Lunc Price Prediction: Today’s Lunc Price, 17th Dec 2022

Luna Classic’s price today is $0.0001533 USD

Terra Luna Classic Price Prediction

The most recent decline in LUNC is a bearish breakout of an upward trend that had been guiding the price movement since the lows in the $0.0001350 region reached in November following the FTX collapse. As a result, price projections have grown increasingly negative.

The most recent decline also coincides with LUNC encountering resistance at a longer-term downward trend from its highs in September in the vicinity of $0.00059. With bears aiming for a retest of the November lows, LUNC has lost more than 70% of its value since these highs, and additional losses are inevitable. The next support area in the mid-$0.00011s would be reached if the price fell below these lows.

In the wake of Fed Chair Jerome Powell’s hawkish message on Wednesday, which investors interpreted as pushback against the notion that the central bank will be pausing rate hikes or looking to reverse them anytime soon, cryptocurrency markets are expected to be affected through the end of the year. Powell was keen to emphasize to markets that the Fed’s inflation fight remains far from over.

In fact, Powell’s aggressive stance appears to have been deliberately chosen to provide a melt-up surge in stock markets until the year’s close, which might boost the economy (via the wealth impact) and make the Fed’s fight against inflation more challenging.

Powell has effectively put an end to any potential crypto “santa rally” that might have been in the works following Tuesday’s softer-than-expected US CPI data due to cryptocurrency’s close link to stocks. Investors are wondering how credibly the Fed can maintain its hawkish stance as signs of the US economy’s health deteriorate (such as the most recent US Retail Sales and regional manufacturing reports), as inflation falls more quickly than anticipated, and as the world’s largest economy slips closer to a recession in 2023. Cryptocurrencies should rise when the inevitable dovish pivot occurs, but that may take some time.

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