LUNC, the native cryptoย token of the Terraย (LUNA) Luna Classic ecologicalย system, is stable with minimal price changes experienced in theย previousย day. Despiteย theย factย that the cryptoย token has lost 22.5 percent of itsย price in 30ย days, a positiveย tendency setup, with theย potential to propel LUNC to highs over $0.000105 formed in the last couple of weeks.
Regardlessย of the positiveย tendency outlook, a deeper analysis of theย present conditions in the market outlines that investors must be cautious as the tokenโs anticipated breakout could go either way.
Terraย (LUNA) Luna Classic Price In Consolidation Ahead of Breakout
Terraย (LUNA) Luna Classic is wobbling inside a symmetrical triangle setup, which paints a positiveย tendency picture for the $520 Million ecosystem.
This technical pattern formed with approximately 3 higher bottomย Line and 3 lower highs connected with tendency lines. Measuring the distance betwixt the widest points of the triangle and adding it to the breakout point, provides a 16.1 percent breakout target to $0.000105.
Nonetheless, this forecast is incredibly ambitious, isย still it would be prudent for traders to expect a conservative breakout to $0.0001, where they can gauge the strength of the trend.
Accordingย to the tendency exhibited by the Moving Average Intersection Divergence (MACD) indicator, Terraย (LUNA) Luna Classic is mainly in positiveย tendency hands and has been struggling to push out of the triangle pattern.
A buy signal recently came into play as the MACD line in blue crossed over the signal line in red, thus validating the positiveย tendency outlook.
For now, traders should be on the lookout for LUNCโs reaction to the 50-day Exponential Moving Average (EMA) (in red) at $0.00008946 and the immediate support provided at $0.000087 by the ascending trendline.
Investors wishing to enter into new long positions may want to wait regardlessย of the positiveย tendency narrative, for Terraย (LUNA) Luna Classic to weaken the 50-day EMA resistance. Furthermore, less positiveย tendency traders would prefer to wait until LUNC breaks out of the triangle and consequently steps over the 100-day EMA (in blue).
Since the cryptocurrencyย market isย still in dilapidated conditions with no indicationsย of recovery, at least not thisย comingย week, this calls for investors to be cautious.
That stated, an opposite breakout may dig into Terraย (LUNA) Luna Classicโs value if the trendline support at $0.000087 fails to hold. Action below this level would invalidate the positiveย tendency outlook and open the door for losses targeting $0.00007334.
Nonetheless, investors must pay attention to higher support levels at $0.000083 and $0.00008, respectively.
Terraย (LUNA) Luna Classic Settles on Parity Upgrade Date
The Terraย (LUNA) Luna Classic development team has announced a date for the networkโs much-awaited Cosmwasm upgrade v.1.1.0.
Terraย (LUNA) Luna Classic L1 team manager announced via Twitter on Monday stating that the upgrade will go live on June 14.
Earlier thisย year, Terraย (LUNA) had announced its intendsย to transition the network from version 0.16.6, likewise referred to as the Parity upgrade.
Theย preliminary deadline for this transition was set for May 31; onย theย otherย hand, the development team required additional time for testing, leading to the delay.
2. Similarly, we have revised our May 31st target, and have added some additional time for testing. This is a major upgrade, and we want it to go as smoothly as the previous v2.0.1 upgrade. Conโt.
โ ๐ฅLuncBurnArmy๐ฅ (@luncburnarmy) May 21, 2023
The Cosmwasm upgrade is designed to expandย the capabilities of the Cosmos SDK v0.45, focusing inย particularย on refining the smart contracts within the Terraย (LUNA) blockchain.
โWe will intendย to provide any assistance we can to existing smart contract owners prior to, and post-upgrade/migration to secure that they are able to update their contracts to be compatible with cosmwasm v1.1.0,โ the development team manager stated in a Medium blog post.
In spite of these announcements, Terraย (LUNA) Classicโs development activity metric, which gauges the contributions of developers to the ecologicalย system, did not see a notable increase.
Currently, the development activity stands at 5.93. This decline impliesย that the public GitHub repositories aimed at advancing the Terraย (LUNA) network have not been as impactful as anticipated.
AiDoge โ The Terraย (LUNA) Luna Classic High Risk-Reward Ratio Alternative to Buy
Investors watching the cryptocurrencyย market structure are aware that recovery may remain suppressed as institutional investors take time to decide if this is the right time to deep their feet into the digital investment space.
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With structured text prompts, users will be able to generate memes which will likewise be rewarded for their popularity on the platform.
For the 1st time, Memeย Coin creators will be able to earn from their witty and funny images through the โmeme-to-earnโ concept.
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๐ pic.twitter.com/l04ghkrGKO
โ aidogecrypto (@aidogecrypto) May 23, 2023
โUsers provide text prompts for Memeย Coin generationโฆ the Artificialย Intelligenceย (AI) processes the input, creating relevant, engaging memes, making Memeย Coin creation accessible to all,โ the team writes in the projectโs whitepaper.
Onย theย brighterย side, the isย still underway, with $12 Million raised in just severalย weeks. Investors are buying 1 $ Artificialย Intelligenceย (AI) cryptoย token for $0.0000324 but those interested must hurry before the price increases to $0.0000328 in four days or even earlier.
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