The bullish outlook in Terra Luna Classic price appears to be holding firmly holding its ground amid discussions surrounding the return of a USTC stablecoin pegged to the US dollar. Community members have been called upon to vote to pass the proposal, with many seeing it as a catalyst for a Terra Luna Classic price rally.

In the meantime, LUNC’s value shot up by roughly 3.5% in 24 hours to trade at $0.0001712 at the time of writing. Despite the bullish outlook Terra Luna Classic price appears stuck between a rock and a hard place, where support is provided at $0.00017 and the movement to the upside capped under $0.000174.

Therefore, bulls must deliberately defend LUNC’s support as mentioned to allow for momentum to build up ahead of another targeted attack on the seller congestion at $0.000174. Some technical indicators, as we will find out later, uphold a positive outcome for Terra Luna Classic.

Terra Luna Classic Community Mulls Over Repegging of USTC

A proposal that has recently surfaced in the Terra Luna Classic ecosystem could see the fallen USTC stablecoin repegged. A poll has been started with members called upon to vote in favor. Although it is too early to foresee the outcome, more votes seem to lean toward the affirmative.

(2) 🔥LUNC Classic 🔥🔥🌓 on Twitter: “Time to get pumped $LUNC army! We are going to get everything working again for the blockchain, we are going to repeg $USTC, we are going to come together as a community and we are going to the moon together! SMASH the like button if you believe! 💎🤲🏻 #Crypto #Binance #LUNC” / Twitter

The USTC peg’s rebirth could catalyze to Terra Luna Classic price. However, it does not sit well with everyone in the community, considering the explosive crash, that sent the entire crypto market on a tailspin last May. The Business 2 Community team will continue to track the poll and report on new developments as they happen.

Terra Luna Classic Community Yearns Coinbase Listing

Activities within the Terra Luna Classic community have been gaining traction with the latest being the push to have LUNC listed on Coinbase. The drive for the listing has recorded more than 50,000 tweets, although the exchange has not responded.

(2) 🔥LUNC Classic 🔥🔥🌓 on Twitter: “WE DID IT! #CoinbaseListLunc now has OVER 50 THOUSAND tweets! Our call for @coinbase to list $LUNC is increasing! YOU’VE HEARD THE PEOPLE #COINBASE! NOW IS THE TIME! RETWEET IF YOU WANT #LUNC ON COINBASE! 🔥🔥🔥🔥🔥🔥” / Twitter

If accepted on Coinbase, LUNC would be exposed to a wider audience likely to ignite a rally in Terra Luna Classic price. Recently Binance removed the risk warning on LUNA, a sister token – allowing investors to buy and sell without fear.

(2) 🔥LUNC Classic 🔥🔥🌓 on Twitter: “Binance did the right thing and removed the old $LUNA warning This is still ridiculous— are we just going to arbitrarily label stuff based on social media FUD and negativity? Label everything in that case But at least it’s a movement in the right direction 📈” / Twitter

Assessing Terra Luna Classic Price Profitability in The Coming Days

Terra Luna Classic price holds on top of confluence support at $0.00017 provided by the 50-day Exponential Moving Average (EMA) (in red) and the 100-day EMA (in blue). If this support stays intact, bulls won’t have to worry about securing another lower support at $0.00016, but how they will escape the trappings of the seller congestion at $0.000174.

LUNC/USD daily chart

Investors should consider embracing a buy signal recently reconfirmed by the Moving Average Convergence Divergence (MACD) indicator. Notice the blue line crossing above the red signal line, in turn, cementing the bullish grip on LUNC. Furthermore, we can see the entire momentum indicator crossing into the positive region above the mean line at 0.00.

Recovery above $0.00018 will depend on how bulls will approach two key barriers: The seller congestion at $0.000174 and the resistance highlighted by the 200-day EMA (in purple). Therefore, collecting enough liquidity is paramount to a sustainable upswing, preferably above $0.0002.

Terra Luna Classic price exhibits the same bullish picture even on shorter time frames like the two-hour chart. That said, day traders and short-term investors who may want to bet on long positions may do so with the backing of robust support slightly above $0.00017. Reinforcing this buyer congestion zone are the 50-day EMA in red, 100-day EMA in blue, and the 200-day EMA in purple.

LUNC/USD two-hour chart

Still, Terra Luna Classic price faces a challenging supply area of around $0.000174 only that it has the backing of the falling trend channel’s upper boundary. A break above the channel may take place before the end of the American session on Thursday as long as bulls sustain a rebound from support at $0.00017.

On the bright side, the SuperTrend adds credence to the bullish narrative with a buy signal confirmed two days ago. Like a moving average, this technical indicator overlays the chart. However, it incorporates the true average range (ATR) to gauge the volatility in the market. A buy signal occurs when the Super Trend flips to trail the price, implying buyers have the upper hand.

Terra Luna Classic price will keep the uptrend intact until the SuperTrend flips above the price and turns red from the current green color. Investors will gain confidence in the expected breakout as soon as LUNC pierces the falling channel’s resistance. From here, Terra Luna Classic price will start by closing the gap to $0.00018 and later $0.0002, before starting another recovery phase to ‘eat’ another zero for gains above $0.001.

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