Despite the favorable L2 network developments, #TerraLunaClassic âs price value has been lagging, with a slight increase of 2.2% over the past 24 hours. While keeping above a $500 million market cap, the altcoin competition has been fierce for $LUNC
, as the altcoin continues to dwell below cryptoâs TOP 150 by global market capitalization.
On the technical side, Terra Luna Classicâs price charts show more bearish signs than bullish ones. On the one-day charts, the Layer-1 altcoin continues to trade below the key support of $0.0000950. At the same time, the Stochastic Relative Strength Index (StochRSI) flashes an overbought condition for LUNC, floating between 86 and 80.
The Chaikin Money Flow (CMF) also dwelled below zero, signaling that more large investors are distributing their LUNC positions rather than accumulating, making the $1 LUNC price target unrealistic for the time being. Nevertheless, the forthcoming price trajectory for Terra Luna Classic heavily depends on the usage, as traders on the receiving side on Terra Classicâs chain wonât be taxed on incoming transfers when the upgrade kicks in.
