Tech

Terra Classic and Binance collaborate to send LUNC to the moon: Details inside

02/08/2023
Bitcoin Ethereum News
  • LUNC’s  network upgrade will take place approximately on 14 February 2023.
  • Market indicators and metrics were bullish.

A few days ago, Terra Classic [LUNC] announced its plans to launch a new upgrade, titled v1.0.5. On the same note, on 6 February, Binance revealed that it will support LUNC’s latest network upgrade. According to the announcement, the network upgrade will take place at the Terra Classic block height of 11,543,150, which is estimated to happen on 14 February. 

This upgrade is a state breaking fix made to the upgrade keeper that stores the current version map of the modules in the application’s memory.

However, Binance’s announcement did not seem to affect LUNC much, as its daily chart registered a decline. As per CoinMarketCap, LUNC’s price went down by 2% in the last 24 hours, and at the time of writing, it was trading at $0.0001822 with a market capitalization of over $1 billion. 

Read Terra Classic’s [LUNC] Price Prediction 2023-24

Is LUNC gearing up?

While LUNC’s price action was sluggish, its burn rate remained commendable. The latest data revealed that over 38.67 billion LUNC had been burned until press time, which accounted for 0.56% of the total supply. 

Santiment’s chart revealed that quite a few metrics were working in LUNC’s favor. For example, LUNC’s development activity increased significantly, indicating increased developer efforts to improve the network.

LUNC’s social dominance spiked last week, reflecting its popularity in the crypto space. Moreover, LunarCrush’s data pointed out that LUNC’s market dominance registered an increase, which was a development in the token’s favor.

Source: Santiment

Realistic or not, here’s LUNC’s market cap in BTC’s terms

Investors can sit back

Despite the recent negative price action, LUNC’s daily chart remained mostly bullish. The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover as the 20-day EMA flipped the 55-day EMA. LUNC’s Chaikin Money Flow (CMF) registered an uptick and was heading above the neutral mark, which was bullish. Moreover, LUNC’s price entered a slightly high volatility zone, as suggested by the Bollinger Bands.

The Money Flow Index (MFI) also remained well above the neutral mark, further increasing the chances of an uptrend in the near term. However, the MACD revealed that bulls had the upper hand in the market, but things might take a U-turn as there was a possibility of a bearish crossover.

Source: TradingView

Source: https://ambcrypto.com/terra-classic-and-binance-collaborate-to-send-lunc-to-the-moon-details-inside/