Terra Luna Classic (LUNC) has recently gained traction in the crypto market, experiencing a rebound after a period of inactivity and a 2% increase, signaling a bullish trend. With investors pondering the ideal time to buy LUNC before a potential breakout, it’s worth noting the reasons behind this upward momentum and the factors driving it.
Despite challenges posed by the recent market crash and regulatory concerns, LUNC has displayed remarkable resilience. It has managed to recover above the support level of $0.00009044 and is presently trading at $0.0000920. Coupled with its upward movement at the $0.00009 level, many investors are anticipating the next bullish surge. The positive momentum and durability of Terra Luna Classic hint at possible further gains.
The driving force behind LUNC’s upward rally is a recent report indicating that a group of seasoned engineers known as the “Six Samurai” has put forth a strategic plan for revitalizing Terra Luna Classic by the third quarter of 2023. This proposal, aimed at breathing new life into the LUNC ecosystem, has received positive feedback from the community, and as a result, the LUNC price has shown promise, ending the week with a 1.3% gain.
Key aspects of the proposed plan encompass a budget of $116,000 for implementing an L1 roadmap, notable platform listings such as Keplr’s Web Interface and Mintscan, and the involvement of the highly skilled Six Samurai team. Additionally, the proposal includes a stablecoin USTC testnet, an Alliance module for cross-chain yield, and a fee share module for contract developers.
The strategic plan proposed by the Six Samurai team could positively impact LUNC’s value while generating interest and confidence among investors. This may drive demand upward and subsequently lead to price appreciation.
From a technical standpoint, LUNC has demonstrated a rebound above its critical support level at 0.00009063. This bounce has pushed its price towards the $0.00009522 level. LUNC’s current symmetrical triangle pattern, the Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD) indicators, however, reveal a sense of uncertainty and cautious sentiment in the market.
Investors should keep an eye on the immediate resistance level at $0.00009517, as a breakout could potentially push LUNC’s price towards $0.0001028. Nonetheless, it’s crucial to account for the possibility of a bearish outcome, with trading occurring around the $0.0001104 level. With LUNC’s current price at $0.00009765, it may return to $0.000100 in the near future and could even reach $0.0001126. Let us stay vigilant to capitalize on the upcoming opportunities in the market.
Source: Cryptonews
