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Highlights
- LUNC price defends $0.0001 support as uncertainty dominates the crypto market.
- Terra Classic's possible relisting on Coinbase is based on the increase in staking and trading activity.
- Due to the lack of liquidity at the current level, LUNC could drop to $0.00008 bottom before the much-awaited rebound.
Key developments within the Terra Classic community are shifting LUNC price prediction positively. After two weeks of market doldrums, the token woke up strongly midweek to trade at $0.0001089 on Thursday. Other altcoins have also been moving in tandem with Bitcoin. The largest cryptocurrency is back above $66,000 and looks to close the gap to $70,000 in May.
Developments like the Inter-Blockchain Communication (IBC) client will ensure interoperability between the Terra Class network and Kujira. Based on the prevailing technical structure, the LUNC price prediction affirms a potentially massive bullish outcome in the next few weeks and months.
Terra Classic Community Developments Could Pave The Way for LUNC Bull
Rumor this week is that Coinbase is considering reinstating support for LUNC. As reported in the Terra Classic price analysis, the push for such a move may be motivated by a spike in staking, not to mention the increase in market activity.
Coinbase relisting Terra Classic could build FOMO for the token and accelerate the move above $0.001. LUNC price prediction shows the token hovering at $0.0001022 on Wednesday.
Despite the spike in community, Terra Classic has mirrored the general sluggishness of cryptocurrency assets where major movements are scarce. A 1% loss in the last 24 hours in conjunction with a 10% decline in the trading volume to $20.4 million, underpins decreasing investor interest.
Terra Classic also posted a 3% drop in the market cap to $592 million. The token ranks #111 among other cryptos according to CoinMarketCap data.
Developers recently announced a major upgrade for the LUNC token, expected to ignite a bullish momentum toward the coveted target of $0.001.
Moreover, a vote on overhauling the LUNC burn tax was also passed. The idea is to ensure that the burn tax is optimized via the Oracle Pool and in the end enhance network efficiency.
LUNC Price Prediction: Fighting For A Breakout
Terra Classic price has fiercely defended support at $0.0001 as shown on the daily chart. A recovery from this level is gaining strength, with LUNC expected to breach resistance at $0.0001060, highlighted by the 20-day Exponential Moving Average (EMA) (the blue line overlaying the chart).
The Relative Strength Index (RSI) position at 45 and its potential for recovery above the midline, reinforces the growing bullish grip. Should the RSI breach the descending trendline resistance, it could ignite a fire in LUNC paving the way for gains beyond $0.001.
A death cross pattern formed when the 50-day EMA (the red line overlaying the chart) recently flipped below the 200-day EMA (the purple line on the chart), emphasizing that sellers have a say and cannot be ignored, especially with the crypto market still unsure of the direction to take.
Therefore, traders should be ready to DCA if LUNC dips to or below $0.0001 support keeping in mind the double bottom support around $0.00008.
On the upside, a break above the dotted trending might catapult LUNC 66% higher, marking the validation of the double-bottom pattern.
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