LUNC Set for Potential Upside in 2023: Short-Term Rally and Medium-Term Gains on the Cards

• The Terra Luna Classic (LUNC) token has been underperforming in the last 24 hours, with losses of about 5.5%.
• LUNC has recently failed to sustain a push above its 200-Day Moving Average, leading to a sharp pullback from its previous highs.
• With LUNC breaking out of its prior downtrend and technicals suggesting a potential rally in the short-term, the cryptocurrency may be poised for upside in 2023.

The Terra Luna Classic (LUNC) cryptocurrency has been on a rollercoaster ride in recent days, with the token nursing losses of around 5.5% in the last 24 hours. LUNC/USD was last changing hands in the mid-$0.00014s, down about 20% from its earlier weekly highs above $0.00018, but still up about 15% from monthly lows in the $0.000127 area.

The most recent downward movement for the cryptocurrency comes after it failed to sustain an attempted push to the north of its 200-Day Moving Average (DMA). This has seen the token dip below its 21 and 50DMAs as well, suggesting the near-term technical outlook might not look too great. But there may still be some reason to be optimistic, as the token has recently broken out of a downward trend that had previously been dominating price action since September.

This breakout from the downtrend could be a sign of things to come for LUNC in the near future, as it may now be in a position for a short-term rally back to its recent highs in the $0.00018-20 area. This is especially true if the cryptocurrency can find support from a downward trendline that it is currently testing, which may be enough to encourage the bulls to re-enter the market and start buying the dip.

In addition to this potential short-term rally, LUNC may also be poised for upside in the medium-term. Crypto bulls are hopeful for a broader crypto market rebound in early 2023, which could be enough to push the token back to its September highs in the $0.0006 area. Of course, whether or not this happens will depend on a variety of factors, including the performance of its competitors, regulatory developments, and the overall strength of the crypto market.

Overall, it looks like LUNC may be in for an interesting 2023, with the potential for both short-term and medium-term upside. Investors should keep an eye on the cryptocurrency and the broader market over the coming months to see how things develop.