- Terra Classic (LUNC) is showing bullish momentum after a recent upgrade and Binance token burn, with potential gains of up to 50%, while investors await a significant statement from Terra Money CEO Chris Amani.
- The price of LUNC, currently trending above key moving averages, is influenced by community-driven blockchain developments and the outcome of the Do Kwon and Terraform Labs lawsuit.
Bulls Eye 50% Gains Amidst Development and Whale Activity
After the recent Binance token burn and the v3.0.1 upgrade, Terra Classic (LUNC) has captured the attention of investors. The price of LUNC has broken out from a critical market structure, and bullish investors are eyeing potential gains of up to 50%.
Chris Amani, CEO of Terra Money, is set to make a statement that could significantly impact the price of LUNC. Meanwhile, the development of the LUNC network has ramped up after the Genuine Labs team fully took responsibility for the project.
However, the market has not been without turbulence. Whale activity caused the price of LUNA, the descendant of LUNC, to dump early on June 4th when a significant amount of LUNA tokens were transferred to the Binance exchange.
The recent upgrade of the Terra Luna Classic chain to v3.0.1 on June 2, 2024, has been a focal point for the community. This upgrade, led by the Genuine Labs team, was highly anticipated, and LUNC’s price surged on May 30 in a classic buy-the-rumor-sell-the-news pattern.
Hello #LUNC community! We're thrilled to announce that we've successfully upgraded to v3.0.1. 🚀
— Genuine Labs (@Genuine__Labs) June 2, 2024
Let's keep building! 💪💪💪 pic.twitter.com/NEXTvEvPX6
As of Wednesday, during European business hours, LUNC’s price hovered around $0.00012, marking a 2.2% increase in the past 24 hours and a 0.6% increase over the past week, according to CoinGecko data. The asset is trending above its 50-day and 200-day simple moving averages (SMA), a bullish signal. Over the past 48 days, LUNC has been in an accumulation zone, forming an ascending triangle pattern.
On May 30, 2024, LUNC’s price broke upward, retesting the upper boundary of the ascending triangle. The price appears to be preparing to bounce off this resistance-turned-support. Should LUNC continue its upward rally, it may reach $0.0001760, a 50% increase from its current price. However, it may face resistance at $0.000136 and $0.000154. Conversely, support levels are found at $0.000105 and $0.00009.
The price trajectory of LUNC is closely tied to the future direction of its blockchain, driven largely by the community. Investors are also keenly watching the legal proceedings involving Do Kwon and Terraform Labs, which could significantly impact LUNC’s future.
In a recent Twitter post on May 28, Chris Amani expressed uncertainty following the end of the trial and mentioned he would make a statement by the beginning of this week. The LUNC community eagerly awaits his announcement, which is expected to have substantial implications for the ecosystem.
There’s been a lot of uncertainty since the end of the trial. Like always with these things I’ve had to stay quiet while I work out the details. I’m hopeful that I’ll be able to share what I’ve been working on by early next week at the latest.
— Chris Amani | Terra (@fleece_cannon) May 28, 2024
🌕
Despite the volatility, the development of the LUNC network has gained momentum, signaling a potentially bright future for Terra Luna Classic. As the price of LUNC continues to inch upwards, more investors are being enticed to buy in, anticipating the promised 50% gains.
