Amidst weeks of bearish sentiments, Terra Classic (LUNC), the original chain of the Terra (LUNA) ecosystem, finds renewed optimism following the announcement of the version 2.1.0 upgrade. This upgrade has sparked a bullish outlook, providing a ray of hope for the Terra Classic community.Â
LuncBurnArmy, project manager of Joint L1Task Force (L1TF), announced on Twitter the release of the v2.1.0 upgrade proposal for review on the Commonwealth portal. Scheduled for voting on June 7 and implementation on June 14, this significant upgrade marks a milestone for the Terra Classic community since taking charge after the Terra-LUNC crisis in May last year.
Market Frenzy: Buyers Engage in Aggressive Accumulation of LUNC Crypto
Terra Classic’s native token, LUNC, witnessed an impressive rally on June 4. In just one day, it surged by over 30%, rising from $0.0000844 to $0.000115. This surge occurred after surpassing the 50-day Exponential Moving Average (EMA) at $0.0000977 and reaching the 100-day EMA at $0.0001148.
LUNC reached its highest peak in 30 days at $0.0001150, which has now become a significant bullish obstacle due to the presence of the 100-day Simple Moving Average (SMA) at that level. Despite the remarkable price pump, LUNC is now experiencing a retracement, with the current trading price at $0.0001018 and an overnight gain of 15%.
Notably, CoinMarketCap data reveals that buyers have actively engaged in this short-term rally, leading to a remarkable surge in trading volume of over 650% to $411.6 million in the past 24 hours.
The remarkable momentum in LUNC led to the RSI indicator nearing the extremely overbought zone, currently settling in the 59 range, indicating some profit booking.Â
The chart above reveals a consistent upward trend in Santiment’s percentage of stablecoin total supply held by whales with holdings exceeding 5 million USD since April 25, culminating in the current peak. Thus, buyers remain active in the market, leading to expectations of a rebound for LUNC from the 50-day Simple Moving Average (SMA) at the $0.000098 level, with a target resistance level of $0.00016.
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