• The Terra Luna Classic price has declined by 3.5% in the past 24 hours.
• Technical indicators don’t suggest that LUNC is going to stop falling in the near future.
• The Parity upgrade for LUNC is set for June 14, which may improve its price.
LUNC Price Decline
The Terra Luna Classic (LUNC) price has declined by 3.5% in the past 24 hours, dropping to $0.00008484 as the cryptocurrency market as a whole falls by 1.5%. LUNC’s price means it has dropped by 7% in a week and by 22% in the last 30 days, with the altcoin also down by 41% since the beginning of the year. This latter fall stands in contrast to the gains major cryptocurrencies such as Bitcoin and Ethereum have since January, underlining how LUNC currently appears to be in a state of decline, with community efforts to bootstrap its development failing to support its price.
However, with the launch date of the long-awaited Parity upgrade now set for June 14, LUNC’s price could see a boost around this time. The altcoin’s relative strength index (RSI) fell below 30 yesterday, and while it has recovered a little today it still remains below 50, signalling a lack of momentum. Likewise, LUNC’s 30-day moving average (MA) continues to plunge well below its 200-day MA , and at the moment it doesn’t seem like it’s going to stop anytime soon. This pessimism is supported by the coin’s support level (SL), which continues to drop from one apparent bottom to another.
As such, technical indicators don’t really suggest that LUNC is going to stop falling in the near future, particularly when the wider market continues to lose ground as a result of negativity surrounding macroeconomic factors such as US debt ceiling crisis and other macroeconomic factors. Indeed, since reaching a post-Terra collapse high of $0.00008485 in September 2022, it has actually declined by 98%, creating an impression that its community has lost hope of ever resuscitating it in any meaningful or significant way..
Parity Date Set
The Parity date for Cosmwasm upgrade v1 was recently set for June 14th 2023 – giving some hope that there may be growth of Dapps and utility on Luna Classic chain soon after this date!
In conclusion despite ongoing losses within this cryptocurrency market; there are still efforts being made towards improving Terra Luna Classics blockchain – potentially increasing its value once again come June 14th 2023!