LUNC, the ticker for the original Luna Classic cryptocurrency that is now mostly defunct, has seen its value increase by more than 40% from December’s lows below $0.00013. LUNC/USD is now trading at $0.00017, just below its recent highs of $0.00019.

Near-term price forecasts are cautiously optimistic. Technical analysis of the cryptocurrency looks quite favorable.

Where Is LUNC Heading?

LUNC/USD broke through a long-term downward trend that had been limiting its price action since early October earlier this month. The uptrend channel for the cryptocurrency that has been in place since mid-2018 appears to still be in effect. December.

The 100 and 200 day moving averages still offer resistance, but LUNC’s 51 and 21 day averages are providing support. On the whole, the technical picture suggests that buying pressure is rising and there is the potential for a break beneath the 100 and 200 day moving averages. The $0.00019 region is a key resistance area. Moving beyond this level could lead to an ascent to $0.00027, the next significant resistance zone.

Can LUNC Reach $1.0 in 2023?

The short-term outlook for LUNC looks encouraging. However, hitting $1.0 in 2023 is unlikely to happen unless the Luna Classic community makes drastic changes to its tokenomics. There are currently close to seven trillion LUNC coins in circulation.

Most analysts agree that a market cap of $7 trillion for LUNC is improbable. This is largely due to the web3 blockchain ecosystem crumbling in mid-2022 when UST was de-pegged from the US dollar, triggering hyperinflation in MON.

Could a continued surge in the broader cryptocurrency market push LUNC up to its $0.0006 highs from last year? Cryptocurrency markets are highly unpredictable and it is impossible to predict with certainty.

Other Cryptocurrencies to Watch Out For

The CryptoNews Industry Talk team has evaluated the top fifteen cryptocurrencies for 2023. This list is updated every week with new altcoins or ICOs.

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