Terra Luna Classic Sees Bullish Breakout: What’s Next for LUNC?

Terra Classic Community's Decision and Its Impact on LUNC Token

Genuine Labs, the Terra Luna Classic development team, upgraded the chain to v3.0.1 on June 2, 2024. Anticipation around this upgrade caused a surge in LUNC prices on May 30, followed by a retracement in a classic buy-the-rumor-sell-the-news pattern.

Current Price Action

As of Wednesday, during European business hours, LUNC hovered around $0.00012, marking a 2.2% increase in 24 hours and 0.6% over the past week. Notably, LUNC is trending above its 50-day and 200-day simple moving averages (SMA), indicating a bullish outlook. 

Source: TradingView

Over the past 48 days, bulls have been accumulating, forming an ascending triangle. On May 30, 2024, LUNC broke upward and retested the upper boundary of the ascending triangle. The price now appears ready to bounce off this resistance-turned-support. If LUNC rallies, it may reach $0.0001760, a 50% increase from its current price. However, it could face resistance around $0.000136 and $0.000154. Conversely, support levels might be found around $0.000105 and $0.00009.

Related article: Luna Foundation Guard Moves $95M Amid SEC Dispute with Terra

The future direction of the LUNC price hinges on the blockchain’s development, driven by the community. Investors are closely monitoring the markets, especially considering the impact of the Do Kwon and Terraform Labs lawsuit. 

On May 28, Chris Amani, CEO of Terra Money, tweeted about the uncertainty following the trial’s end and promised a statement by the beginning of the week. The LUNC community eagerly awaits his update, believing it could significantly impact the ecosystem.

Related article: Terra Classic: Can a Bullish Breakout Lead to 63% Price Jump?

While LUNC’s price shows potential, LUNA, LUNC’s descendant, experienced a sharp decline on June 4, 2024, after a whale transferred a large amount of LUNA tokens to Binance.

As the community awaits Amani’s statement, LUNC continues to rise, attracting more investors. The development pace of the LUNC network, now spearheaded by Genuine Labs, suggests a promising future for Terra Luna Classic.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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