LUNC on the Rise: 40% Gains, But $1.0 in 2023 Unlikely

• LUNC, the ticker for the Luna Classic cryptocurrency, has recently seen strong gains of 40% from its lows in December.
• LUNC/USD is currently sitting in an upwards trend channel and could soon break above resistance levels at $0.00019.
• While short-term price predictions are cautiously optimistic, a test of $1.0 in 2023 is unlikely unless big changes are made to the cryptocurrency’s tokenomics.

The Luna Classic cryptocurrency (LUNC) has been making some impressive gains recently, with its price increasing by more than 40% from its recent lows back in December. At the time of writing, LUNC/USD was trading in the $0.00017s, just below its recent highs in the $0.00019s. The bulls are attempting to push the cryptocurrency back above its 100 and 200-Day Moving Averages, but they have yet to break through this resistance.

The near-term technical outlook for LUNC appears to be fairly positive. Earlier this month, the cryptocurrency broke to the north of a longer-term downtrend that had been capping its price action since October. It is now in an upwards trend channel that has been in play since mid-December, and its 50 and 21-Day Moving Averages are providing support. A break above the $0.00019 area could trigger a swift jump to the next major resistance area around $0.00027.

While the near-term outlook for LUNC is cautiously optimistic, it is unlikely to reach a price of $1.0 in 2023. This is due to the fact that there are close to 7 trillion LUNC tokens in circulation. A $7 trillion market cap for Luna Classic is unlikely, not least because the blockchain’s entire web3 ecosystem was destroyed in mid-2022 when the Terra blockchain was discontinued. In order for LUNC to reach $1.0, the Luna Classic community would have to implement big changes to its tokenomics.

Overall, while LUNC is showing signs of strength in the near-term, it is unlikely to reach a price of $1.0 in 2023 without major changes to its tokenomics. Short-term price predictions remain cautiously optimistic, but only time will tell what the future holds for this cryptocurrency.