In the context of the crypto asset selloff in August 2023, the Terra Classic Price (LUNC) saw a significant drop. However, the developers have introduced a new proposal to implement dynamic minimum commissions for validators to protect the Terra Luna Classic network against potential vulnerabilities.
Weak Support For Terra Classic?
Over the last 30 days, the LUNC market cap reduced by as much as $100 million to $360 million currently. This could likely mean the interest in buying the coin dwindled as may lead to further price drop. According to Blastoise, a LUNC supporter, the support level for the token with the USDT pairing is at around $0.000055 while the resistance level is at around $0.000068.
“The current price is at the support level, which is a good sign. If the price can hold above the support level, it could signal a reversal to the upside.”
On the flip side, a price break below the support level could signal a continuation of the downtrend. Will the LUNC price drop further below the $0.000055 level? In the led up to the US Federal Reserve‘s FOMC meeting between September 19-20, 2023, the crypto market could likely witness volatility, which could eventually impact Terra Classic.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.