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Sentiment for the crypto Terra Luna Classic (LUC) remains bearish this week as the price drops to $0.000255.

Over the past 24 hours, Terra Luna Classic has been one of the worst performers, with a price drop of over 31%.

However, there is still light at the end of the tunnel as LUNC is trading in a bullish reversal pattern known as a descending wedge.

Will Terra Luna Classic keep pumping?

Terra Luna Classic (LUC) Price Prediction

As the famous saying goes, nothing lasts forever and neither does the uptrend of Terra Luna Classic (LUNC).

The bearish divergence on the 4-hour timeframe finally played out when LUNC was rejected at the $0.000593 price level and tipped into a downtrend.

Terra Luna Classic is now trading at $0.000289, down 51.33% from the recent high reached just a week ago.

However, there is still light at the end of the tunnel. Currently, LUNC resides in a bullish reversal pattern known as a descending wedge. There is a good chance that we will see a strong break to the upside with sufficient accumulation around the lower price levels.

LUNC/BUSD – 4 hour delay.

The price chart above clearly reflects a bearish trajectory for LUNC over the past few days. We can see that prior to the downtrend, LUNC was bouncing healthily off the 20-day moving average and setting higher highs and lower lows.

We now see the exact opposite happening as Terra Luna Classic is rejected at the 20-day moving average and the upper resistance trendline of the descending wedge at $0.000593, $0.000509, $0.000394 and 0 $,000377.

Terra Luna Classic now needs to gain enough bullish momentum to break above the $0.000333 resistance level. In doing so, the technical target for LUNC is $0.00051, which would represent a 61% increase from current price levels.

LUNC/BUSD – 15 minute delay.

Zooming into the 15 minute time frame for Terra Luna Classic, we can see the formation of a symmetrical triangular pattern.

This is usually a consolidating continuation pattern, on this particular occasion it would potentially mean a drop to $0.00027, but I think the bulls might win the battle this time around.

If LUNC breaks through the $0.0003 resistance trendline of the symmetrical triangle, we should see a healthy continuation down to around $0.000319.

Terra Luna Classic Do Kwon FUD

There has also been breaking news regarding Terraform Labs indicating that the South Korean court has issued an arrest warrant for the co-founder of Terra Do Kwon himself.

This created seismic waves and a huge amount of FUD among LUNC and Terra Luna holders, causing a deleterious effect on the price of both tokens (LUNC down 17.10%, LUNA down 24.63% ).

A recent tweet from crypto analyst @ClassyCrypto_ states that he speculates that this is just a shake-up for retail investors, as the huge amount of fear aroused by this controversial news is causing panic and, as a result, strong selling pressure.

$0.00025 could be the lowest on this instance for LUNC, although September is known to be quite a tough and bearish month for the cryptocurrency. Whether Bitcoin can sustain the current price levels, I hope to see LUNC slowly recover to the $0.0003 price levels.

Video Analysis of Classic Terra Luna Cryptography

According to Coinmarketcap, Terra Luna Classic (LUC) now has a market capital of $1.82 billion. The bulls couldn’t quite break the $3 billion level, but that doesn’t mean it’s not an option for the future.

On the daily time frame, Terra Luna Classic finally retested the 20-day moving average. It is essential that we can consolidate and hold above the 20-day moving average to prevent downward price momentum.

Once Terra Luna Classic (LUC) rolls out the 1.2% burn mechanism to more centralized and decentralized exchanges, I guess we will slowly see the rise of LUNC again.

LUNC relies heavily on its community morale right now, as it almost becomes a community token like a meme coin.

Speaking of meme pieces, tamadoge is a new immersive and exciting play-to-win meme coin that will be released in the fourth quarter of this year that could deliver huge returns like Terra Luna Classic (LUC).

It’s safe to say that Terra Luna Classic has been one of fastest growing cryptocurrencies for 2022.

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