As an experienced financial analyst, I believe the recent upgrade of Terra Luna Classic (LUNC) to v3.0.1 is a significant development for this cryptocurrency project. The anticipation of this event in the community was evident from the surge in LUNC price before the announcement.
On June 2, 2024, Genuine Labs, the development team behind Terra Luna Classic, released an upgrade to the chain versioned as 3.0.1. This update was eagerly awaited by the crypto community, and the anticipation caused a surge in LUNC price on May 30. However, following the announcement, investors followed the typical buy-the-rumor-sell-the-news pattern, leading to a retracement in LUNC’s value.
Hello #LUNC community! We’re thrilled to announce that we’ve successfully upgraded to v3.0.1.
Let’s keep building!
— Genuine Labs (@Genuine__Labs) June 2, 2024
As a researcher studying the cryptocurrency market, I observed that the value of LUNC stayed roughly at $0.00012 during European trading sessions on a Wednesday. This figure represented a 2.2% gain over the past 24 hours and a 0.6% rise in the previous seven days.
LUNC Price Analysis: Will Bulls Cash In the Upgrade Hypes and Extend Gains?
The current price of Terra Luna Classic is higher than both its 50-day and 200-day simple moving averages, indicating a positive trend for the asset. For the last 48 days, buyers have been amassing the cryptocurrency, shaping it into an ascending triangle pattern on the chart.
On May 30, 2024, the price of LUNC surged past its resistance level and reached the peak of the ascending triangle. Subsequently, it retested this boundary. Now, there’s a possibility that the price of LUNC could bounce back from this previously-resistant, now potentially supportive, level.
As a researcher studying the Terra Luna Classic market, I’ve identified potential price points based on current trends. If the price continues to rise, it could potentially reach $0.000176, which represents a 50% increase from its current value. However, this upward trend might face resistance around $0.000136 and $0.000154. Conversely, in a bearish market scenario, the LUNC price could find support near $0.000105 and $0.00009.
Terra Luna Price Future Outlook
As an analyst, I would say that the value of LUNC hinges on the future trajectory of its blockchain, which is predominantly influenced by the community. Keeping a close eye on market trends, the ongoing lawsuit between Do Kwon and Terraform Labs could significantly impact the price of Terra Luna Classic.
As a crypto investor following the developments at Terra Money closely, I couldn’t help but notice the uncertainty that surfaced after the conclusion of their recent trial, as expressed by Chris Amani, their CEO, in his May 28 Twitter post.
As the trial concluded, I found myself in a state of ambiguity, as is customary with such matters. My professional obligation has kept me from commenting publicly while I meticulously sifted through the evidence. I remain optimistic that I will be in a position to disclose my findings by no later than next week.
— Chris Amani | Terra (@fleece_cannon) May 28, 2024
As a researcher, I’d like to add that I mentioned making a declaration during the current week at the earliest. The LUNC community is anxiously awaiting my statement, believing that it could significantly influence the LUNC ecosystem.
While Terra Luna’s price is gearing up for lift-off, the value of its ancestor token, LUNA, experienced a sharp decline on June 4, 2024. This setback occurred shortly after a large investor moved a substantial amount of LUNA tokens to Binance for sale.
In the cryptocurrency market, a significant drop, akin to a harsh thorn, occurred for LUNA. This was due to large quantities of LUNA being listed on Binance just moments prior.
Who do you think sold these $LUNA coins?#LUNC #USTC
— Crypto News Portal (@TerraNewsEN) June 4, 2024
Bottom Line
As the community anxiously looks forward to the upcoming announcement, the price of LUNC fluctuates upward, drawing in more investors to make a purchase. The accelerated progress of the LUNA Classic network, now being spearheaded by Genuine Labs, is a promising sign for Terra Luna Classic’s future prospects.
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2024-06-05 10:36