Do Kwon proposed the LUNC 2.0 blockchain, which is a proof-of-stake blockchain. Furthermore, Block Entropy will implement an AI app chain as part of this technology.
Traders should keep an eye out for a breakout above the $0.00012 support level as this could indicate an imminent trend reversal in the short term.
Bulls hold key level
Though LUNC is still struggling to make its comeback, its price pattern remains extremely bullish. Combining the best features of blockchains and stablecoin technology for global payment solutions with reliable stablecoin technology. Unfortunately, however, due to legal proceedings surrounding UST and legal investigations surrounding its growth potential.
LUNC, the cryptocurrency powering Terra's original blockchain, experienced disaster last May when its stablecoin, UST, lost its 1:1 peg with US dollars causing capital flight from its ecosystem and hyperinflation of LUNA supply. Since then, it has struggled to regain ground, though recent signs point towards bears finally abandoning an extended downward slide.
Technically speaking, LUNC has created a falling wedge pattern on its daily chart. A falling wedge pattern is a reversal pattern in which both upper and lower trend lines that connect highs and lows converge downwards; this bullish formation usually precedes an aggressive reversal from bears; therefore they should exercise caution if trading against this formation.
The coin has also been supported by indicators, including the Relative Strength Index (RSI), which stands above 50. Additionally, MACD lies below its zero line and indicates downward movement while its associated Exponential Moving Average (EMA) also continues its descent.
Notable also is the coin's strong trading volume and activity, suggesting it has captured investor attention. Given this positive momentum, it seems likely that Bitcoin Cash will break through its resistance level and resume its upward journey.
DigitalCoinPrice recently issued a crypto price forecast for LUNC that projects it to reach $0.000212 this year, rising gradually over time to reach $0.000453 next year and then $0.000627 by 2028. If successful in drawing in investors from mainstream markets while also showing its resilience in an otherwise highly volatile market environment, its value may even increase further; potentially reaching $1 in some circumstances.
Bears could do a steeper retracement
Although LUNC prices have seen gains during September, it appears as if bulls may be tiring of pushing upwards. The likely cause is South Korean authorities trying to extradite LUNC founder Do Kwon.
This development marks a critical change for the project and could threaten any plans to rebrand its platform in the near future.
Investors should keep a close eye on LUNC to gauge how its community reacts to recent developments and whether the platform can make a comeback. Success of this will depend on many factors; among them is whether its team can revive the ecosystem and attract more developers; additionally, investors might come back if more investors join.
Even with these challenges, some indicators show that bitcoin remains in an uptrend. Moving averages have turned bullish and the Relative Volume Overlap Line (RVOL) falls below its cutoff point, signalling low market participation in its current trend.
LUNC token's value depends on its stability as a stablecoin, as it's backed by USDT; when its price goes up, so does LUNC's. Thus it is vitally important that its community manages to increase adoption and create new projects on this platform.
LUNC offers some unique advantages that could give it an edge in the crypto industry, yet must also overcome numerous challenges. Without major market recovery, it is unlikely LUNC will return to its former heights of around $1. However, nothing is impossible in such an unpredictable industry and so we must wait and see whether the project can find its way back up again - hopefully finding support from investors and developers which allows it to find more uses cases as it grows exponentially - otherwise bear markets could threaten its survival altogether and the high circulating supply may hinder its success further still.
Short-term outlook
Terra Luna Classic (LUNC) prices have recently come within striking distance of its resistance level, and if bulls can pass it quickly that will be seen as positive short-term sign. Bears could respond with steeper retracements; therefore early bulls should wait for a clear buying signal before entering the market.
RVOL of LUNC has fallen below its cutoff line, signaling that only a low volume of traders are participating in its current trend, which could increase volatility further. Furthermore, its moving average (MA) has dropped below 50-day MA levels suggesting the price could be in an imminent downtrend.
LUNC is a decentralized cryptocurrency built upon the Ethereum network that features fast and secure blockchain transactions, as well as support for AI application development. Most recently, its team announced Block Entropy -- an AI app-building tool designed to make developing apps on Terra blockchain easier for developers. This platform will help enable new application creation using Terra's blockchain infrastructure.
Terra Coin Project boasts several promising partnerships. For instance, major financial institutions have joined with them to enable Terra coins payments while Bittrex digital asset exchange has signed an agreement to help expand user numbers for Terra.
As such, the LUNC coin can be expected to increase in value in 2025 should cryptocurrency markets rebound after their recent declines and Terra blockchain will make an impactful statement about the global crypto market.
Terra blockchain does have some challenges that need to be faced and addressed; its complex community is constantly in conflict and it relies heavily on some developers who could leave in the near future.
Short term, it seems unlikely that LUNC can reach $1; however, its recovery could still come about with continued efforts by its team to reduce supply. Should this prove successful over time, LUNC coin could eventually cross $100 mark.
Long-term outlook
Technical indicators point towards LUNC being in a long-term decline, yet its improvements could provide long-term stability. Together with efforts to decrease its circulating supply and enhance token values in people's minds, these developments could make an impactful statement about this cryptocurrency and support its long-term outlook.
As well, Terra has been striving for interoperability between blockchains to speed up interaction. They have already partnered with Block Entropy - an AI app-building platform dedicated to blockchains - in order to enable creation of applications on Terra blockchain that will enhance its value and promote its use.
As part of its Terra Network initiative, LUNC is adding several features that could facilitate cross-chain collaborations - including an Alliance Module that could make building blockchain projects simpler on an LUNC-based platform and make its blockchain more stable and secure. This initiative marks another great achievement by the project!
These developments could increase LUNC prices over time. Success here depends on whether the project can attract more developers and investors; to do this successfully requires improving platform stability as well as creating its own ecosystem.
Even with recent positive developments, it is still too soon to purchase LUNC. Cryptos remain highly unpredictable and susceptible to price corrections, so investors should remain patient until an ideal opportunity presents itself for investing.
However, it should be remembered that LUNC could be overbought in the short term; its price could dip under $0.00010 but will most likely recover as it reaches key resistance points.
Traders interested in betting on this coin should watch for a retest of resistance at $0.01. If LUNC can break above this resistance level, long-term prices could reach $0.02; an ideal goal given their high value within the crypto community.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.