Cryptocurrency news is on a roll lately with many investors keeping an eye on price movements, particularly Bitcoin (BTC). Former Terra Classic layer-1 team member Tobias Andersen, otherwise known as “Zaradar”, recently stated that if the current selling pressure persists, BTC could drop to around $22,500, and that Terra Classic token (LUNC) could face an 81% decline.

Material Indicators, a crypto analytics account, noted that BTC was met with immense pressure following the transfer of 9,800 coins in an unidentified wallet. Around the same time, BTC saw a sudden spike immediately preceding a 5% drop in one hour. This resulted in BTC dipping to a 7-week low at $26,777. Thus, in light of such pressures, Zaradar believes that the market could potentially revisit the mid-March lows of 22,500, leading Terra Classic (LUNC) to its all-time low of $0.00001675 – a massive 81% decline from its current value.

LUNC is currently trading for $0.0000901 and is down 6.10% in the past 24 hours. However, it is noteworthy that despite the volatile market, it was able to buck the trend and close 4.27% higher yesterday. Even today, it has experienced a noteworthy 10% surge in price in the past two days.

The L1 team is dedicated to the project’s revitilization and, as reported by The Crypto Basic, is planning on implementing a chain upgrade version 2.0.1 to upgrade within parity with Cosmos and Luna 2.0. Should this realization come to be, Terra Classic could hope to become a major powerhouse in the crypto market.



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