Terra Luna Classic (LUNC) is experiencing a notable recovery, trading above $0.000061 as of Wednesday evening, representing a weekly increase of over 22%. Sustained capital inflow, rising open interest, and positive sentiment surrounding the upcoming network upgrade are fueling the price surge. From a technical perspective, LUNC's trend remains bullish, with bulls targeting the $0.000081 price region.
Positive On-Chain Signals Precede Network Upgrade
Terra Luna Classic began the week positively, maintaining gains after an 84% surge the previous week. Derivatives market signals reinforce this uptrend: LUNC futures open interest (OI) across exchanges jumped from $18.15 million on Monday to $25.55 million on Wednesday. The significant increase in OI indicates fresh capital entering the market and renewed buying pressure, potentially supporting LUNC's upward trajectory.
The Terra Classic development team recently released terrad v3.6.1, an update designed to address issues from older contracts and optimize dependencies. A proposal is awaiting community and validator approval to upgrade the blockchain to v3.6.1 (upgrade code: v13_1), including an automatic chain halt mechanism at block 26,479,000, scheduled for December 18th.
According to GitHub documentation, this upgrade has been successfully tested on the rebel-2 testnet, with contingency plans in place to revert to v3.6.0 if mainnet errors occur.
The update is expected to enhance security, expand functionality, and improve the stability of the Terra Classic network, thereby improving operational efficiency and long-term sustainability.
Data from DefiLlama indicates a significant increase in capital flowing into the ecosystem, reflecting renewed investor confidence likely driven by the impending network upgrade.
Terra Luna Classic Price Prediction: LUNC Bulls Aim Higher
On the weekly chart, Terra Luna Classic is moving within a falling wedge pattern and currently trades above the 50-week EMA at $0.000056, after a 24% increase since the start of the week.
If LUNC closes the week above the 50-week EMA ($0.000056), the uptrend could extend towards the next resistance level at $0.000098.
The RSI on the weekly timeframe is at 56, above the neutral threshold of 50, indicating strengthening bullish momentum. A bullish cross has also appeared on the weekly MACD, further reinforcing the bullish outlook.
On the daily chart, LUNC found support at the 61.8% Fibonacci retracement level, around $0.000047 (calculated from the December 2nd low of $0.000026 to the December 6th high of $0.000081). From this level, the price rebounded by 22% the following day. As of Wednesday midday, LUNC is fluctuating around $0.000061.
If this trend continues, the price could reach the December 6th high of $0.000081.
The RSI on the daily timeframe is at 71, in overbought territory, indicating strong bullish momentum. The MACD also shows a bullish crossover with an expanding green histogram, suggesting the uptrend may continue.
Conversely, if LUNC corrects, the price could fall back to the next key support area at $0.000047.
You have got the context, now make it count. Turn your insights into rewards with the best odds on prediction market at the go-to Whales Market for premarket trading crypto.