đ Terra Luna Classic: LUNC Breaks Out; Bulls Eye 50% Gains
After Binanceâs token burn and the v3.0.1 upgrade, the LUNC price broke out of a key market structure, with bullish investors aiming for potential 50% gains.
Genuine Labs, a Terra Luna Classic development team, upgraded the chain to v3.0.1 on June 2, 2024. The community had been anticipating this upgrade, and LUNCâs price surged on May 30, following the classic âbuy the rumor, sell the newsâ pattern. As of Wednesday during European business hours, LUNC was priced around $0.00012, up 2.2% in 24 hours and 0.6% over the past week.
đž Terra Luna Classicâs Bullish Momentum and Potential Price Targets
The Terra Luna Classic (LUNC) price is currently trending above the 50-day and 200-day simple moving averages (SMA), indicating a bullish outlook for the asset. Over the past 48 days, the bulls have been in an accumulation zone, forming an ascending triangle.
On May 30, 2024, LUNCâs price broke upward and soon retested the upper boundary of the ascending triangle. Now, the price may be preparing to bounce off this resistance-turned-support level.
If LUNC rallies higher, it could reach $0.0001760, a 50% increase from its current price. However, the journey upwards might encounter resistance around $0.000136 and $0.000154. In a bearish scenario, LUNCâs price may find support around $0.000105 and $0.00009.
đž Future of LUNC Hinges on Community and Legal Developments
The price of Terra Luna Classic (LUNC) largely depends on the future direction of the blockchain, driven by the community. Investors are keeping a close watch on the markets, as the lawsuit involving Do Kwon and Terraform Labs could significantly impact LUNCâs price.
âThereâs been a lot of uncertainty since the end of the trial. Like always with these things Iâve had to stay quiet while I work out the details. Iâm hopeful that Iâll be able to share what Iâve been working on by early next week at the latest.â