🌖 Should You Consider Terra (LUNA) & Terra Classic (LUNC) for the Upcoming Bull Run?

Bitcoin has begun it’s journey to achieve the much-awaited milestone at $100K. Meanwhile, the top altcoins have also begun to swell. Etheruem strongly sustains above $3600, displaying huge possibility of reaching $4000 in a short while. Moreover, the tokens that remained sluggish for a long time, like XRP & Cardano (ADA), triggered a huge run and surpassed the psychological barrier at $1. While the market sentiments are going in favour of the bulls, the question arises whether the Terra ecosystem tokens, Terra (LUNA) & Terra Classic (LUNC), follow the trend and revamp a strong bull run.

Terra Classic (LUNC) Price Analysis
The Terra Classic price has been trading under a bullish influence ever since the price rebounded from lows in August. Although the price is maintaining a strong ascending trend, the pace of the rally remains restricted within a small range. The token does not appear to have been following the ongoing trend, which could be a matter of concern for the investors.

As seen in the above chart, the LUNC bulls are failing to breach above the resistance of the rising parallel channel. Besides, the DMI levels are heading lower, displaying the possibility of the price entering a bearish phase. On the other hand, the MACD displays a drop in the buying pressure and the bearish crossover could be another nail in the coffee. Therefore, the technicals and the current trade setup suggest the Terra Classic price could probably face a rejection and head back to the support at $0.000112.

🌖 Terra Luna Classic Votes on Gas Upgrade: Could LUNC Mirror XRP’s Breakout?

Following the recent update on XRP’s 7-Year Breakout shared in a CNF post, which suggested XRP is poised for a major price breakout after a lengthy consolidation period, this article examines the Terra Luna Classic (LUNC) community’s efforts to streamline tax handling and enhance security. These initiatives aim to create a more developer-friendly environment for dApps from the Cosmos ecosystem.

LUNC is currently voting on Proposal 12148, which seeks to upgrade the blockchain to version 3.3.0. Led by developer StrathCole, the proposal has unanimous support from all 39 participating validators, including major players like JESUSisLORD and TerraCVita. If approved, the upgrade will take effect on December 17, temporarily halting the chain to implement changes.

🌖 Bullish Momentum Spreads Across the Terra Ecosystem

Beyond LUNC, the broader Terra ecosystem has witnessed bullish momentum. USTC has climbed 20% in a week, while Terra (LUNA) surged 52%, reaching $0.79. Binance’s decision to increase leverage on LUNA trades further fueled its rally.

With the community rallying behind these developments, the proposed upgrades and favorable market conditions could play a pivotal role in LUNC’s journey toward reclaiming higher price levels.

Terra Luna Classic Price Chart Echoes XRP’s Rally
LUNC’s price action has drawn comparisons to XRP’s recent breakout. Following the formation of a symmetrical triangle pattern, LUNC surged over 40% this week, trading at $0.00017 and marking a monthly gain of more than 90%. At the time of writing, the price stands at $0.0001613, reflecting a 0.83% daily increase and a 34.01% weekly gain.

Analysts speculate that a weekly close above $0.00018 could push the price toward $0.0005. However, sustaining this momentum—similar to XRP’s rally past $1—will require significant trading volumes. Binance’s burn of 1.7 billion LUNC tokens also contributed to the recent price spike.

🌖 Can Terra Luna Classic price jump to $1?

This week’s Bitcoin performance confirmed that anything is possible in the crypto industry. A coin that was trading at around $1 in 2009 jumped to a record high of near $104,000. Also, a crypto industry that was virtually worthless has become a $3.7 trillion.

Terra Luna Classic itself is evidence that anything is possible in the crypto industry as its market cap remains slightly below $1 billion. This is an impressive figure since Terra collapsed in 2021. Terra, the other coin in its ecosystem is valued at $530 million, while TerraClassicUSD has a market cap of $164 million.

So, can the LUNC token jump to $1 in the near term? For that to happen, the coin needs to rise by over 624,900% from the current level. While this is possible, odds are that it will take many years for that to happen.

Instead, the most realistic Terra price forecast is where it jumps to $0.000254, its highest level on March 5, and 50% above the current level. This price action is likely possible because the coin has formed a golden cross chart pattern. It is also forming a cup and handle chart pattern, which is a bullish sign.

Why LUNC price could keep rising
There are several reasons why the LUNC price could keep rising. The first one is that it has strong technicals, as described above. Not mentioned is the fact that it has a strong momentum, as evidenced by the rising Average Directional Index (ADX). The RSI and other oscillators have also continued rising.

Second, the Terra Luna creators have submitted the v3.3.0 upgrade that aims to simplify tax handling and increase chain utility. With most people voting yes, this upgrade will be implemented on December 17. Altcoins tend to do well ahead of a major network upgrade.

