Terra Classic analysis: LUNC price has experienced a minor decline in value over the past day, mirroring a mundane trading environment across the crypto market. This token commenced trading today with a modest bearish trend, further accentuating disinterest among investors ahead of Bitcoin halving this month. 

However, over the past few weeks, LUNC has attracted significant attention from investors and traders due to its rising trajectory. However, the market is now in a consolidation phase as investors evaluate the potential long-term viability of these gains amidst wider market conditions.

LUNC Price Analysis: Navigating the Market’s Consolidation Phase

Terra Classic’s price has modestly retreated by 2.47%, settling at $0.0001254 during US business hours on Friday. This slight downturn accompanies a market capitalization drop of 2.30%, which now hovers around $ 731 million. Concurrently, trading activity has dipped by 5.33% with the 24-hour volume, amounting to $23.25 million.

LUNC Price

Terra Classic’s technical structure remained relatively suppressed in the last week, recording an 8% decline. This signaled rising optimism among investors preferring to sell LUNC as opposed to buying the token. 

The cryptocurrency’s trading price hovered between $0.0001430 and $0.000125 at the time of writing, indicating a downward shift in momentum. Over the previous month, a 34% drop points to a possible short-term depreciation in its value which could begin to take root in the coming weeks.

Evaluating the Impact of Proposal 12093 on Terra Classic’s Future

In a recent development, the Terra Luna Classic community has initiated a vote on a significant proposal aimed at forming a dedicated core team. This new team will oversee the developments and decisions of the Terra Luna Classic blockchain. The necessity for this arose after the dissolution of the earlier core developer group, the Joint L1 Task Force, in March.

The community is now considering proposal number 12093, titled “Establish a Terra Classic Team.” This initiative, presented for a community vote via the Station wallet, advocates for the creation of a community-elected group. 

If bullish trends reemerge, a push above the $0.00018 mark could reignite LUNC’s price upward trajectory. This surge could challenge the $0.00019 resistance level and push the price towards $0.001.

Conversely, growing market doubts might push the asset down to the $0.00011 support level. A sustained decrease could further drive the price down to $0.0001, posing additional challenges for Terra Classic.

The technical indicators for LUNC on the daily chart reveal a range of insights for traders. Currently, the Relative Strength Index (RSI) hovers around the 36 mark, signaling a neutral momentum in market sentiment.  

The Moving Average Convergence Divergence (MACD) analysis signals an ongoing downtrend, with the MACD line and signal line maintaining positions below the zero mark.

LUNC Price| Source: Tradingview

Meanwhile, the Bollinger Bands show a narrowing channel, with the current price action treading close to the lower band. The upper band is approximately 0.0001635, and the lower band is roughly 0.0001194, illustrating the current narrow volatility range and a possible breakout this weekend. 

The post LUNC Price: Why Buy Terra Classic Amid Bloodshed And Uncertainty appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am