LUNC Breaks 200 Moving Average, Community Proposes Measures to Boost Prices to $1
In a surprising turn of events, Terra Classic (LUNC) has experienced a notable price surge of over 30% in just one month, signalling renewed optimism within the community. This surge is seen as a testament to ongoing efforts by the community to revive the values of LUNC and USTC back to $1, a goal that has eluded them since the collapse of the Terra ecosystem in May 2022.
a few days ago, LUNC strongly broke the MA200 line, which had been depressed for over a year. Since then, it has been cooling down for a while above the MA200 line. It is important to have support here, and if it breaks slightly and comes down, it is not a big problem. because… pic.twitter.com/ldZo2DiO3k
— Derek (@kimmyboy2) November 17, 2023
Milestone for LUNC
Prominent LUNC trader Derek recently highlighted a significant development for the cryptocurrency in a tweet. LUNC, which had been in a slump for over a year, successfully broke the 200 Moving Average (MA). This bullish divergence is seen as a pivotal moment for LUNC, suggesting a potential reversal of its prolonged downward trend.
Derek, while expressing optimism, emphasized the importance of LUNC maintaining support above the 200MA line. Despite acknowledging that a slight dip below the line wouldn’t be detrimental, he pointed out that the Relative Strength Index (RSI) stands strong at 58, indicating continued bullish sentiment.
Impressive Gains and Recent Performance
The recent price action of LUNC echoes the growing positivity within the community, with the cryptocurrency gaining over 30% in the last 30 days. Furthermore, LUNC has seen a 13% increase in price over the past two weeks.
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However, it’s worth noting that LUNC has encountered some minor setbacks, experiencing a 3.2% and 4.8% decline in the past 24 hours and seven days, respectively. As of the latest data from CoinGecko, LUNC is currently trading at $0.00007336.
Community-Led Initiative to Restore Values
The Terra community, determined to bring LUNC and USTC back to their pre-collapse values, has launched a new proposal focused on revitalizing the network. The proposal aims to restore LUNC and USTC prices to $1, with a specific emphasis on safely re-enabling the market module, which was disabled following the collapse of the Terra ecosystem in May 2022.
Developers leading the initiative plan to increase rewards and mitigate risks, particularly addressing the potential unintended minting of USTC and LUNC supply. This move follows the revival of a critical function in Terraport, a decentralized application used for staking supported assets on the network. Notably, CertiK, a leading blockchain security company, is currently auditing the service and is expected to release a report soon.
Despite the challenges faced by LUNC and USTC, the Terra community remains resilient in its efforts to revitalize the network, with hopes pinned on the success of the proposed measures to restore the cryptocurrencies to their former glory.
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Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.
