After losing momentum in recent weeks, the price of Terra Classic (LUNC), the parent chain of the collapsing Terra (LUNA) ecosystem, is seeing sustained gains despite the general crypto market consolidation.
At press time on Dec. 2, LUNC was trading in hands at $0.000182, which represents an increase of nearly 12% over the past 24 hours. Despite starting the week trading sideways, LUNC’s weekly chart shows the token peaking at $0.00019, up another 14% over the past seven days.
The latest rally came at a time when LUNC is also experiencing increasing buying pressure, with assets recording inflows of nearly $110 million in 24 hours to reach $1.09 billion.
LUNC Technical Analysis
Before the recent rally, LUNC price corrected after the FTX crypto disaster hit the market. However, the technical analysis of the asset is bullish, with a summary calling for a Buy at nine on the daily scale. The moving averages are “neutral” at one, while the oscillators are “buy” at three.
The latest pool is actually part of the community’s efforts to save the token after the infamous crash. In addition to the initial card lobbying campaign, LUNC Network is recording increased activity as developers seek to bring more utility to the asset.
LUNC network activity
For example, the network has undergone a Terra Classic v22 update intended to allow management, filing, and copy changes. Additionally, the Terra Rebels group revealed a v23 upgrade intended as part of re-enabling cross-blockchain connectivity between the Cosmos blockchain and the Terra Classic system.
In addition, LUNC is now supported by nearly 40 decentralized applications (dApps) while the community has accelerated and reduced token supply through burns. The fiery activity destroyed approximately 402 million tokens per day.
At the same time, there is one suggestions At an IBC bridge to allow holders to exchange LUNC for LUNA. This bridge, which is set to open later this month, will allow the Terra community to exchange the two tokens.
LUNC’s Future Prospects
With Terra Classic shrinking to turn a profit, the asset’s price is threatened by external factors, and the case against company founder Do Kown is among the best. In fact, Kwon is still being pursued by the South Korean authorities to answer charges of violating the country’s laws.
In the past, LUNC has corrected the following news about the Attorney General’s investigation.
Meanwhile, the LUNC community maintained bullish expectations for the asset. According to a Coinphony report, the Terra Classic community on CoinMarketCap has predicted that the asset will end the year at $0.00025.
In general, since the market is still very volatile, there is no guarantee that LUNC will maintain the current gains.
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Terra Classic Up 12% in One Day, Adds $100M to LUNC Market Cap Announced Debuts on Coinphony.