Terraruna is down 4% in today’s trading session. Cryptocurrencies have also been traded sideways for the past five days, alternating between bullish and bearish during the day in each trading session.
What is Luna Classic?
The Luna Classic was launched on May 28, after the previous Luna project failed and decreased by 99%. Prior to the May crash, Luna Classic served as the reserve currency for the Terra platform, with three core features including mining staking, Terra stablecoin stability, and platform blockchain validator incentives. Was equipped with.
Unfortunately, the second feature that ensures stability Terra Stablecoin also led to the fall. Luna was algorithmically linked to UST. This meant that whenever UST Stablecoin was depegged, Stablecoin would be sold for Luna, increasing Luna’s supply and decreasing UST’s supply. Unfortunately, in May, UST abnormally unpegged and created more Luna cryptocurrencies. As a result, the cycle of oversupply of both coins continued and Luna collapsed.
The original Luna was then renamed to Luna classic when the hard fork of the Luna project was launched on May 28th. The idea was to revive the project and allow users who lost money in the original Luna to recover some of their investment.
Luna Classic Price Forecast
Today’s 4% decline is a continuation of the recent flat market, and each trading session wiped out any profits or losses made the day before. The flat market will last for almost a week and is likely to be followed by several trading sessions.
Therefore, I hope that today’s market losses will be wiped out in the next few trading sessions. Prices will continue to trade within the support and resistance levels of $ 0.00010 and $ 0.00016, respectively. My sideways analysis will only be invalid if the price is traded above the above levels of support and resistance.
Luna Classic Daily Chart
