Terra Classic (LUNC) Price Rally With 1M LUNC Deposit

The post Terra Classic (LUNC) Price Rally With 1M LUNC Deposit appeared first on Coinpedia Fintech News

The recent 2% surge in Terra Classic price reflects a pivotal moment for the community following the approval of Proposal 12071. LUNC rose by 2% to $0.000121, while USTC jumped over 2% to $0.03 in the past 24 hours.

This proposal for a 1 million LUNC initial deposit for new proposals aims to improve Terra Luna Classic governance. The community hopes this deposit will reduce spam and poorly written proposals, improving decision-making.

Proposal 12071’s 89% community vote shows the community’s commitment to improving governance dynamics. This shows a mature ecosystem where stakeholders value quality and substance in governance conversations. Plus, the proposal supports recent project basic improvements including staking mechanisms and token burn programs. These actions show a proactive attitude to strengthening and sustaining the Terra Luna Classic network.

LUNC is On the Rise, can it Hit $0.0002

From a technical point, Terra Classic price has shown massive resilience, finding support around $0.000118, buoyed by the 200-day Exponential Moving Average (EMA). Despite encountering resistance at $0.0001236, marked by the convergence of the 20-day EMA and the 50-day EMA, the overall trajectory remains positive. Sustaining above the green support band is critical for sustaining upward momentum, with potential resistance anticipated at $0.00014.

Looking ahead, the outlook for Terra Classic appears optimistic, with developers and the community actively taking initiatives to improve network efficiency and functionality. The recent Binance LUNC burn and ongoing efforts to refine tokenomics underscore confidence in the project’s growth trajectory. 

Many analysts predict continued consolidation in Terra Classic’s price in the near term, with the potential for a breakout to $0.0002 as the network solidifies its position and attracts further investment interest.

LUNC Market Update: Short Liquidations Spike

Concerning the news, Short liquidations have also spiked this week in the LUNC market amid increased trading activity, reflecting a bullish sentiment prevailing in the overall market. Investors and traders anticipate a strong recovery following recent market corrections. Since then, LUNC staking has surged above 1 trillion, marking a significant rise from the previous dip in December and January when it dropped to nearly 950 billion. Currently, the staked supply stands at over 1.027 trillion LUNC, steadily increasing throughout the week, with the staking ratio reaching 15.09%.

Overall, the LUNC staking plays a pivotal role for validators and the project, allowing users to lock their assets with a validator to earn rewards.

1M LUNC deposit? Better start saving those coins now!