- Terra Luna Classic price is set to close out the week with near 10% losses.
- LUNC faced headwinds from almost every corner of the markets, with central banks and geopolitics on top.
- Expect another 22% decline at risk if LUNC closes the week below $0.0000162700.
Terra Luna Classic (LUNC) price is set to print red prices for the week and the month of February. This week's decline has been so significant that bulls have thrown in the towel, and bears get a free ride lower while markets are helping them a hand. With harsh warnings from central banks, oil prices rising, a wave of new demand is set to kick in with the Chinese reopening, and another round of violence in Ukraine by Russia is keeping markets and traders on edge as trading conditions worsen by the day.
Terra Luna Classic traders need to keep an eye on the bond market
Terra Luna Classic seems to be in a close relationship with the bond market this week. This week, the fixed-income asset class has been abysmal as several sovereign bond yields are soaring again. No surprise as new tensions between Russia and Ukraine are spilling over into Polish and Czech rates, forcing the hand of central banks to hike soon. Remember, these central banks said they were done hiking last year, and inflation should come down now.
That last statement could not be more obsolete as LUNC is tanking lower on the back of comments from central bankers that inflation is not abating quickly enough. Exit the goldilocks trade, brace for a rough landing and expect possibly inflation to jump in the next number. Terra Luna Classic will not match the selling pressure and will get squashed as a bug against the floor near $0.0000127426, which is still 22% lower than the 55-day Simple Moving Average.
LUNC/USD weekly chart
Any positive news would be welcomed and could get magnified by bulls as a reason to push price action higher in LUNC. That could come with a breakthrough in talks, for example, between Russia and Ukraine, a truce. Or from a data point, with US inflation on Tuesday being the biggest event, a sharp decline in inflation would bring back the goldilocks scenario from the dead and see LUNC printing around $0.0000200000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.