Terra Luna Classic (LUNC) faces risks of further price declines amid declining trading volumes and negative market dynamics.
Current Terra Luna Classic Metrics
LUNC was trading at $0.000055, just above this week's low of $0.000050. CoinGecko data shows that daily volume has fallen to $9.4 million, indicating waning demand amid a deteriorating overall crypto sentiment.
LUNC Price Movement Analysis
The chart shows that LUNC has dropped from a high of $0.0001790 in November to $0.000050. The cryptocurrency has also fallen below both the 50-day and 100-day Exponential Moving Averages, signaling a gaining momentum for bears. LUNC has formed a descending triangle, a bearish continuation signal.
Future Prospects for Terra Luna Classic
Current analysis suggests that LUNC may face a strong bearish breakout, with an initial target at $0.00005078. A drop below this level could open the door to further decline, potentially retesting the year-to-date low of $0.00004695. Additionally, there are signs that some investors are moving their LUNC holdings to exchanges, indicating a potential sell-off.
The decreasing trading volumes and negative trend in the market put Terra Luna Classic at risk for further declines, raising concerns among investors.
