Is Terra Luna Classic Going to Zero? LUNC Price Drops 5% as New Bitcoin Startup Raises $2 Million
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.
Listen to the wish of our #LUNC community members, here is L1 Terra Classic Task Force sprint #1 report:https://t.co/5uopmw5TMy
— 🇻🇳⚛️The Vinh Nguyen⚛️🇻🇳 (@TheVinhNguyen4) August 9, 2023
We are preparing for major core V2.2.0 upgrade which will include cosmos – sdk v46 as cosmos – sdk v45 is no longer supported by foundation.
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.
Bitcoin Derivatives Presale Goes +$2M as Market Excitement For Bitcoin BSC Grows
On-Chain Summer has given rise to an emerging vertical of Bitcoin off-shoot projects. While the term “Bitcoin derivative” might raise eyebrows, here’s what it signifies: a digital asset that leverages the strengths of Bitcoin and, at the same time, offers enhancements to rectify its challenges.
And with $2,026,485 raised this is what has markets so excited about Bitcoin BSC.
BTCBSC’s commitment to retaining Bitcoin’s cherished tokenomics, including the iconic 21 million token cap, ensures familiarity, while its unique offerings make it stand out.
https://www.twitter.com/Bitcoinbsctoken/status/1702595013689946233
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But that’s not all, BTCBSC’s adoption of proof-of-stake over proof-of-work offers a greener, more sustainable mechanism that’s in line with contemporary environmental concerns.
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Ever Wished to Stake Bitcoin: Empower Your Stack with Additional Rewards
BTCBSC isn’t just a token; it’s an investment strategy – focused on: Staking, which has become a focal point in the DeFi space, takes center stage in the BTCBSC ecosystem.
The benefits are two-fold: it offers token holders a lucrative yield (imagine an APY of 8-10%!) and it promotes long-term holding, reducing the notorious price volatility often seen with new crypto projects.
By distributing a staggering 69% of the total token supply as staking rewards over 120 years, BTCBSC not only incentivizes holding but promises sustained and stable growth.
Seize the Moment: The BTCBSC Presale Surges to $2m+ Raised in First Week
Now comes the crux: the BTCBSC presale -a limited-time opportunity, the presale offers 29% of the total token supply to early participants at a tantalizing price of $0.99 per token.
Comparing this to Bitcoin’s 2011 price gives a nostalgic yet optimistic perspective on BTCBSC’s potential.
With liquidity already locked via Unicrypt and a soon-to-be launch on PancakeSwap, the prospects for BTCBSC are incredibly promising.
The parallels to the surges seen in other Bitcoin derivatives, like BCH and BTC20, cannot be ignored.
BTCBSC is poised to not only emulate, but potentially surpass these successes, especially with its strategic staking model.
So in ever volatile crypto markets, BTCBSC emerges as a beacon of innovation and promise – delivering advanced features, combined with the trustworthiness of Bitcoin’s legacy, has seen BTCBSC break-out as a top tier investment opportunity.
As the crypto community eagerly watches the BTCBSC journey, it’s clear that this is more than just another token; it’s a movement, a strategy, and most importantly, an opportunity.
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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.
