Terra Classic price up 35% as whales buy LUNC for v2.1.0 parity upgrade

Terra Luna Classic price has rallied 30% on the news of an incoming v.2.1.0 upgrade.
The proposal for the upgrade features three elements set to benefit the chain.
The announcement has revitalized optimism among community members for LUNC to hit $1.00.

Terra Luna Classic (LUNC) has turned bullish, inspired by a recent announcement of the version 2.1.0 upgrade. The news has awakened the altcoin from a deep slumber, inspiring hope among token holders as the nominal increase shows signs of sustaining long-term for the token.

Also Read: Terra Luna Classic price needs to consolidate for longer before LUNC triggers a quick rally

Terra Luna Classic price reawakens on network v2.1.0 upgrade

Terra Luna Classic (LUNC) is up 35% on the last day, a move inspired by the hype of the v2.1.0 upgrade. Notably, this would be the third upgrade attributed to the LUNC Burn Army. Among the key features in the proposal for the upgrade include a minimum of 5% commission for validators as an incentive and motivation for more validators to join the chain. The ensuing onboarding would allow the altcoin to achieve more consolidation.

The proposal also features CosmWasm 1.1, the second model of the system set to be integrated into the Terra ecosystem. It is a smart contract platform for the Cosmos ecosystem structured as a module capable of plugging into the Cosmos SDK. Lastly, the community has proposed integrating two security upgrades into the chain.

Terra Luna Classic upgrade announcement revitalizes optimism for $1.00

After the hard fork that ushered in LUNC, the Terra Luna Classic community spearheading the chain grew closer. Even now, while the $1.0 target for LUNC remains distant, they still maintain optimism. The upgrade announcement has revitalized this optimism, pumping the community for the second time after the hard fork.

I love seeing MILLIONS of tweets about #LUNC. Time to witness the greatest comeback story in #Crypto history. Smash the like button if you agree! $LUNC #Binance #LuncArmy #LuncBurn #LuncParity pic.twitter.com/FA025qdCf3
— Mr. Diamondhandz1 (@MrDiamondhandz1) June 4, 2023

Terra Classic price forecast as LUNC remains almost 99% lower than its all-time high

Terra Classic (LUNC) price is still down a staggering 90% from its all-time high of $0.000684, levels last seen on September 9, 2022. As investors hedged their LUNC for alternative cryptocurrencies with more promising price actions, the ensuing sell-off saw the altcoin descend to the $0.000083 support floor.

The stunning rally recorded on June 4 has seen Terra Luna Classic price rise to the current price of $0.000112 after flipping the 50-day Exponential Moving Average (EMA) at $0.000098 to tag the 100-day EMA at $0.000115. While overhead pressure from this hurdle has limited LUNC from rallying further, the altcoin appears ready to breach it as buying pressure builds up.

The rising momentum is indicated by the Relative Strength Index (RSI) headed north in an equal leap as the Terra Classic price. Similarly, the Awesome Oscillators (AO) also flashed green and edged towards the midline, indicating growing momentum.

A flip of the 100-day EMA hurdle into support would pave the way for Terra Luna Classic price to target the 200-day EMA at $0.000149 before a test of the supply zone between $0.000163 and $0.000181.

Overcoming selling pressure from the supply zone could pave the way for Terra Luna Classic price to collect liquidity above it. This could facilitate a rally to the resistance at $0.000192, tested last around early February.

LUNC/USDT 1-Day Chart

On-chain metric: Whales

Santiment’s percentage of stablecoin total supply held by whales with more than 5 million USD shows a steady rise beginning April 25 to the current peak, as indicated in the chart below.

On the other hand, considering the position of the RSI at 72, LUNC is overbought. This suggests a pullback was looming, and Terra Luna Classic price could drop. If investors keep their selling appetite in check, the rally may be short-lived for the altcoin.

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