Is Terra Luna Classic Going to Zero? LUNC Price Drops 5% as New Bitcoin Startup Raises $2 Million
Terra Luna Classic (LUNC) could be going to zero, as downside price moves continue to dominate price action despite a LUNC network core upgrade by the L1 Terra Classic Task Force (L1TF) developer group.
The v2.2.1 core upgrade to Luna Classic is a monumental step in rebuilding the ecosystem, the upgrade happened at block height 14514000 on September 12 at 10:15 UTC.
New features delivered by the V2.2.1 core upgrade include a Cosmos SDK intergration, tendermint migration to CometBFT, IBC-go to v6 and wasmd - alongside governance mechanisms such as splitting the burn tax.
The move was bolstered by continued support from Binance, which made efforts to ensure a relatively seamless transition for LUNC trading.
Despite the significant upgrade to the core network, LUNC price has remained relatively unmoved - with the asset currently trading at a market price of $0.00005810 (representing a 24-hour change of +0.28%).
This comes amid a -7% move week-on-week, price action is beginning to drop away from the descendant 20DMA as it approaches the upper trendline of the bearish trading channel.
Technical structure here suggests LUNC is likely to see a down-turn on the short-time frame, with insufficient fundamental support to carry it forward for a break-out.
Terra Luna Classic price remains firmly below the 200DMA, which while descendant, remains high at $0.000095.
The -7% downturn leaves LUNC once again risking a return to rock-bottom price exploration at $0.000052.
Meanwhile, there is some silver-lining in LUNC's indicators, with the RSI signalling price is oversold with a reading at 34.36.
As for the MACD, a solid 0.00000023 demonstrates a minor degree of bullish divergence.
Overall, price action is in tough position - caught below the 20DMA
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