Terra Luna Classic (LUNC) could be going to zero as downside moves continue to dominate price action.
Notably, this comes despite a LUNC network core upgrade by the L1 Terra Classic Task Force (L1TF) developer group.
The v2.2.1 core upgrade to Luna Classic is a monumental step in rebuilding the ecosystem, the upgrade happened at block height 14514000 on September 12 at 10:15 UTC.
New features delivered by the V2.2.1 core upgrade include a Cosmos SDK intergration, tendermint migration to CometBFT, IBC-go to v6 and wasmd – alongside governance mechanisms such as splitting the burn tax.
The move was bolstered by continued support from Binance, which made efforts to ensure a relatively seamless transition for LUNC trading.
LUNC Price Analysis: Is Terra Luna Classic Going to Zero?
Despite the significant upgrade to the core network, LUNC price has remained relatively unmoved – with the asset currently trading at a market price of $0.00005810 (representing a 24-hour change of +0.28%).
This comes amid a -7% move week-on-week, price action is beginning to drop away from the descendant 20DMA as it approaches the upper trendline of the bearish trading channel.
Technical structure here suggests LUNC is likely to see a down-turn on the short-time frame, with insufficient fundamental support to carry it forward for a break-out.
Terra Luna Classic price remains firmly below the 200DMA, which while descendant, remains high at $0.000095.
The -7% downturn leaves LUNC once again risking a return to rock-bottom price exploration at $0.000052.
Meanwhile, there is some silver-lining in LUNC’s indicators, with the RSI signalling price is oversold with a reading at 34.36.
As for the MACD, a solid 0.00000023 demonstrates a minor degree of bullish divergence.
Overall, price action is in tough position – caught below the 20DMA in a -80% bleed-out since last November.
Despite the efforts of loyal development teams and bullish divergence on technical indicators, the fundamental weakness of LUNC’s market position has left the project vulnerable to further to decline.
To the upside this leaves Luna Classic targeting $0.0000615 (+5.72%) in a move that could see LUNC reclaim support from the 20DMA and break-out of the descendant trading channel.
However, downside risk could see a return to rock-bottom at $0.0000525 (-10%) in a complete retracement to an all-time low.
This leaves Terra Luna Classic with a risk: reward ratio of 0.57 – a bad entry, dominated by downside risk.
But while LUNC might not be dropping to zero just yet, smart money have already began to rotate their capital into an emerging Bitcoin derivatives project that has surged to multi-million funding in less than a week.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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