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Terra Luna Classic Price Records A New All-Time Low, Will Bulls Manage A Do-Over This Time?

04/21/2023
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After recording an intra-day low of $0.000115 on March 10, bearish momentum has seen Terra Luna Classic price (LUNC) go lower to record an intra-day low of $ 0.000111 on April 16. This marks a new all-time low for the altcoin and comes amid an expanse of dark clouds in the Terra ecosystem, as reported.

At the time of writing, LUNC bulls are pushing to restore above the critical support at $0.000120, now turned resistance. A break above this hurdle could inspire a recovery, despite the accumulating overhead pressure. At the time of writing, the altcoin is exchanging hands for $0.000116 after losing almost 10% in the last 24 hours.

Data on CoinMarketCap shows that trading activity in the Terra Luna Classic market is up almost 80%. This points to investors trading the asset for altcoins with more promising price actions. In tandem with the plummeting rates, the altcoin’s market capitalization has also dipped by around 8% to $686.2 million, kicking LUNC back to position 70 on the CoinMarketCap list.

Crypto Twitter Building A Campaign To Rescue Terra Luna Classic

Following the fall from glory that Terra Luna Classic price has displayed, crypto Twitter has started building a campaign to rescue LUNC.

Among the campaigns that have stood out is the call for United States-based crypto exchange, Coinbase, to relist LUNC.

Notably, some industry players believe that Coinbase has a special plan in store for the altcoin, but neither CEO Brian Armstrong nor the company itself has hinted to that effect.

Nevertheless, among the narratives that could boost Terra Luna Classic price is the call for validators to build out the network’s existing testnet infrastructure. LuncBurnArmy touted as a financial technology company, has appealed to those running validators to consider adding a node with their current configuration to the testnet.

In an ideal scenario, the ecosystem would like to see approximately 30% of all validators running nodes on the testnet. Such an outcome could allow for enhanced testing of major version upgrades. Moreover, over the course of the coming week, the LUNC ecosystem will be announcing target dates for the v2.0.0 chain halt ‘dress rehearsal’ on the testnet. This will be alongside the v2.0.0 upgrade on the Columbus-5 mainnet.

Once classic core v2.0.0 is successfully launched, the upgrade to Cosmwasm v1.1.0 (parity) will take place. The full target roadmap for the quarter should be released over the course of this coming week.

KuCoin To Support The Terra Network Upgrade

Besides Coinbase, KuCoin exchange is also on Terra’s potential rescue team after committing to support its network upgrade. The Terra (LUNA) network upgrade will take place at the Terra block height of 4,711,800. Deposit and withdrawal services of LUNA will be temporarily suspended at 04:30:00 on April 20, 2023 (UTC). KuCoin will handle all technical requirements involved for all users holding LUNA in their KuCoin accounts.

Terra Luna Classic Price Prediction

At the time of writing, the Terra Luna Classic price is $0.000115, confronting the immediate barricade at $0.000120. An increase in buying pressure could see LUNC breach this roadblock in an attempted rally north.

A break above the barricade mentioned above could open up the fields for Terra Luna Classic price to battle the next supplier congestion zone between the $0.000120 level and the confluence between the horizontal line and the 50-day Simple Moving Average at $0.000128.

In highly bullish cases, the Terra Luna Classic price could extend a neck up toward the $0.000143 resistance level. Such a move would denote a 10% upswing from the current level.

Notice that the Relative Strength Index (RSI) had just deflected from its southbound move, indicating a bullish effort to prevent further losses.

Terra Luna Classic price LUNC
TradingView Chart: LUNC/USDT 1-Day Chart

However, the odds still favor the bears, judging from the slope of the SMAs, which showed that the path with the least resistance was south. Moreover, the RSI was still below the mean line. The Moving Average Convergence Divergence (MACD) was also in the negative zone, with histograms losing their green feel. This showed that bears were still leading the market and Terra Luna Classic price could still plummet.

If more traders continue fleeing the LUNC market, Terra Luna Classic price could descend below the $0.000113 support level to collect sell-side liquidity under that level.

LUNC Alternatives

While Terra Luna Classic price continues in its bearish stretch, consider DeeLance, the revolutionary blockchain ecosystem where the world works together smartly.

DeeLance is a freelancing and recruitment platform based on blockchain technology. It touts itself as a decentralized platform ready to revolutionize how freelancers connect with potential employers.

The project is still in the presale stage, having collected $302,162.9 USDT as of press time in the current stage of the presale of its DLANCE token. Notably, a single DLANCE token costs $0.025 USDT for now, but the rate will increase in about three days when the next stage commences. Then, one DLANCE will go for $0.029 USDT and $0.053 USDT upon launch.

As such, now is the ideal time to buy DLANCE, winning a chance to enjoy early investor profits once the next stage commences and even more upon launch.

Visit DeeLance here.

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Source: https://insidebitcoins.com/news/terra-luna-classic-price-records-a-new-all-time-low-will-bulls-manage-a-do-over-this-time