In a remarkable turn of events, LUNC, the native token of the Terra Classic ecosystem, has emerged as the top-performing asset among the leading 100 cryptocurrencies by market capitalization, according to data from CoinMarketCap (CMC). LUNC recorded an impressive 7.89% gain in the past 24 hours, defying the ongoing market turbulence.
LUNC’s Recent Rally
LUNC’s recent upward trajectory commenced on September 19, amid a backdrop of uncertainty affecting the broader cryptocurrency market. Throughout three consecutive winning sessions since that pivotal date, LUNC has aimed to extend its rally, with a 3.15% increase today.
During this impressive surge, LUNC reached a peak of $0.00006435, marking the highest point for the token this month. Before this resurgence, LUNC had consistently traded below the $0.000060 threshold since its decline on September 16.
Despite these gains, LUNC remains below the 50-day Exponential Moving Average (EMA) at $0.00006537 and is notably distant from the 200-day EMA, currently situated at $0.00009879. These technical indicators signal a bearish momentum in both the short and long terms, even in the face of the recent rally.
However, it is worth noting that LUNC attempted to reclaim the 50-day EMA before encountering resistance from bearish forces. The Moving Average Convergence Divergence (MACD) indicator shows a gradual upward movement, with the MACD Line (blue) positioned above the Signal Line (orange). Such a configuration typically suggests that bullish momentum is gaining strength.
Increased Volume and Market Interest
In tandem with its price surge, LUNC has witnessed a significant 15.77% increase in trading volume, indicating renewed enthusiasm among market participants. As of the latest data, LUNC is trading at $0.00006212.
This impressive price rally aligns with Terra Classic’s ongoing decision-making process surrounding Proposal 11785. Submitted on September 14, this proposal seeks to request a crucial action from Binance, one of the world’s largest cryptocurrency exchanges. Specifically, the proposal calls for the burning of TerraClassicUSD (USTC) tokens, akin to the existing LUNC fee-burning mechanism.
Terra Classic’s Proposal 11785
Proposal 11785 has garnered the Terra Classic community’s attention as it aims to have Binance burn 50% of the trading fees collected in USTC on its platform, mirroring the practice already in place for LUNC fees. This move is part of an effort to support the USTC re-peg plan, a cause that the Terra Classic community has championed.
However, it’s essential to note that the passing of the proposal does not guarantee automatic cooperation from Binance, and the response from the exchange is highly anticipated.
As LUNC continues its remarkable ascent amidst market fluctuations, all eyes are on the outcome of Proposal 11785 and the potential implications of Binance’s response, which could significantly impact the Terra Classic ecosystem and the broader crypto space.