Terra Luna Classic: LUNC Breaks Out; Bulls Eye 50% Gains

After Binance’s token burn and the v3.0.1 upgrade, the LUNC price broke out of a key market structure, with bullish investors aiming for potential 50% gains.

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Genuine Labs, a Terra Luna Classic development team, upgraded the chain to v3.0.1 on June 2, 2024. The community had been anticipating this upgrade, and LUNC’s price surged on May 30, following the classic “buy the rumor, sell the news” pattern. As of Wednesday during European business hours, LUNC was priced around $0.00012, up 2.2% in 24 hours and 0.6% over the past week.

Terra Luna Classic’s Bullish Momentum and Potential Price Targets

The Terra Luna Classic (LUNC) price is currently trending above the 50-day and 200-day simple moving averages (SMA), indicating a bullish outlook for the asset. Over the past 48 days, the bulls have been in an accumulation zone, forming an ascending triangle.

On May 30, 2024, LUNC’s price broke upward and soon retested the upper boundary of the ascending triangle. Now, the price may be preparing to bounce off this resistance-turned-support level.

If LUNC rallies higher, it could reach $0.0001760, a 50% increase from its current price. However, the journey upwards might encounter resistance around $0.000136 and $0.000154. In a bearish scenario, LUNC’s price may find support around $0.000105 and $0.00009.

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Future of LUNC Hinges on Community and Legal Developments

The price of Terra Luna Classic (LUNC) largely depends on the future direction of the blockchain, driven by the community. Investors are keeping a close watch on the markets, as the lawsuit involving Do Kwon and Terraform Labs could significantly impact LUNC’s price.

On May 28, in a Twitter post, Chris Amani, CEO of Terra Money, acknowledged the uncertainty following the end of the trial. He stated:

Source: X

“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.”

Amani also mentioned that he would make a statement at the beginning of this week. The entire LUNC community is eagerly awaiting his update, believing it could influence the LUNC ecosystem.

Terra Luna status. Source: X

Meanwhile, as Terra Luna’s price gears up for a potential rise, LUNA, the descendant of LUNC, experienced a sharp decline on June 4, 2024. This drop followed a whale’s large transfer of LUNA tokens to the Binance exchange.

Summary

While the community eagerly awaits Chris Amani’s statement, the price of Terra Luna Classic (LUNC) continues to climb, attracting more investors. The development efforts led by Genuine Labs have picked up speed, signaling a potentially promising future for LUNC.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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