Third, Terra Luna Classic is burning millions of tokens, a move that will create value to the remaining ones. Over 393 billion tokens have already been burned and 2.29 billion have been incinerated in the last seven days. These burns have brought the circulating supply to 5.53 trillion tokens. Therefore, the burning trend will likely create more value for the remaining coins.

🌖 Terra Luna Classic Plans Major Upgrade, LUNC to $1 Amid XRP-Like Breakout?

Terra Luna Classic community votes on a crucial proposal to upgrade the chain for simplified tax handling and security. This update will also help developers and dapps from the broader Cosmos ecosystem to build on the Terra Classic network. Meanwhile, LUNC price chart sees a triangle pattern breakout similar to XRP, sparking speculation of a rally to $1.

Terra Luna Classic v3.3.0 Chain Upgrade Proposal
Software upgrade proposal 12148 titled “Upgrade to v3.3.0” is under voting on the Station wallet. The Terra Luna Classic upgrade proposal is added by popular developer StrathCole, as per GitHub data. If the proposal is passed, the chain will be halted block height 21163600, approximately on December 17 at 12:57:47 UTC.

The chain upgrade proposal seeks LUNC validator and community approval to update the terrad client to v3.3.0. The upgrade introduces a new simplified tax handling. This helps boost utility on the Terra Luna Classic, removing barriers for developers and dapps wanting to build on the chain.

The voting details indicate validators and delegators are in favor of the long-awaited upgrade. All 39 validators who participated in voting, including JESUSisLORD, Burrito Node, Vegas Node, and TerraCVita, have voted “Yes,” indicating major support for the proposal.

🌖 Terra Classic Price Up 30% Post 3.1 Billion Token Burn: Is LUNC Heading Higher?

The price of Terra Classic is up 30% following a recent token burn of over 3.1 billion LUNC. This upswing has caught the attention of investors, as bullish market trends dominated December. Questions now abound about whether more bullish momentum is on the horizon for LUNC.

The Terra Classic 3.1 Billion LUNC Burn
Terra Classic recently incinerated 3.1 billion tokens as part of continuous efforts to reduce LUNC’s circulating supply. This has prompted renewed interest in the token, a key factor igniting the latest surge in the price.

The system has wiped out 392.84 billion LUNC tokens since May 13, 2022. This has drastically reduced the amount of the coins in circulation. The circulating supply now stands at 5.51 trillion LUNC tokens, down from the total supply of 6.51 trillion.

The recent burn is seen as a calculated attempt to make the token more scarce, frequently increasing prices. The 3.1 billion token burn in the past week has added to the increasing confidence about LUNC’s market potential.

CNF reported that the token burn event is a directive from the US Securities and Exchange Commission (SEC) as Terraform Labs ceases operations. Binance, a leading crypto exchange, also supported the Terra Classic community, burning 64.47 billion tokens in September.

The price of LUNC shows signs of an upward trend, experiencing over a 30% increase in the last 24 hours to trade at $0.00017. Within the past week, LUNC rose 42.46%, and 100.59% in the past month. This is in line with the ongoing bullish rally in the broader digital currency ecosystem.

The recent price action shows that LUNC has broken through its immediate resistance level of $0.000163. As a result, the cryptocurrency may target the $0.0001 mark next. If bullish sentiment persists, the price may rise much more and hit $0.001 in the next few weeks.

🌖 What Next For LUNC

Technical indicators also support the projection of further growth for LUNC. The Moving Average Convergence Divergence (MACD) indicator shows a minor positive trend as the MACD line crosses above the signal line.

This difference indicates greater buying pressure, which supports the case for a sustained higher trend. The Relative Strength Index (RSI) also stands at around 78, signaling that the asset is in extended buying territory. Continued supply decrease and optimistic market circumstances may increase LUNC’s price, potentially pushing it to new highs.

Crypto analyst Candle Calls has speculated that the Terra Classic price can reach new highs of between $1 and $5. The analyst’s prediction mirrors the bullish sentiment many in the community share.

As disclosed in a CNF article, the optimism is driven by anticipations of favorable market conditions and developments within the Terra Classic ecosystem.

🌖 Terra Classic (LUNC) Poised for 267% Rally Amid Bullish Signals

A tweet by famous crypto analyst Javon Marks has rekindled interest in Terra Classic (LUNC), emphasizing the potential for a strong bullish breakout. Marks observed that Terra Classic (LUNC) appeared to be gearing up for liftoff, suggesting that prices were currently gaining momentum and could potentially be on a trajectory towards $0.000593.

LUNC: Bullish Momentum and Community Optimism
Marks said this was just the start, with a +267% increase possible. This outlook has drawn attention from investors, many of whom view it as an indication of a significant rally for the underperforming token.

