LUNCH, the ticker for the Classic Moon The cryptocurrency that powers the original, but now largely defunct Terra blockchain is up an impressive more than 40% from December lows below $0.00013. LUNC/USD last changed hands at $0.00017, slightly below recent highs at $0.00019, and bulls are still struggling to push the cryptocurrency north of its 100 and 200-day moving averages.
but in the short term price predictions remain cautiously bullish, with the near-term technical outlook for the cryptocurrency quite positive.
Where next for LUNCH?
Earlier this month, LUNC/USD broke north of a long-term downtrend that had been capping price action since early October. The cryptocurrency also appears to be in an uptrend channel that has been in play since mid-December.
Meanwhile, while the 100 and 200 DMAs still offer resistance, LUNC’s 50 and 21 DMAs now provide support. The overall technical picture therefore suggests that buying pressure is building and there is a possibility of a break above the 100 and 200 day DMAs. The $0.00019 area is a key resistance zone. A break above could trigger a quick jump to the next major resistance area around $0.00027.
LUNCH at $1.0 in 2023?
While the near-term outlook for LUNC looks pretty good, a test of $1.0 in 2023 is unlikely to be reached unless the Luna Classic community implements big changes to the cryptocurrency’s tokenomics. That’s because there are currently close to 7 trillion LUNC tokens in circulation.
Most would agree that Luna Classic is unlikely to reach a market cap of $7 trillion, not least because the entire web3 blockchain ecosystem was wiped out in mid-2022 when UST de-pegged from the US dollar causing hyperinflation in MON.
But can a continued rise in the broader cryptocurrency space push LUNC towards its highs of last year in the $0.0006 area? Why not, the cryptocurrency markets are a crazy place driven by speculation.
If you are looking for other high-potential crypto projects along with LUNC, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry conversation team.
The list is updated weekly with new altcoins and ICO projects.
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