- LUNC price is resilient despite the Terra Classic upgrade delay from 31st to June 14th.
- Bulls regain control as LUNC sees positive momentum in the last 24 hours.
- LUNC consolidates, poised for a potential uptrend breakout if positive sentiment persists.
The L1 Joint Task Force (L1JTF) has opted to delay the delivery of the much anticipated v2.1.0 upgrade for the Terra Classic blockchain in a recent update to its Q2 timetable. Project Manager LuncBurnArmy (LBA) noted the necessity for further testing as the reason for the postponed release date, which is now planned for June 14 rather than the initial May 31 objective.
The L1JTF team’s key emphasis in Q2 2023 is on completing the v2.1.0 version, which is targeted at revitalizing the Terra Classic blockchain and assuring compatibility with Luna 2.0 and Cosmos.
Despite this setback, a positive trend formed in the early hours, indicating a substantial change in market mood. The bulls overcame the bears’ supremacy when support was established at $0.00008686. Encouraged by the positive momentum, the price of LUNC surged to a 24-hour high of $0.00008872 before hitting resistance.
At the time of publication, LUNC was trading at $0.00008761, a 0.44% increase over its previous closing price.
LUNC’s market capitalization increased by 0.41% during the upswing, hitting $513,812,651. Simultaneously, the 24-hour trading volume increased by 40.39% to $23,863,185.
The upper and lower Bollinger bars on the LUNC price chart are hitting $0.00008834 and $0.00008609, respectively. This movement indicates that the LUNC token is in a consolidation phase, with buyers and sellers seeking equilibrium at present price levels.
On the other hand, the price action movement toward the upper band implies that the positive momentum is building, which might lead to a breach above the upper band and a continuation of the uptrend. However, if the price movement fails to break above the top bar, a reversal towards the lower band and a possible downturn may be witnessed.
With a Relative Strength Index of 58.49, the market’s current bullish trend is holding. If the RSI rises over the “60” mark, it might signal a continuation of the positive trend and lead to a breakthrough above the upper band.
In conclusion, LUNC’s delayed upgrade hasn’t hindered the positive market sentiment, as the token shows signs of bullish momentum and potential for an uptrend.
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