Recently, there have been fluctuations in the prices of many cryptocurrencies in the cryptocurrency market. Terra Classic (LUNC) has attracted the attention of investors and traders due to its volatile price fluctuations and bullish potential.
LUNC Improvement Meets Resistance
Terra Classic (LUNC) has encountered some resistance. The price tried to recover, but the 20-day Exponential Moving Average (EMA) prevented this. The sell-off in the market and this reversal are making it difficult for LUNC to recover. Failure to overcome this hurdle underscores the shaky recovery trend.
Terra Classic enthusiasts have a bright side despite recent setbacks. LUNC survived above the 200-day EMA and an upward support trend line. This resistance altcoinIt shows that it can recover.
Bitcoin Halving event, like LUNC cryptocurrency It causes debate about its effects on units. LUNC’s ability to break $0.00020, a psychological level for a bullish reversal, is being closely watched.
Bear Phase Intensifies
However, the road is difficult. Terra Classic is testing the 200-day EMA during a negative market. The market crash and LUNC’s 20% market cap decline indicate a strengthened negative cycle.
During the selling wave, an interesting Doji formed near the 200-day EMA. A morning star formation, a bullish reversal indicator, is possible with this market-indecision formation. This gives investors optimism for a recovery.
Technical indicators shed light on LUNC’s market dynamics. The last two declines showed positive divergence in the Relative Strength Index (RSI), supporting the reversal. However, a downward crossover of the 20- and 50-day EMAs could increase bearish momentum, complicating LUNC’s price direction.
At the time of observation, the price of LUNC had fallen over 4% the previous day and 14.34% over the previous seven days. By market cap, this positions it as the 113th largest cryptocurrency.
Major Terra Classic Upgrade
In response, the Terra Classic community accepted a major upgrade proposal to version 2.4.2, which aims to introduce IBC-Hooks and other features to help deploy decentralized applications (dApps) such as Enterprise DAO.
This improvement, unanimously supported by validators, demonstrates the community’s commitment to the revitalization of the network.
