- Crypto.com’s staff sent a follow-up email in regards to the delisting of LUNC.
- Receiving immense community backlash, Crypto.com overturns the decision.
- Analyst assesses the chances of LUNC’s breakout based on the weekly close.
Crypto.com, a major cryptocurrency platform based in the United States, U-turned on delisting Terra Luna Classic (LUNC) after facing fierce backlash from Terra Classic’s community.
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In a favorable turn of circumstances for the community, LUNC won’t be delisted by Crypto.com by February 15, 2024, despite a previous email sent to the platform’s American clients.
Instead, representatives assured their clients in the latest email that the delisting of LUNC “will be delayed till further notice in April.” While not giving any reasons for the sudden change, Crypto.com’s email relieved many crypto enthusiasts, who have been informed of the ability to withdraw LUNC even after the delisting happens.
LUNC Price Witnesses Make-or-Break Moment
Initially, the message warning customers of the elimination of LUNC trading pairs sent the altcoin to retest the support levels of $0.00011 on January 18, 2024. However, the embattled LUNC has been trading in a downward parallel channel for the whole month, totaling January’s losses to 21.1%.
The recent bullish news for LUNC restored healthy optimism among Terra Classic’s holders on X. To illustrate, the daily charts for LUNC now hint at a likely price trend reversal, as Terra Classic validator LunaClassicLabs pointed out. In their daily technical analysis, the validator marked a narrowing triangle pattern, portrayed in orange color in the graphic below.
According to LunaClassicLabs, the decisive moment for LUNC’s price trend in the near future is the oscillation between the narrow orange triangle and the green trendline. A weekly close above $0.000125 would likely send a signal for a bullish crossover, while this price range was last touched on January 18, 2024, right before the news struck that Crypto.com is mulling delisting LUNC.
On the Flipside
- According to the all-encompassing order book, Terra Luna Classic’s bids have decreased by 2.5% in the last 24 hours, despite the positive news from Crypto.com’s staff.
- On the other hand, the pending sell orders for LUNC have increased by 6.57% to $2.33M overall in pending sales, according to the blockchain research platform CoinPaprika.
Why This Matters
The Terra Classic community is striving for a full-on revitalization of the once-thriving Terra blockchain. Community members and volunteer developers are relying on major exchanges to assist in the coordination of this rejuvenation process.
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