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LUNC, the native token of the Terra Luna Classic ecosystem, is stable with minimal price changes experienced in the last 24 hours. Although the token has lost 22.5% of its value in 30 days, a bullish setup, with the ability to propel LUNC to highs above $0.000105 formed in the last couple of weeks.
Despite the bullish outlook, a deeper analysis of the current conditions in the market reveals that investors need to be cautious as the token’s anticipated breakout could go either way.
Terra Luna Classic Price In Consolidation Ahead of Breakout
Terra Luna Classic is wobbling inside a symmetrical triangle setup, which paints a bullish picture for the $520 million ecosystem.
This technical pattern formed with approximately three higher lows and three lower highs connected with trend lines. Measuring the distance between the widest points of the triangle and adding it to the breakout point, provides a 16.1% breakout target to $0.000105.
However, this forecast is extremely ambitious, yet it would be prudent for traders to expect a conservative breakout to $0.0001, where they can gauge the strength of the trend.
Based on the trend exhibited by the Moving Average Convergence Divergence (MACD) indicator, Terra Luna Classic is mainly in bullish hands and has been struggling to push out of the triangle pattern.
A buy signal recently came into play as the MACD line in blue crossed above the signal line in red, thus validating the bullish outlook.
For now, traders should be on the lookout for LUNC’s reaction to the 50-day Exponential Moving Average (EMA) (in red) at $0.00008946 and the immediate support provided at $0.000087 by the ascending trendline.
Investors wishing to enter into new long positions may want to wait despite the bullish narrative, for Terra Luna Classic to weaken the 50-day EMA resistance. Moreover, less bullish traders would prefer to wait until LUNC breaks out of the triangle and consequently steps above the 100-day EMA (in blue).
Since the crypto market is still in dilapidated conditions with no signs of recovery, at least not this week, this calls for investors to be cautious.
That said, an opposite breakout may dig into Terra Luna Classic’s value if the trendline support at $0.000087 fails to hold. Action below this level would invalidate the bullish outlook and open the door for losses targeting $0.00007334.
However, investors must pay attention to higher support levels at $0.000083 and $0.00008, respectively.
Terra Luna Classic Settles on Parity Upgrade Date
The Terra Luna Classic development team has announced a date for the network’s much-awaited Cosmwasm upgrade v.1.1.0.
Terra Luna Classic L1 team manager announced via Twitter on Monday stating that the upgrade will go live on June 14.
Earlier in the year, Terra had announced its plans to transition the network from version 0.16.6, also referred to as the Parity upgrade.
The initial deadline for this transition was set for May 31; however, the development team required additional time for testing, leading to the delay.
https://twitter.com/luncburnarmy/status/1660417286186909698?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1660417286186909698%7Ctwgr%5E5acd9e8717b78ae779467b694eb2bc223823622e%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fambcrypto.com%2Fterra-classic-discloses-parity-upgrade-date-what-about-lunc%2F
The Cosmwasm upgrade is designed to enhance the capabilities of the Cosmos SDK v0.45, focusing specifically on refining the smart contracts within the Terra blockchain.
“We will aim to provide any assistance we can to existing smart contract owners prior to, and post-upgrade/migration to ensure that they are able to update their contracts to be compatible with cosmwasm v1.1.0,” the development team manager said in a Medium blog post.
In spite of these announcements, Terra Classic’s development activity metric, which gauges the contributions of developers to the ecosystem, did not see a notable increase.
As of now, the development activity stands at 5.93. This decline suggests that the public GitHub repositories aimed at advancing the Terra network have not been as impactful as anticipated.
AiDoge – The Terra Luna Classic High Risk-Reward Ratio Alternative to Buy
Investors watching the crypto market structure are aware that recovery may remain suppressed as institutional investors take time to decide if this is the right time to deep their feet into the digital asset space.
However, there are other opportunities that InsideBitcoins.com highlights, including some of the best-performing crypto presales like AiDoge.
This revolutionary meme coin stands out for merging the trending generative AI and the hype around memes.
With structured text prompts, users will be able to generate memes which will also be rewarded for their popularity on the platform.
For the first time, meme creators will be able to earn from their witty and funny images through the “meme-to-earn” concept.
Get ready for a wild ride of gains, laughs, and the most loyal community in town! 🚀
Unlock a whole new level of excitement by joining the #AiDogeArmy today!
There's only three more stages of the #Presale left! 👀
Get your $AI NOW! 🔥⬇️
👉https://t.co/5j5tt4smcs pic.twitter.com/l04ghkrGKO
— aidogecrypto (@aidogecrypto) May 23, 2023
“Users provide text prompts for meme generation… the AI processes the input, creating relevant, engaging memes, making meme creation accessible to all,” the team writes in the project’s whitepaper.
On the brighter side, the presale is still underway, with $12 million raised in just a few weeks. Investors are buying 1 $AI token for $0.0000324 but those interested must hurry before the price increases to $0.0000328 in four days or even earlier.
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