How high will LUNC Price Go?

In the last few hours the LUNC price has displayed some bullish momentum. The crypto market is buzzing with anticipation as LUNC shows signs of a potential breakout. The big question remains: How high will LUNC price go? 

How has the LUNC Price Moved Recently?

As of today, the price of Terra Classic (LUNC) stands at $0.000102 with a daily trading volume of $29.15 million. It has a market capitalization of $590.04 million and holds a market dominance of 0.02%. Over the past 24 hours, LUNC's price has risen by 0.88%.

Terra Classic hit its peak price of $119.01 on April 5, 2022, and experienced its lowest value of $0.00001651 on May 13, 2022. The lowest price since its all-time high was $0.00001651 (cycle low), and the highest price since then was $0.00059 (cycle high). Currently, the price prediction sentiment for Terra Classic is bearish, while the Fear & Greed Index is at 70, indicating greed.

Terra Classic has a circulating supply of 5.79 trillion LUNC out of a maximum supply of 6.88 trillion LUNC. The annual supply inflation rate is -0.94%, which translates to a decrease of 54.82 billion LUNC over the past year.

Why is LUNC Price Rising?

Over the past three days, the crypto market experienced a bearish trend, with Bitcoin's price plummeting to a low of $66,000. This downturn had a ripple effect across other cryptocurrencies as well. However, following the release of the Consumer Price Index (CPI) data yesterday, the market experienced a bullish reversal, spurring a recovery in Bitcoin's price and boosting LUNC's value.

Additionally, the continuous upgrades to Terra LUNA Classic (LUNC) are enhancing its market reputation.

The Consumer Price Index (CPI), which measures inflation by tracking the average change in prices consumers pay for goods and services, significantly impacts cryptocurrency prices. When the CPI indicates high inflation, investors often turn to cryptocurrencies as a hedge against the declining value of fiat currencies, driving up crypto prices. 

Conversely, a lower CPI can reduce the appeal of cryptocurrencies by indicating lower inflation or deflation, leading to decreased demand. Additionally, CPI readings influence central bank policies, such as interest rate adjustments, which can either increase or decrease the attractiveness of cryptocurrencies compared to traditional investments. Thus, fluctuations in the CPI can lead to corresponding volatility in the crypto market.

How high will LUNC Price GO?

The future price trajectory of Terra Classic (LUNC) remains a topic of significant speculation and interest within the crypto community. Over the past year, LUNC has managed a modest increase of 6%, though it has underperformed compared to 85% of the top 100 crypto assets, including major cryptocurrencies like Bitcoin and Ethereum. 

This indicates that while LUNC holds potential, it faces stiff competition from more established assets. Currently trading below its 200-day simple moving average, LUNC is exhibiting a bearish trend, which suggests that it has not yet regained a consistent upward momentum. Additionally, with only 14 green days in the last 30, there is notable volatility and fluctuating investor sentiment surrounding LUNC.

Despite these challenges, LUNC's high liquidity is a significant positive factor, providing ease of trading without causing major price fluctuations and potentially attracting more investors. However, the asset's dramatic 100% decline from its all-time high serves as a stark reminder of its volatile history. Looking forward, LUNC's potential for significant price recovery will largely depend on improving market sentiment, closing the performance gap with leading cryptocurrencies, and maintaining high liquidity. Broader economic factors, such as inflation rates and regulatory changes, will also play a crucial role in influencing its price.