Terra Luna Ecosystem Skyrockets As Luna Classic (LUNC) Price Dominates! What’s Next For LUNC Price?

Over the past week, the Ter­ra Luna ecosys­tem has tak­en the alt­coin mar­ket by storm, with both LUNA and LUNC expe­ri­enc­ing remark­able surges. Traders are becom­ing more bull­ish as these alt­coins break sev­er­al resis­tance lev­els in quick suc­ces­sion, indi­cat­ing a come­back in buy­ing inter­est. Yet, as Ter­ra Luna Clas­sic and LUNA reach new peaks, some short-term traders are look­ing for a chance to cash in and secure their gains. 

LUNC’s Proposal Accelerates The Pump

The Ter­ra Luna Clas­sic com­mu­ni­ty is vot­ing on a soft fork to set a min­i­mum val­ida­tor com­mis­sion and imple­ment tech­ni­cal enhance­ments. This fol­lows a pro­pos­al to increase the min­i­mum deposit to 5 mil­lion LUNC to deter spam. The need for the soft fork arose after the val­ida­tor com­mis­sion was mis­tak­en­ly set to 0% dur­ing an upgrade. 

Till Ziegler advo­cat­ed for a soft fork over a sim­ple gov­er­nance pro­pos­al. Sub­se­quent­ly, blockchain engi­neer Vinh pro­posed the v2.2.2 soft fork, encom­pass­ing the 5% com­mis­sion and oth­er upgrades. Vot­ing ends on Octo­ber 3, 2023, with a cur­rent unan­i­mous 1.64% “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 now pump­ing hard as they suc­cess­ful­ly gen­er­at­ed buy­ing inter­est in the market. 

On-chain data reveals a spike in short-liq­ui­da­tion for LUNC, sur­pass­ing $20K today. Addi­tion­al­ly, LUNC’s Open Inter­est has climbed by $1 mil­lion, indi­cat­ing grow­ing trad­ing activ­i­ty. Yet, with the long-short ratio dip­ping to 0.67, a bear­ish cor­rec­tion seems likely. 

Con­verse­ly, LUNA has expe­ri­enced a bear­ish liq­ui­da­tion of close to $300K. Its Open Inter­est has jumped by $16 mil­lion in just two days, hint­ing at increas­ing price fluc­tu­a­tions near resis­tance points. How­ev­er, LUNA is also see­ing a minor bear­ish cor­rec­tion as buy­ers con­tin­ue to book profits. 

What’s Next For LUNC Price?

Over the last sev­en days, Ter­ra Luna’s price rose by 37%, and LUNC’s price surged by 15.6%, sug­gest­ing explo­sive momen­tum in the Ter­ra ecosys­tem. Ana­lyz­ing the 4‑hour price chart, the LUNC price broke above the cru­cial resis­tance of $0.000065 as buy­ers took advan­tage of tri­an­gle pat­tern clo­sure at $0.000061. As of writ­ing, LUNC price trades at $0.0000658, surg­ing over 9.5% from yesterday’s rate. 

Cur­rent­ly, bears are aim­ing to reverse the trend fol­low­ing a resis­tance at $0.000067. The ini­tial down­side sup­port is locat­ed at $0.000064. A rebound from this lev­el would imply a con­tin­u­a­tion in range-bound trad­ing, just like LUNC pre­vi­ous­ly ini­ti­at­ed in a $0.00006 break­out. This could lead the bulls to aim for the $0.000072 price point.

On the bear­ish side, should the price slide below the 20-day EMA, it would sig­nal declin­ing bull­ish momen­tum. The LUNC price might first approach the $0.000058 bench­mark, fol­lowed by a poten­tial descent to the sup­port of $0.000055. As the RSI lev­el is drop­ping from the over­bought region, short-term traders will like­ly exit, cre­at­ing more down­ward pressure.