After recording an intra-day low of $0.000115 on March 10, bearish momentum has seen Terra Luna Classic price (LUNC) go lower to record an intra-day low of $ 0.000111 on April 16. This marks a new all-time low for the altcoin and comes amid an expanse of dark clouds in the Terra ecosystem, as reported.
At the time of writing, LUNC bulls are pushing to restore above the critical support at $0.000120, now turned resistance. A break above this hurdle could inspire a recovery, despite the accumulating overhead pressure. At the time of writing, the altcoin is exchanging hands for $0.000116 after losing almost 10% in the last 24 hours.
Data on CoinMarketCap shows that trading activity in the Terra Luna Classic market is up almost 80%. This points to investors trading the asset for altcoins with more promising price actions. In tandem with the plummeting rates, the altcoin’s market capitalization has also dipped by around 8% to $686.2 million, kicking LUNC back to position 70 on the CoinMarketCap list.
Crypto Twitter Building A Campaign To Rescue Terra Luna Classic
Following the fall from glory that Terra Luna Classic price has displayed, crypto Twitter has started building a campaign to rescue LUNC.
Let’s Bring back $LUNC TO $110 🔥 pic.twitter.com/I00QvvtkLp
— Hailey LUNC ✳️ (@TheMoonHailey) April 20, 2023
Among the campaigns that have stood out is the call for United States-based crypto exchange, Coinbase, to relist LUNC.
RETWEET IF YOU WANT @coinbase to list $LUNC #Terra #Terraport #LUNC #Coinbase pic.twitter.com/OeRQhuhEVo
— Terra Luna Classic 🌕 (@_terralunc) April 20, 2023
Notably, some industry players believe that Coinbase has a special plan in store for the altcoin, but neither CEO Brian Armstrong nor the company itself has hinted to that effect.
Nevertheless, among the narratives that could boost Terra Luna Classic price is the call for validators to build out the network’s existing testnet infrastructure. LuncBurnArmy touted as a financial technology company, has appealed to those running validators to consider adding a node with their current configuration to the testnet.
In an ideal scenario, the ecosystem would like to see approximately 30% of all validators running nodes on the testnet. Such an outcome could allow for enhanced testing of major version upgrades. Moreover, over the course of the coming week, the LUNC ecosystem will be announcing target dates for the v2.0.0 chain halt ‘dress rehearsal’ on the testnet. This will be alongside the v2.0.0 upgrade on the Columbus-5 mainnet.
3. Over the course of the next week, we will be announcing target dates for the v2.0.0 chain halt ‘dress rehearsal’ on the testnet, as well as the v2.0.0 upgrade on the columbus-5 mainnet.
— 🔥LuncBurnArmy🔥 (@luncburnarmy) April 20, 2023
Once classic core v2.0.0 is successfully launched, the upgrade to Cosmwasm v1.1.0 (parity) will take place. The full target roadmap for the quarter should be released over the course of this coming week.
KuCoin To Support The Terra Network Upgrade
Besides Coinbase, KuCoin exchange is also on Terra’s potential rescue team after committing to support its network upgrade. The Terra (LUNA) network upgrade will take place at the Terra block height of 4,711,800. Deposit and withdrawal services of LUNA will be temporarily suspended at 04:30:00 on April 20, 2023 (UTC). KuCoin will handle all technical requirements involved for all users holding LUNA in their KuCoin accounts.
Terra Luna Classic Price Prediction
At the time of writing, the Terra Luna Classic price is $0.000115, confronting the immediate barricade at $0.000120. An increase in buying pressure could see LUNC breach this roadblock in an attempted rally north.
A break above the barricade mentioned above could open up the fields for Terra Luna Classic price to battle the next supplier congestion zone between the $0.000120 level and the confluence between the horizontal line and the 50-day Simple Moving Average at $0.000128.
In highly bullish cases, the Terra Luna Classic price could extend a neck up toward the $0.000143 resistance level. Such a move would denote a 10% upswing from the current level.
Notice that the Relative Strength Index (RSI) had just deflected from its southbound move, indicating a bullish effort to prevent further losses.
However, the odds still favor the bears, judging from the slope of the SMAs, which showed that the path with the least resistance was south. Moreover, the RSI was still below the mean line. The Moving Average Convergence Divergence (MACD) was also in the negative zone, with histograms losing their green feel. This showed that bears were still leading the market and Terra Luna Classic price could still plummet.
If more traders continue fleeing the LUNC market, Terra Luna Classic price could descend below the $0.000113 support level to collect sell-side liquidity under that level.
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