Terra Classic (LUNC) started the year with a strong upside move and formed an annual high at $0.000211107. The cryptocurrency price showed strong upside potential during January 2023. Since then, there has been a substantial downfall.
The asset price formed a significant support at $0.00008 and commenced a bullish journey to recover from the losses but the move was halted as the price showed strong rejection from $0.0000115. Recently, the LUNC price broke the support level of $0.00008 and fell to form a support at $0.0000616.
Terra Classic price regained bullish momentum and retested $0.000068. After the rejection, the price broke the support level of $0.0000616. The previous candle closed as a strong bearish candle, and the current candle strives to form a support.
If the current candle can break the previous candle’s low, the price might head to fill the wick of the 17 August candle and potentially fall toward $0.00005. On the other hand, if the LUNC price successfully forms support and the next candle can break the high of the current candle, the price might retest $0.00006260.
Terra Classic Submits A New Proposal
Terra Classic witnessed an increase in Spam proposals over the past months. To cross the hurdle, Terra Classic ecosystem submitted a new proposal to change a few fundamentals.
Since the LUNC price has dropped significantly, one million LUNC is insufficient to fight the rise in the “SPAM” proposal. The new proposal has been submitted to increase the minimum deposit amount to 5 Million LUNC to combat spam proposals.
A new update (v2.2.1) on the blockchain has rolled out today (12 September). The chain will be halted at block height 14,514,000, and the protocol will require validators to replace the old binary with the proposed one as a part of upgrade v2.2.1.
Will LUNC Price Fall Below $0.00005?
The cryptocurrency price has dropped below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. Chaikin money flow score has melted to 0.01, suggesting a strong decrease in strength and capital outflow in the market.
The relative strength index has been hovering near the 30 mark and is on the verge of entering into an oversold zone, indicating a solid confluence of bears over the price.
The Bollinger bands have contracted, suggesting a decrease in volatility. The long/short ratio is 0.89, with 47.28% longs and 52.72% shorts, indicating a higher selling position in the last 24 hours.
Conclusion
Terra Classic’s market structure and price action are strongly bearish and the cryptocurrency price needs to form strong support.
Technical Levels
- Major support: $0.0000567 and $0.00005234
- Major resistance: $0.00006260 and $0.000068
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/12/terra-classic-price-prediction-lunc-price-spikes-after-upgrade/