Terra Luna Classic (LUNC), the cryptocurrency which powers the original Terra blockchain that experienced catastrophe after its associated algorithmic “stablecoin” UST lost its 1:1 per to the US dollar last May, was last trading roughly flat on Thursday in the $0.000085 area.
But LUNC has formed a potentially bullish chart pattern that LUNC holders are praying could trigger a much-needed recovery for the cryptocurrency’s price.
LUNC has spent the last few weeks consolidating within a pennant structure whilst also finding resistance at its 21-Day Moving Average.
Should it be able to break to the north of the pennant structure and its 21DMA, a swift recovery back towards support-turned-resistance in the $0.0001160 area is a possibility, around 36% higher versus current levels.
But price predictions remain downbeat for now.
After all, LUNC is still stuck below its 21DMA and could just as easily break to the south of the pennant structure.
This would open the door to a retest of annual lows in the $0.00008 area and a longer-term downwards drop towards June 2022 lows in the $0.000035 area.
Fundamentals certainly aren’t working in LUNC’s favor.
Readers might recall that, when UST lost its 1:1 peg to the US dollar last May, this triggered a “bank run” that caused a so-called “death spiral” in LUNC.
LUNC holders lost everything as the supply was hyper-inflated as UST owners redeemed their UST tokens on masse via the protocol’s mint-burn mechanism.
The Terra ecosystem saw an exodus of nearly all its capital, users and developers and has never recovered.
LUNC represents a long-dead and gone cryptocurrency network – the disaster of May 2022 dealt a fatal blow to the Terra project and its credibility and LUNC holders might want to consider giving in and selling whilst they still can.
Terra Luna Classic (LUNC) Alternative to Consider – yPredict (YPRED)
Predicting price movements in the cryptocurrency market is difficult, even with years of experience in understanding macro, crypto fundamentals and technical analysis.
Artificial Intelligence (AI) technology, which has been making significant strides in recent months, can offer a helping hand.
AI models can analyze huge amounts of price data to identify trends that would have gone unnoticed by the human eye.
Good models can hand traders a valuable market edge.
It is thus hardly surprising that new crypto start-up yPredict, which is building a revolutionary new AI-powered trading signals platform, has been generating massive hype in the crypto space.
Using state-of-art predictive models and data insights built by top 1% AI developers and quants, yPredict’s in-development platform plans to hand market participants an “unbeatable edge”.
The platform will offer users, AI trading signals, real-time social and news sentiment analysis, AI technical analysis and AI-powered chart pattern recognition.
Learn More Here
To fund the development of its exciting platform, yPredict is conducting an already hugely popular presale of the YPRED crypto token that will be used to power its platform.
The presale, already in stage five, is approaching the $2.0 million mark, an amazing achievement given the presale only launched a few weeks ago.
Interest investors should move quickly to secure tokens while they are still cheap at just $0.09 each.
When the presale hits $2.982 million and enters its next stage, that price will go up 11.5% to $0.1.
The YPRED token set to list across major crypto exchanges later this year at $0.12.
That means investors who get in now will be sat on paper gains of around 33% when YPRED ICOs.
Buy YPRED Here
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