these points might signal a decrease in buyer confidence.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.