Terra Luna Classic price is coming up stronger this week seemingly unbothered by widespread corrections across the market. Following Monday’s dip to $0.0001613, LUNC price rebounded in two small and one engulfing candle.
Interest in Terra Luna Classic has continued to grow after Binance removed the risk warning on the asset’s trading pairs. This in a way, could serve as confirmation that LUNC is safe to trade, buy and even hold.
Although the token’s market cap is back above the $1 billion mark, Terra Luna Classic’s position in the market hasn’t changed significantly. On the bright side, an upsurge in trading volume to $123 million in 24 hours validates the improvement in investor interest.
Terra Luna Classic Price Breaks Out – How Far Can LUNC Go?
Terra Luna Classic price exchanges hands at $0.0001696 at the time of writing amidst a rebound from support established at $0.0001613. Although investors feared declines will stretch further down, the demand zone above $0.00016 absorbed all the overhead pressure, allowing bulls to take back the reins.
At the moment, LUNC is knocking on a confluence resistance at $0.0001706 formed by the 100-day Exponential Moving Average (EMA) (in blue), the 50-day EMA (in red), and the upper rising trend line, as illustrated on the four-hour time frame chart.
A break and hold above this seller congestion zone would flip the odds in favor of a rally first to the 200-day EMA (in purple), holding the ground at $0.0001777 and then to the next key hurdle, as observed at $0.00018.
The Moving Average Convergence Divergence (MACD) indicator backs the optimistic outlook for Terra Luna Classic price by flaunting a buy signal. Bulls will make their grip on the uptrend steadier as the MACD line in blue crosses above the signal line in red. The expected breakout to $0.00018 and $0.0002 would start to materialize with the MACD closing the gap to the mean line at 0.00 and possibly moving into the positive region.
LUNC New Protocol Version Bullish for Terra Luna Classic V1.0.5
The core developers of the Terra Luna Classic blockchain have announced the release of V1.0.5, the network’s new version. Members of the community (validators) running full nodes have been requested to launch the upgrade until block height 11,543,150, which will be roughly two weeks from now – on February 14.
(1) Saqlain Ali on Twitter: “Update for Terra Classic V1.0.5 has been released & Full nodes can upgrade it until at block height 11,543,150 which will be approximately 14th Feb 2023. #LUNCcommunity this also bullish news for #LUNC & hope to see it worthy for us. RT #LUNCBURN #LUNCARMY #USTC #LUNA $LUNC https://t.co/M1smnsXYfw” / Twitter
According to Saqlain Ali, a stout believer in the LUNC project, the release of the new version of the protocol would positively impact Terra Luna Classic price. Coincidently, it occurred on the day Binance removed the risk warning from USTC and LUNA. He added that it could mark the end of people spreading FUD against LUNC, LUNA, and other related products.
(1) Saqlain Ali on Twitter: “Guys after warning removed from #USTC & #LUNA they both started to pump also #LUNC also pumped so this mean if Fud end in #LUNCcommunity everything can pump even more. Learn from your mistakes & stay away from fights & support utilities. RT & Follow. #LUNCARMY $LUNC $LUNA #BTC” / Twitter
In addition to LUNC becoming the most traded coin on Tuesday, it almost broke the popularity chart on the KuCoin exchange, recording over 27,000 traders in an hour. There is a high probability Terra Luna Classic price will sustain the uptrend to $0.00018 and $0.0002 in the coming days, possibly weeks, as long as the surge in interest among traders and investors does not slow down.
(1) ClayBro on Twitter: “Wow! LUNC is about to break the popularity chart on Kucoin 27,271 traders in the last hour! How high we going? #lunc #TerraLuna $lunc #LUNACLASSIC https://t.co/wpBLCRoPRA” / Twitter
For now, some of the levels to watch include the confluence resistance provided by the 50-day EMA and the 100-day EMA on the four-hour chart. Traders may want to buy Terra Luna Classic immediately after it breaks and holds above the upper ascending trendline. From here, some may close their positions at the 200-day EMA, $0.00018, and $0.0002 to lock in the gains.
However, Saqlain advises investors to take up LUNC as a long-term project. Hence, they should consider buckling up and waiting for Terra Luna Classic to break toward $1.
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