Strengthening fundamentals have cut through bearish sentiment, with ecosystem upgrades fuelling bullishness for Terra Luna Classic price predictions.
After a year of stagnancy, the altcoin has found its footing this month with a 230% rally as the Terra ecosystem addresses its biggest pain points.
The v3.6.1 upgrade introduces a legacy contract fix to bolster the security, functionality, and reliability of the Terra Classic blockchain, thereby strengthening the network’s long-term resilience and utility.
These potential changes created the fundamental backdrop for the surge, directly addressing issues that contributed to the original Terra Luna collapse and securing a path forward.
Market participants are betting on the setup. Open interest has climbed 400% over the same period as traders actively participate in LUNC price movements.
Terra Classic Open Interest. Source: Coinglass.Still, a 0.91 Long-Short ratio warrants caution. The majority of positions are shorts, suggesting that the market may not have faith in the strength of this uptrend.
Terra Luna Classic Price Prediction: Is This the Start of a Full Recovery?
The rally affirms the lower boundary of a year-long descending channel pattern, and a proven launchpad throughout LUNA’s post-crash consolidation.
But the push does appear to have been too much, too fast. Short-term speculative trading may have exhausted buy pressure and exposed LUNC to downside volatility.
LUNC USDT 1-day chart, descending channel. Source: TradingView.The RSI has made a sharp reversal after a spike above the 70 oversold threshold, typically indicative of local tops. The MACD also flashes a potential top as it loses its lead on the signal line.
Such a sudden and sharp spike in both momentum indicators is typically indicative of a rally driven by speculation rather than a genuine positioning, opening the door to downside volatility.
If long-term holders decide to take profit, a shakeout of weak hands could trigger a 50% slide back to the $0.000025 support and potentially expose lower lows.
Still, the bullish case remains plausible. The key breakout threshold sits around the $0.0000836 0.382 Fib retracement, a level that must hold as support for a confirmed push higher.
Fully realised, the pattern eyes the $0.000275 1.618 Fib extension in a potential 400% move above current levels.
However, the immediate resistance at $0.00008360 that capped this upside move will likely be the key proving ground for this outcome.
And a full recovery will likely hinge on long-term user onboarding and adoption of the Terra ecosystem once the upgrade debuts.
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The project has already raised almost $1.4 million in presale, and post-launch, even a small share of the industry could push its valuation significantly higher.
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Visit the Official SUBBD Website HereThe post Terra Luna Classic Price Prediction: Terra Chain Upgrade Ignites Explosive Rally – Beginning of a Full Recovery? appeared first on Cryptonews.
