With the volatility of the cryptocurrency market over the past few hours, the Luna Classic bears are still taking the lead, and the cryptocurrency is currently trading near the $0.00012 level, down by about 1% in the last 24 hours.
At the same time, bitcoin is rising now unlike most market currencies, as the decline hangs over many of the major currencies during these moments of today’s trading.
However, the Luna Classic currency achieved a slight rise after it rebounded from its recently recorded price bottom at the level of $0.0001170 early this month, and therefore the currency’s price expectations tend to favor a decline more than an increase. It seems that the developers of Terra Classic are preparing to revive the coin after crashing to near zero.
History is not without disasters
Despite the increase in the value of most of the major digital currencies during the month of March, the price performance of the LUNC currency was below the level, as this digital currency tends to lose about 26% of its value, following a decline in its prices at the beginning of this month after breaking the long-term technical flag pattern. in the downward direction.
While the debate revolves around the connection of selling operations with technical analysis models and their negative impact on the price performance trend of the LUNC currency recently, another discussion revolves around the general conditions surrounding the digital currency sector in light of the concerns of the banking crisis.
Bitcoin led the recent surge in the value of digital currencies during the month of March. As the Bitcoin blockchain is the largest, safest, and most committed to decentralization standards among the various types of blockchain, therefore, Bitcoin has a golden opportunity to achieve its goal of global adoption as a currency that is used on a daily basis on a large scale, in addition to reaching a position that makes it the best store of value in the world. Our current generation.
Given the history of the LUNC coin, which is not without disasters, this digital currency witnessed a sharp rise after its value reached an all-time high of three digits in the year 2022, which was followed by a collapse in its value to near zero now with a catastrophe causing the abandonment of the coin. Terra UST – which was supposed to be stable – broke its value in the US dollar during the month of May of last year, which prompted investors to abandon this currency.
Luna Classic price forecast
The recent price movement of the LUNC coin indicates that it is preparing for a new decline in its value, and it is clear that this digital currency has formed a descending triangle pattern, and if the price breaches this triangle downward, the price could reach around the $0.00010 level.
What reinforces the hypothesis of a likely decline in LUNC currency prices and its readiness for another round of price declines nearby is the tendency of the digital currency price movement to form the inclined technical triangle pattern amid extended price declines, which – by breaking it down – could open the door wide for prices to fall again below the 0.00010 level. dollar.
But if the LUNC currency manages to overcome the current downward trend that extends since early March, we may witness a rapid rise in its price, which may reach $0.000145 areas.
In addition to the foregoing, the news of the recent arrest of the founder of the Terra Luna Classic-LUNC currency “Du Kun” after fleeing to Eastern Europe played a major role in weakening the social morale associated with this digital currency, despite Kun’s complete separation from the currency project. Present.
Do Kwon, the co-founder of Terraform Labs, reportedly told officials in Montenegro that he received lavish treatment during the months he was on the run for an alleged cryptocurrency scam that rocked the entire crypto market and led to a loss of at least $40 billion.
Ten times the current price?
It is possible that we will witness a skyrocketing rise in the value of the entire cryptocurrency market in the coming months, especially in the midst of the current banking sector crisis, which may support the scenario that the value of unstable cryptocurrencies – such as LUNC coin – will rise exponentially, and there is also the possibility of life returning to the Terra Blockchain. , with new developers taking the lead and promising to create new projects to bring them back to life.
The LUNC developer team may announce a new mechanism for burning coins in order to reduce the tradable supply of them, and it is expected that the new mechanism will be more stringent than its predecessors.
Thus, we conclude that the scenario of a tenfold increase in the value of the LUNC coin is not likely due to the absence of catalysts for a similar rise, at least currently, but in general it may witness strong rises.
Microstrategy and Bitcoin
MicroStrategy announced the purchase of 6,455 bitcoins over the past five weeks, as part of the company’s continued confidence in the cryptocurrency.
The US software company said in a regulatory filing that it purchased the cryptocurrency at an average of $23,238,000 per unit, totaling approximately $150 million, between February 16 and March 23.
The total possession of “MicroStrategy” of Bitcoin amounted to about 138,955 thousand units, with an average price of $ 29,817 thousand, and a total cost of $ 4.14 billion.
market now
The combined market value of the crypto market during these moments of today’s trading is about $1.19 trillion. The trading volume amounted to about $52.13 billion.
Bitcoin rose by 2.1% in the last 24 hours, to now reach $28,685 levels, while recording a weekly gain of 4%. Its market value is now $555 billion.
The price of Binance Coin decreased by 0.2%, to record $316. The price of the Ripple XRP currency decreased by 4.2% from its value, to record $0.5351.
Ethereum went up by 0.1% during the past 24 hours, as it now records $1,806, while recording a weekly gain of 3.2%.
While Litecoin fell 1.6% to $90.7.
Dogecoin fell nearly 1.4%, now at 0.07522.
Cardano saw a decline to 0.3782, down 0.7%, up 3.7% weekly.