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.

Hello #LUNC community! We're thrilled to announce that we've successfully upgraded to v3.0.1. 🚀

Let's keep building! 💪💪💪 pic.twitter.com/NEXTvEvPX6

— Genuine Labs (@Genuine__Labs) June 2, 2024

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. 

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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

Community and Legal Influences

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. 

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

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.

We are on twitter, follow us to connect with us :- @FXCryptoNews

— FXCryptoNews (@FXCryptoNews) December 14, 2023

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.