LUNC Price Prediction: 120% Rally Meets Key Upgrade Vote as Breakout Nears
Terra Luna Classic has been put back in the limelight after experiencing an explosive two-week surge that pushed LUNC up by over 120%.
Quick overview
- Terra Luna Classic (LUNC) has surged over 120% in two weeks due to a community vote on the upcoming V3.6.1 upgrade.
- The upgrade, set to go live on December 18, has received 99.34% approval from validators and aims to enhance stability, speed, and smart contract compatibility.
- Market activity is increasing, with a 15% rise in 24-hour trading volume, as traders respond positively to the upgrade and the potential for a fresh start for the chain.
- Technical indicators suggest LUNC is poised for a significant move, with key price levels to watch as the upgrade approaches.
Terra Luna Classic has been put back in the limelight after experiencing an explosive two-week surge that pushed LUNC up by over 120%. The reason for this rally is a community vote on the network’s next big upgrade, V3.6.1. This long-overdue update is all about shaking things up and giving LUNC the stability, speed, and smart contract compatibility it so desperately needs.
The vote is now showing a whopping 99.34% approval, a real vote of confidence from validators, especially given they’ve had to deal with a year of governance issues and technical problems. The upgrade is set to go live on 18th December, when the Terra client will flip to v3.6.1 at block height 26,479,000.
The developers say the upgrade will include fixes for any old contracts that need them, some much-needed dependency upgrades, and a nice boost to CosmWasm functionality. They’ve already given it a good run through on the Rebel-2 testnet, so they’re confident it’ll do the trick. There is a rollback option (v13.1) in place, in case something goes wrong and they need to switch back.
Market Reaction is Building Ahead of the v3.6.1 Upgrade
LUNC’s rally has a lot going for it, with traders really getting behind it – 24-hour volume has already increased by 15%. And the price action is looking strong too – having cleared several trendlines and picked up the 50-day and 200-day moving averages along the way.
Some of this, of course, is down to the ongoing drama with Terraform Labs co-founder Do Kwon, who (if you hadn’t heard) is facing a possible 12-year jail sentence. The upgrade, therefore, represents a fresh start for the chain, which is trying to rebuild its credibility.
LUNC looks pretty Good from a Technical Point of View
LUNC is sitting around $0.0000619 at the moment – right on top of that rising trendline that’s been guiding the price upwards since early December. And candlesticks are showing a nice pattern of higher lows, while rejections near $0.0000668 are tightening the trendline that’s limiting the upside.
The 20-day EMA is at $0.0000567, keeping the short-term momentum neutral. If you look at the fibs, there’s a pretty clear roadmap: the price is reacting around the 0.382 retracement at $0.0000610, which is a clear sign of buyers in the market. And if the price can break above $0.0000668, it’s got a clear run at $0.0000745 and then the swing high near $0.0000815.
That said, if the bulls lose control and the price breaks down, the first level of support is $0.0000548 (0.5 Fibo); after that, it’s open season on the way down to $0.0000484.
The RSI at 58 is showing some pretty modest strength without getting over-enthusiastic, which is nice – and suggests that the market is just getting ready to make its next big move.
What’s Next for LUNC?
The convergence of a major software upgrade, a primary validator vote of confidence, and a pretty tight technical structure suggests that LUNC is on the cusp of a major moment. If the upgrade goes smoothly and the price can break through that one trendline, then it could be a decent recovery into early 2025. Of course, if the price can’t break through or if there are any issues with the upgrade, then it’s back to square one – or at least delayed for another time.
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