- Terra LUNA classic price has been in a consolidation phase.
- Key tokens like USTC, MIR, and ANC went vertical.
LUNC price remained in a tight range on Friday even as key coins like MIR, USTC, and ANC staged a comeback. Terra Luna Classic was trading at $0.0001750, where it has been in the past few days. This price is about 52% below its highest level in October, giving it a market cap of over $1 billion.
Terra Luna Classic ecosystem tokens rise
Terra Luna Classic price has been under pressure in the past few days as investors focus on the collapse of FTX. Its collapse, which has become the biggest news recently, has pushed many investors to dump their cryptocurrencies. There is also a significant risk of contagion in the industry.
Meanwhile, tokens associated with Terra Luna Classic have staged a strong comeback in the past few days. For example, Terra Classic USD (USTC) has rallied by more than 10% in the past 24 hours, according to data compiled by CoinMarketCap.
USTC, which was once the fourth biggest stablecoin, lost its peg in May. It is now trading at $0.023, which is much lower than its peg level of $1.
Further, Mirror Protocol’s MIR price has jumped by more than 30% in the past 24 hours. Mirror Protocol was a platform that made it possible for people to trade derivatives like currencies, stocks, and commodities. It is no longer in operation after the collapse of USTC and after Band Protocol stopped providing oracles.
Meanwhile, Anchor Protocol’s ANC price has also rallied by over 5%. Anchor was the biggest platform in Terra’s ecosystem with over $20 billion in assets. Like Mirror Protocol, it ceased operating after the collapse of USTC.
Further data shows that the amount of Terra Luna Classic burnt has continued rising and is now at its all-time high. Over 28 billion LUNC coins have already been burnt while the daily average has risen to over 44 million.
LUNC price forecast
The four-hour chart shows that the LUNC crypto price has been in a consolidation phase in the past few weeks. It was trading at $0.00018, which is an important level since it was the lowest level on September 26. The coin has also moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral level of 50.
Therefore, Terra Luna Classic will likely have a bearish breakout as sellers target the key support at $0.0001540. A move above the resistance at $0.00020 will invalidate the bearish view.