Besides that, CNF previously highlighted the bullish potential of LUNC by referencing Fibonacci extension targets and community optimism. The token’s dynamic ecosystem supported the expectation that it would generate a startling 980% gain in a new bull run.

The token’s recent performance has now supported this optimistic view as LUNC swapped hands at about $0.0001606 at the time of writing, showing a 13.50% increase over the last 24 hours and a 36.43% rise over the last 7 days. Additionally, the market cap of the coin has skyrocketed and exceeded $880 million.

Community-Driven Efforts to Strengthen Governance and Security
Despite these achievements, LUNC’s journey has not been without challenges. Previously rejecting a spending plan from BLV Labs, the Terra Luna Classic community cited governance concerns.

Particularly because of their lack of deployment on the testnet and mainnet, key validators, including Allnodes, Interstellar Lounge, and Interstake One, questioned the group for not meeting governance criteria. This choice emphasizes the will of the community to uphold high standards and openness inside its ecosystem.

The community has also acted aggressively to simplify and protect the network concurrently. The community has presented suggestions to replace obsolete Cosmos modules to reduce running expenses and enhance network security.

Furthermore, continuous token burn programs seek to lower the LUNC circulating supply, hence enhancing its value and stabilizing the ecosystem.

By means of these group initiatives, the Terra Classic community keeps ahead without intervention from its contentious founder, Do Kwon. The members’ determination to rebuild and innovate has given LUNC a renewed sense of direction, positioning it for a better future in the competitive crypto space.

🌖 LUNC Price Eyes 60% Rally As Terra Classic Forms Bullish Pattern

LUNC price recovery accelerated this week as it jumped to its March highs. A forming technical chart points to a potential 60% jump, a view that is supported by the ongoing Terra Classic token burn.

🌖 LUNC Price Is Forming Bullish Patterns

Terra Classic price was trading at $0.0001620 on Friday, a 193% surge from its lowest point this year. There are odds that the coin will continue rising in the next few weeks as it is forming several bullish patterns.

LUNC formed a golden cross pattern on November 18 as the 200-day and 50-day Exponential Moving Averages (EMA) flipped each other. Historically, this cross has been one of the most bullish patterns in technical analysis.

For example, Terra Classic formed this cross in October last year when it was trading at $0.00013. It then jumped to the year-to-date high at $0.0002795, a 125% surge.

Most importantly, there are early signs that Terra is slowly forming a cup and handle (C&H) pattern whose higher side is at $0.0002795. A C&H often takes months or even years to form and is one of the most popular bullish signs. It has a horizontal line and a rounded bottom.

Therefore, in this case, it means that the coin may jump by about 60% to get to the year-to-date high of $0.0002795. For that to happen, it will need to cross the important resistance point at $0.0002546, its highest level in March this year.

LUNA is also slowly forming what seems like a bullish flag or a pennant. These continuation patterns have a vertical line and some consolidation. In this case, more upside will be confirmed if it rises above this week’s high of $0.0001794.

🌖 Terra (LUNA) price could surge 100% as bulls break out of a descending channel pattern

Notably, the solid jump saw the altcoin breaking free from a descending channel, signaling a significant buyer comeback. LUNA trades at $0.7200, and bulls target the vital resistance at $0.895. Breaching this obstacle could catalyze smooth upswings to $1.50. That would translate to a 108.33% surge from the current values. Furthermore, Terra’s price actions appeared to form a golden cross, confirming possible trend reversals.

LUNA price ready for a 100% jump
The latest breakout from a descending channel formation indicated a significant change in market sentiments. LUNA bulls target the crucial resistance barrier at $0.895. The level remains vital in determining whether Terra will sustain the latest breakout. Stability above $0.895 might catalyze a massive upswing to $1.50. That would mean a 108.33% surge from LUNA’s current price.

🌖 LUNA price prediction: what technicals say

Indicators support the asset’s bullish outlook. The emerging golden cross cements the chances of bullish reversals. This technical signal often confirms the beginning of a solid uptrend. Also, the Moving Average Convergence Divergence suggests a robust uptrend, with the MACD line well beyond the signal line. Moreover, the Relative Strength Index at 78 suggests overbought market conditions. That signals potential retracements for LUNA before uptrend resumption. Meanwhile, the social dominance hit 0.165 from 0.100 within a day.

The hiked social attention can attract significant market interest to support stable rallies. Nonetheless, magnified social dominance often triggers massive volatility, with sentiments prone to rapid shifts in either direction. Further, Terra’s long-to-short ratio is 50.61% to 49.39% (Coinglass data), highlighting a near balance between buyers and sellers. The equilibrium reflects uncertainty in LUNA’s future performance. Nonetheless, a successful move past the $0.895 resistance would see buyers dominating. Also, the prevailing market sentiment suggests that price dips could be short-lived.