Terra Classic Price Analysis: LUNC Bulls Eye 50% Gains, A Good Time To Buy?

LUNC Price Analysis: Genuine Labs, a Terra Luna Classic development team, just upgraded the chain v3.0.1 on June 2, 2024. The upgrade was anticipated by the community as LUNC price surged on May 30 and began retracing 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

The price of LUNC hovered around $0.00012 during European business hours on Wednesday, a 2.2% increase in 24 hours and 0.6% in 7 days, CoinGecko data shows.

LUNC Price Analysis: Will Bulls Cash In the Upgrade Hypes and Extend Gains?

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

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

If the Terra Luna Classic price rallies higher, it may hit $0.0001760, a 50% increase from the current price. The journey upwards may encounter resistance around $0.000136, and $0.000154. In an inverse scenario, the LUNC price may find support around $0.000105 and $0.00009

Terra Luna Price Future Outlook

The price of LUNC is dependent on the future direction of the blockchain, which is largely driven by the community. As investors watch the markets, the Do Kwon and Terraform Labs lawsuit could shift the entire game for the Terra Luna Classic price.

In a Twitter post On May 28, Chris Amani, CEO of Terra Money, said there was a lot of uncertainty following the end of the trial. 

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

He also noted that he would make a statement at the beginning of this week at the latest. The entire LUNC community is eager to find out what Amani has to say and is convinced it may impact the LUNC ecosystem.

In the meantime, as the Terra Luna price prepares to take off, the price of LUNA, the descendant of LUNC, took a nasty dump early on June 4, 2024, after a whale transferred a huge amount of LUNA tokens to the Binance exchange.

A hard needle came in #LUNA. The reason for the sharp decline is LUNAs entering the Binance exchange minutes ago.

Who do you think sold these $LUNA coins?#LUNC #USTC pic.twitter.com/L6PZi2j3yO

— Crypto News Portal (@TerraNewsEN) June 4, 2024

Bottom Line

As the community awaits the statement, LUNC price continues to wiggle upwards, enticing more investors to buy in. The development of the LUNC network, now taken up by Genuine Labs, has increased its pace.  A signal that the future of Terra Luna Classic may be bright.