Popular altcoin Terra Luna Classic (LUNC) is on the rise with the announcement of the 2.1.0 version upgrade. The news has awakened the altcoin from a deep sleep and the nominal increase shows signs of long-term sustainment for the token. This aroused hope among altcoin holders. Here are the details…
Altcoin price reawakens with network v2.1.0 upgrade
Terra Luna Classic (LUNC) has increased by 35 percent in the last day with the excitement created by the v2.1.0 upgrade. Specifically, this upgrade is for the burning teams behind the LUNC burn. Among the key features in the upgrade offer is an incentive for more validators to join the chain. Because there is a minimum 5 percent commission for validators as motivation. Engagement with this incentive will allow the altcoin to gain further consolidation.
The offer also includes CosmWasm 1.1, the second model of the system that will be integrated into the Terra ecosystem. CosmWasm is a smart contract platform for the Cosmos ecosystem, configured as an add-on module to the Cosmos SDK. Finally, the community suggested integrating two security upgrades into the chain.
Terra Luna Classic upgrade announcement sparks optimism for $1
After the hard fork that started LUNC, the Terra Luna Classic community that spearheaded the chain became even closer. Even now, even though the $1 target for LUNC is a long way off, they still remain optimistic. The upgrade announcement rekindled that optimism and pumped the community for the second time after the hard fork. Terra Classic (LUNC) price is 90 percent below the all-time high last seen on September 9, 2022. LUNC was at $0.000684 at that time. Now, incoming sales have caused the altcoin to drop to the support base of $0.000083.
The dramatic rally recorded on June 4 allowed the Terra Luna Classic price to surge to the current price of $0.000112 after the price of Terra Luna Classic flipped the 50-day Exponential Moving Average (EMA) at $0.000098 to tag the 100-day EMA at $0.000115. The overall pressure from this hurdle is limiting the LUNC’s further ascent. However, according to analyst Lockridge Okoth, the altcoin stands ready to overcome it as buying pressure increases.
The rising momentum is illustrated by the Relative Strength Index (RSI), which has bounced up on par with the altcoin. Similarly, Awesome Oscillators (AO) glow green. Thus, it moved towards the midline, indicating increasing momentum. Turning the 100-day EMA hurdle into support will pave the way for Terra Luna Classic price to target the 200-day EMA at $0.000149 before testing the supply zone of $0.000163 to $0.000181.
Whales ran to LUNC
Overcoming the selling pressure from the supply zone could pave the way for liquidity rallying above the Terra Luna Classic price. This facilitates a rise to the $0.000192 resistance, which was last tested in early February. Meanwhile, Santiment’s percentage of total coin supply held by whales with more than $5 million in coins has been steadily increasing from April 25 to the current peak as shown in the chart below.
On the other hand, LUNC is overbought given the RSI’s position at 72. This indicates that a pullback is imminent and the Terra Luna Classic price could drop. The rally for the altcoin will be short-lived if investors keep their selling appetites in check.
