LUNC’s price has seen some upside over the past week after an important proposal went live. The price has since begun to cool off since the initial pump. However, there is still a bullish case to be made for the altcoin that could see its price clear the $0.00015 level again.
New Terra Classic Upgrade Has Community Excited
On Saturday, May 3, a proposal was published for the Terra Luna (LUNC) network for an upgrade. This upgrade was slated to bring a number of things to the network, as outlined by the LuncBurnArmy in the v2.1.0 upgrade proposal.
The proposal which is now in the Commonwealth comes with a lot of exciting changes for the network. Some of these include a minimum 5% commission for all validators, as well as security updates for the network to make it more secure.
This upgrade will be the third significant upgrade that the Terra Classic network has undergone. It is expected to take place at 17:21 UTC on June 14, after the network is halted on block 13,219,970 to enable the upgrade. However, the block at which the network is paused could change as D-Day draws closer.
LUNC Could Rally To $0.00015
The price of LUNC saw a significant boost when the proposal was first unveiled. The altcoin had rallied from a low of $0.00008 to a local peak of $0.00011 on the same day before giving back into the bears. However, this has not eliminated the possibility of more upside for the digital asset.
LUNC price surges following upgrade proposal | Source: LUNCUSDT on TradingView.com
One thing that could drive more rallies is investor sentiment improving across the LUNC community as they anticipate the upgrade. Since the upgrade is less than two weeks away, it is possible that LUNC’s price will continue to rise until then.
If this happens and the bulls maintain control, then a bounce above $0.00015 becomes a possibility in the short term. As momentum builds, so will buying pressure as investors rush to FOMO into the altcoin leading to a rapid rise in price.
However, there is still the danger of bears taking control and pulling the price below the $0.00009 support. If this happens, then sentiment could quickly turn to the negative and the price of the cryptocurrency will quickly return to the $0.00008 level it was trading at before the proposal was released.
At the time of writing, LUNC is trading at a price of $0.00009842, up 12% in the last seven days.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Finbold, chart from TradingView.com
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