Terra Classic (LUNC) Witnesses Price Surge Following 1 Million LUNC Deposit
The Terra Classic price has recently surged by 2%, indicating a significant moment for the community after Proposal 12071 was approved. LUNC has increased by 2% to $0.000121, while USTC has jumped over 2% to $0.03 in the past 24 hours.
This proposal, which requires a 1 million LUNC initial deposit for new proposals, aims to enhance the governance of Terra Luna Classic. The community believes that this deposit will help reduce spam and poorly written proposals, ultimately improving decision-making.
The fact that Proposal 12071 received an 89% community vote demonstrates the community’s dedication to enhancing governance dynamics. This indicates a mature ecosystem where stakeholders value quality and substance in governance discussions. Additionally, the proposal supports recent improvements in the project, such as staking mechanisms and token burn programs. These actions reflect a proactive approach to strengthening and sustaining the Terra Luna Classic network.
From a technical perspective, the Terra Classic price has displayed significant resilience, finding support around $0.000118, supported by the 200-day Exponential Moving Average (EMA). Despite facing resistance at $0.0001236, indicated by the convergence of the 20-day EMA and the 50-day EMA, the overall trend remains positive. Maintaining levels above the green support band is crucial for sustaining upward momentum, with potential resistance expected at $0.00014.
Looking ahead, the outlook for Terra Classic appears optimistic, as developers and the community actively take steps to enhance network efficiency and functionality. The recent Binance LUNC burn and ongoing efforts to refine tokenomics demonstrate confidence in the project’s growth trajectory.
Many analysts predict that Terra Classic’s price will continue to consolidate in the near future, with the potential for a breakout to $0.0002 as the network solidifies its position and attracts further investment interest.
In terms of market updates, short liquidations have spiked in the LUNC market this week due to increased trading activity, reflecting a bullish sentiment in the overall market. Investors and traders anticipate a strong recovery following recent market corrections. LUNC staking has also surged above 1 trillion, indicating a significant increase 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, LUNC staking plays a crucial role for validators and the project, allowing users to lock their assets with a validator to earn rewards.
If you’re interested in participating in Proposal 12071, it’s advisable to start saving those LUNC coins now!
Tags: Altcoins, Price Analysis