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.
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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.
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