• LUNC, the native token of the Terra blockchain, is rallying on Monday with prices higher across the crypto space.
• Bulls are eyeing a test of the 50DMA near $0.00015, with a break above this potentially opening the door to a run higher towards the 200DMA.
• Short-term LUNC price predictions are bullish, with a push higher towards the $0.000185-19 balance area predicted.
The Terra blockchain, a now mostly defunct decentralized finance platform, has been making headlines lately as its native token, LUNC, has seen a surge in value on Monday. Prices across the crypto space are higher, though most major coins remain within recent ranges. This surge in the value of LUNC can be attributed to the bulls gearing up for a push higher towards the $0.000185-19 balance area, with a break above this mark potentially unlocking the door to a bigger move higher towards the 200DMA.
The recent rally in LUNC is being supported by the fact that traders are unlikely to want to place big bets ahead of the busy macro schedule in the latter part of the week, which could really shift macro sentiment. This means that the likes of LUNC may not see much volatility in the near future. As such, the 21DMA is currently being tested, with a break above this potentially opening up the door to a run higher towards the 50DMA near $0.00015.
Overall, short-term LUNC price predictions are bullish, though traders should remain cautious as the DeFi platform is now mostly defunct and its UST stablecoin depegged from the US dollar, triggering hyperinflation in the LUNC token. As such, it is recommended that traders conduct their own research before investing in LUNC.