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Terra (LUNA) Price Prediction: LUNA Ascends 17% – What’s Stirring the Surge?

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Terra Classic
Terra Classic

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Terra Classic (LUNC) has been on a bullish trajectory since September 12, gaining as much as 17% to set a swing high at $0.00006655 on Wednesday. This has surprised many traders, particularly for a token still reeling under the effects of the collapse of the Terra Ecosystem in May 2022. 

LUNC has emerged as a top performer with an impressive 10% growth in the last seven days. Terra Classic price is up 6% on Thursday to $0.00006528, with its 24-hour trading volume jumping a whopping 205% to cross the $59 million. It features among the top crypto gainers today, according to data from CoinMarketCap.

Top crypto gainers Sep 28
Source: CoinMarketCap

Bitcoin Cash (BCH) led the top 100 cryptocurrencies in gains, rallying 8% over the last 24 hours. Pepe (PEPE) came in third after rising 56% on the day, and Chainlink (LINK) came in fourth with 5% gains over the same time frame. Compound (COMP) and XDC Network token (XDC) closed the top seven biggest gainers after climbing 25% and 4% over the last 24 hours, respectively.

The Terra Classic community has maintained the token’s bullishness, which the developments within the ecosystem have primarily fueled. The community is currently voting on a soft fork to set a minimum validator commission and implement technical improvements. 

This comes after a proposal to increase the minimum deposit of 5 million Terra Classic tokens to combat spam on the network.

The soft fork’s need arose after the validator commission was mistakenly set to 0% during an upgrade. 

Till Ziegler, a former member and contributor to the Terra Classic Joint L1 Task Force (L1TF) team, recommended an upgrade via a soft fork rather than a simple governance proposal.

Following this, Vinh, a blockchain engineer, suggested that the JL1TF team release the v2.2.2. The soft fork proposal has been officially submitted and will remain open for voting until October 3, 2023. It has garnered unanimous support from a 1.64% voting share, considering the total voting power.

Currently, the proposal is failing, with only 21.7% voting “Yes” vote share.

Previously, the LUNC community decided to halt all Terra Classic USD (USTC) minting activities. 

Following these developments, LUNA and LUNC prices are pumping hard as they successfully generate buying interest in the market. 

Investors and crypto enthusiasts are also contented with Terra Classic’s progress despite the extended bear market. “LUNC to $1 Incomin9. Accumulate your big $LUNC bags now,” Hailey LUNC, an X user, said.

Terra Classic Price Analysis: Will LUNC Continue Rising?

Terra Classic bulls appear determined to defend the uptrend they have nurtured since mid-September. The most significant breakout occurred on September 21 after Terra Classic stepped above the lower descending trenline at $0.00005880 (dotted).

The token also pushed above the supplier congestion zone, stretching from $0.00006205 to $0.00006681. This rally was rejected around this area as sellers gave in to their appetites and booked profits. 

LUNC/USD Daily Chart

Terra Classic Price Chart - Sept 28
TradingView Chart: LUNC/USD

Most technical indicators support a continued uptrend for LUNC, including a call to investors to buy the token from the Moving Average Convergence Divergence (MACD). This occurred on September 11 when the 12-day Exponential Moving Average (EMA) – blue line crossed above the 26-day EMA – orange line. This bullish cross is still in play, suggesting that the market conditions favor the upside.

In addition, the Relative Strength Index (RSI) is currently in the positive region at 57. This suggests that the price is firmly under the control of the buyers. 

As such, a decisive daily candlestick close above the $1,0.000066881 resistance level would open the door to an extended uptrend, where the price deals with resistance between $0.000075 and $0.000090, embraced by the 100-day Simple Moving Average (SMA) and the 200-day SMA respectively.

If bulls bring down this hurdle, investors will start pushing for more gains, targeting highs above $0.000096. This would represent a 50% ascent from the current price. 

On the downside, traders must tread cautiously, considering the Relative Strength Index (RSI) is currently turning down. If LUNC’s upward momentum loses steam at this level, it would be forced to retrace in search of fresh liquidity before resuming the uptrend.

Key support areas lie at $0.00006344, coinciding with the 50-day SMA, the support area at $0.000062, and the lower declining line at $0.000058. Price movement below $0.00005224 could trigger a massive sell-off as Terra Classic holders will likely start panic selling.

LUNC Alternatives

Bitcoin Minetrix

Bitcoin Minetrix ($BTCMTX) is catching the attention of investors as the first fully decentralized mining solution based on cloud computing, where stakers earn credits they can directly deploy to mine Bitcoin.

Traders are also intrigued by the implications of the stake-to-mine feature because of its potential to alleviate selling pressure at launch and incentivize long-term adoption.

Within hours of the presale opening, over $150,000 had been contributed to the soft cap initial fundraising goal of $15.6 million. At this rate, the presale could sell out its first stage, in which $3,080,000 is targeted, within a week.

The presale has ten stages – from Stage 2 onwards, the token price increases 10% at each stage. Therefore, there is no time to lose in locking in the lowest prices.

Visit Bitcoin Minetrix here to find out how to participate in this presale. 

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