Terra Luna Classic Price Prediction

LUNC bulls are likely to have reached their first profit objective since breaking out of the medium-term downtrend. Since late September, the $0.0001850-$0.00019 region has been a significant support-turned-resistance sector. The fact that the bulls were unable to move LUNC above this level indicates that profit-taking is starting to pose a bigger obstacle. This could cause LUNC to temporarily return to support in the low-$0.00016 range.

After the latest break-out, though, the medium-term prognosis for LUNC does appear to be slightly improved, suggesting that dip-buyers may take advantage of any regression back to the $0.00016 region. The next significant area of resistance, located around $0.00028, may be reached if the bulls manage to sustain a break over the $0.000185-19 obstacle.

Whether LUNC can achieve a return of $1 is a common query. That’s because LUNA (now LUNC) used to trade well above $1 per token before the breakdown of the Terra ecosystem and the de-pegging of the UST token that led to hyperinflation. In fact, it reached a high of $120 at one point before collapsing.

However, LUNC’s tokenomics make a return to $1 unlikely. This is due to the almost 6 trillion LUNC tokens that are currently in circulation. At $1 per token, LUNC would be worth $6 trillion, or approximately 19 times more than the market capitalization of bitcoin today. If LUNC is ever to have a chance of returning to $1.0, there must be a significant decrease in the amount of tokens in circulation.

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