• Terra Luna Classic (LUNC) price has dropped by 3.5% in the past 24 hours and is down by 41% since the beginning of the year, contrasting with gains made by other major cryptos.
• The long-awaited Parity upgrade is set to launch on June 14, potentially providing an opportunity for LUNC’s price to recover.
• Technical indicators suggest that LUNC’s near-term prospects are grim, but community efforts towards development remain ongoing.
Overview of Terra Luna Classic Price
The Terra Luna Classic (LUNC) price has declined by 3.5% in the past 24 hours, dropping to $0.00008484 as the cryptocurrency market as a whole falls by 1.5%. LUNC’s price means it has dropped by 7% in a week and by 22% in the last 30 days, with the altcoin also down by 41% since the beginning of the year. This latter fall stands in contrast to the gains major cryptocurrencies such as Bitcoin and Ethereum have since January, underlining how LUNC currently appears to be in a state of decline, with community efforts to bootstrap its development failing to support its price.
Parity Upgrade & Potential Price Recovery
However, with the launch date of the long-awaited Parity upgrade now set for June 14, LUNC’s price could see a boost around this time. It’s hoped that this will encourage a migration of users from other networks onto Terra Luna Classic due to its improved interoperability and security features when compared against other blockchains running on older protocols and technology stacks.
Technical Indicators Point Towards Further Losses
LUNC’s chart makes for some fairly grim reading, with its indicators all showing further losses of momentum which point towards more losses in the near term. The altcoin’s relative strength index (purple) fell below 30 yesterday and while it has recovered somewhat today it still remains below 50 signalling a lack of momentum. Likewise, LUNC’s 30-day moving average (yellow) continues to plunge well below its 200-day average (blue), indicating that losses are unlikely to abate anytime soon given current market conditions across crypto markets generally speaking.
Community Efforts Remain Ongoing
Despite its ongoing losses, however,the Terra Luna Classic community continues work on making their cryptocurrency and blockchain more useful for developers through projects such as Parity Upgrade which will enable greater interoperability between different networks plus improved security features when compared against older protocols and tech stacks running on different blockchains .
In conclusion then technical indicators don’t really suggest that LUNC is going stop falling anytime soon particularly given current market conditions across crypto markets generally speaking , however community efforts remain ongoing which could provide an opportunity for recovery should mass migration occur from other networks onto Terra Luna Classic once parity upgrade goes live on June 14th .