The price of Terra Classic (LUNC) increased by 8% in an hour on Tuesday, for a nearly 20% increase in 24 hours. Over the past several days, the LUNC price has been significantly higher than that of Bitcoin, Ethereum, and most other altcoins.
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It’s good to see Terra Classic’s market worth back over $1 billion. Furthermore, trade volume has grown by almost 165% in the past 24 hours, confirming the breakout is real.
Within a day, the price of a Terra Classic rocketed by 20%.
After dipping to a low of $0.0001269 last week, the price of Terra Classic has been steadily climbing since since. LUNC has gained approximately 50% of its value since then. Investors’ mindsets change from selling high to purchasing low.
The price of Terra Classic has risen by more than 20% in the last 24 hours, continuing its upward trend from the previous day. It has now reached a high of $0.0001848, breaking through the previous ceiling of $0.00016.
Following a breakout over the 3-month falling channel on December 24, One of the internet Cryptocurrency article announced that the price of XRP began a strong upward trend. If prices can stay the breach trendline over an extended period of time, this breakout will indicate a price rebound.
The relative strength index (RSI) rose above the neutral line to 62, reflecting the bullish sentiment in the market and the optimism about future price increases. As a result, there is strength in the LUNC price trend, suggesting it has room to continue rising.
The 20-day exponential moving average (red) appears to be making a higher high and crossing the 50-day moving average (blue). If this happens, investors and traders will become more bullish on Terra Classic (LUNC), causing the price to rise. However, with little in the way of resistance, a rise above $0.00020 is likely.
How LUNC Burns and Proposals Have Helped
Rejecting Proposal 10983 has been approved by the Terra Classic community as Proposal 11111. The goal of the proposal is to undo the effects of Proposal 10983, which diverted 50% of the 0.2% burn tax to the community pool instead of subsidising on-chain development with the remaining 10%.
Edward Kim and Tobias “Zaradar” Anderson, two of the Terra Classic blockchain’s primary developers, have put up Proposal 11168 to advance the platform’s L1 features.
Over 36.5 billion LUNC tokens have been destroyed at this point. Over 80 million LUNC tokens were destroyed in December by the community (not including Binance).
Source: Google Trend
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