LUNC Crypto Analysis: Key Factors That Could Propel LUNC to New All-Time Highs

According to the monthly chart on TradingView, Terra Classic (LUNC) has been in a bearish trend since November 1, 2022, till today, June 26, 2023,

On Nov. 1, 2022, it had its lowest market price at $0.00013641, and as of June 10, 2023, its lowest market price reached $0.00007676.

Today, June 26, 2023, Terra Classic (LUNC) is trading at $0.00009112 as of the time of writing as the bulls attempt to take over the market.

It is important to note that many factors, which include the latest development within an ecosystem, investors’ sentiments, demand and supply principle, news on crypto regulations, and macros, usually affect the price of a cryptocurrency.

These factors could make LUNC attain a new all-time high or make it drop more in price.

LUNC Has Been More Bearish Than Bullish Since June

LUNC’s past and present price action on CoinmarketCap historical data showed fluctuations in the bearish trend. The asset traded between $0.00008437 and $0.00008505 on June 1 and June 4, 2023. 

As of June 5, 2023, LUNC bulls pushed the market price to surge and open at $0.0001107, but the bulls could not hold the bullish momentum and lost it to the bears as it later closed at $0.00009216.

Notably, the price consolidated slightly, trading at $0.00009215, $0.00009823, and $0.00009375 on June 6, June 7, and June 8, 2023, respectively.

As of June 9, 2023, the bulls made another attempt to take over the market price, as it opened at $0.0001001 to reclaim its bullish trend within the day. But the bears snatched the movement and closed the market at $0.00009935.

Again, the bears held this bearish position for 4 days as the price opened at $0.00009932, $0.00008940, $0.00008758, and $0.00008890 on June 10, June 11, June 12, and June 13, 2023, respectively.

Between June 14 and June 18, 2023, the market price for LUNC gained slightly as the bull attempted to reclaim the bullish trend, thereby making LUNC trade between $0.00009092 and $0.00009064 price levels.

Sadly, the bulls lost their grip to the bears on June 19, 2023, and the LUNC’s market price plunged to $0.00008890.

Notably, the bulls never gave up in their strife to push the market price to the bullish trend.  Between June 20 and today, June 26, 2023, the price has been consolidating, trading between $0.00009006 and $0.00009094.

Notable Factors That Could Push LUNC to New All-time High

Remarkably, some current development within the LUNC ecosystem is remarkable factors that could propel LUNC to its new all-time high.

• The Six Samurai Proposal to co-corporate with Terra Classic
• Terra Team to Partner with Quicksilver for Liquid Staking
• Terra Classic L1JTF in Collaborate with L2 Team to Propose Community-Owned Wallet 

The Six Samurai Proposal to co-corporate with Terra Classic

On June 26, 2023, Coindesk shared that a group of six engineers also referred to as the Six Samurai, have offered to help hands to the Terra Classic team to revive the Terra ecosystem.

These engineers have been expert developers in programming for decades with vast experience across many technical aspects.   Furthermore, one of their co-leaders, Bilbo Baggins, noted that the Terra Classic project has limitless potential.

The Six Samurai proposed a roadmap that will run within the Q3 of 2023 and will spend $116K in this same timeframe on governance proposals for the Terra community. The plan in the proposed roadmap includes Cosmos SDK update and changing Columbus-5 to Columbus-6.

Furthermore, the Six Samurai proposed listing LUNC on Cosmos block explorer (Mintscan) and on a tool for visualization analytics commonly referred to as Keplr’s Web Interface. Again, the Samurai team also proposed plans for the testnet on Terra USD Classic USD (USTC) stablecoin. 

There is also the development of a module that will help allocate parts of gas fees to contract developers and another module referred to as the “Alliance module” that will adopt inter-chain staking to allow cross-chain yield. 

This Six Samurai proposal has been adopted by a majority of the Terra community, as most of them responded positively.

Terra Team to Partner with Quicksilver for Liquid Staking

On June 24, 2023, Parker Lowe, via Twitter page, showed that the developer team at Terra Classic submitted a proposal to Commonwealth.im for joint governance with the Quicksilver network.

The aim is to enable the Terra community and validators to carry out liquid staking derivatives. Lowe notified the Terra community to get ready for a governance proposal voting activity in a week’s timeframe. 

The proposal integrates a lot of interchain accounts (ICA) that host all message types required to integrate with the Quicksilver network. Interestingly, this proposal will enhance Terra Classic LUNC liquidity, network security, capital efficiency, and decentralization.

Terra Classic L1JTF in Collaborate with L2 Team to Propose Community-Owned Wallet

On June 22, 2023, LuncBurnArmy, revealed through its Twitter handle that the Terra Classic project is set to create a community-owned wallet, iOS/Android app, and browser extension as it submitted the proposal to Commonwealth.im on June 21, 2023.

The Terra L2 team had Terra Wallet dApp hosted on third-party blockchains like Trust Wallet, Station (TFL), and Keplr, among others.

So, the Terra Joint L1 Task Force (L1TF) proposes to create a Terra Classic community-owned wallet that will be managed through governance. The wallet will be available on the mobile app, chrome extension, and Station (its web version).

This will enable to L2 team to work independently on the Terra Classic blockchain to ensure a reliable and up-to-date community-owned wallet.

The Joint L1 Task Force (L1TF) planned to execute the wallet creation in the third quarter of 2023.

LUNC Likely to Reclaim Bullish Momentum Before the End of Today, June 26, 2023

LUNC market price analysis on TradingView daily chart using some trading indicators showed that the asset will likely enter the bullish trend before the day runs out. LUNC has its price slightly above the 50-Day Simple Moving Average (SMA) but below the 200-Day SMA. 

This indicates a chance for LUNC to possibly gain in price before the end of today, June 6, 2023, but still has a bearish long-term outlook.

Furthermore, LUNC has its Moving Average Convergence/Divergence slightly trading above the signal line. This also confirms the likelihood of LUNC gaining before the end of today, June 26, 2023.

But LUNC Relative Strength Index at 48.32, trading downwards to the oversold zone (30), still hints at a bearish trend in the short term. Note the digital currency market price is volatile, and the price behaviour may change from the analysis.

LUNC Alternative to Consider Amid The Bearish Price Move

Ecoterea ($ECOTERRA)

Ecoterra project is a meme crypto project aiming to achieve an eco-friendly future. The project leveraged the power of Artificial Intelligence (AI) and blockchain technology to actualize its goals through a carbon offsetting strategy.

$ECOTERRA and Its Presale Performance

On May 2, 2023, it announced on its Twitter Page that its token presale had raised $2.8 million; on May 5, 2023, it hit $3 million. 

As of May 26, 2023, the presale hit $4.3 million; later, on June 9, 2023, it raised $4.9 million. The presale continued gaining success, hitting a milestone of $5 million on June 12, 2023.

As of today, June 26, 2023, the presale has reached over $5.4 million at the selling price of $0.00925. Interested investors could leverage the low price now to grab many tokens before the project lists on exchanges.