🌖 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.

🌖 Binance Backs Terra Luna Classic Major v3.3.0 Upgrade, Will LUNC Price Jump?

The world’s largest crypto exchange Binance on Tuesday said it will support the Terra Classic (LUNC) network scheduled for today. The v3.3.0 upgrade is crucial for the chain and the community for tax handling and boosting utility by attracting developers and projects.

Binance to Support Terra Luna Classic
In an official announcement by Binance, the crypto exchange announced support for the Terra Luna Classic network upgrade. The v3.3.0 upgrade will happen at block height 21163600 and is expected at 14:02 UTC on December 17, as per StakeBin data.

The leading crypto exchange has supported the Terra Luna Classic revival and USTC repeg, with a monthly LUNC burn mechanism to help the community reduce circulating supply.

Binance will suspend LUNC token deposits and withdrawals on the network to support its major network upgrade, ensuring the best user experience.

“The trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users.”

Other top crypto exchanges such as Bybit and OKX have also announced support for the Terra Classic chain’s major upgrade.

🌖 Terra Luna Classic v3.3.0 Upgrade Details

As CoinGape reported earlier, the v3.3.0 Terrad upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient’s wallet.

It also boosts security and utility, making it easier for developers and dapps to build on the Terra Luna Classic network. Utility, LUNC burn and USTC repeg are the community’s major focus for LUNC revival.

The community has burned 393.87 billion LUNC, with 68.39 billion incinerated by Binance. The community has expressed thanks to the exchange for supporting the upgrade.

🌖 LUNC and USTC Price Performance

LUNC price fell 2% in the past 24 hours, but trades above the $0.00012 support level. Terra Luna Classic price currently trades at $0.0001296. The 24-hour low and high are $0.0001278 and $0.0001345, respectively. Furthermore, the trading volume has decreased by 27% in the last 24 hours, indicating a decline in interest among traders.

As per analysts, the long-term price is healthy and staking is consistent with a recent dip indicating that investors expect a pump incoming.

Meanwhile, USTC price also fell 2% on broader crypto market cues. The price currently trades at $0.02294, with a 24-hour low and high of $0.02251 and $0.02418, respectively. However, trading volume has surged 22% over the past 24 hours.

🌖 LUNC News: Terra Luna Classic Nears Key Proposal Approval Before v3.3.0 Upgrade

The Terra Luna Classic community is voting on Proposal 12147 to update LUNC and USTC on CoinMarketCap. This voting comes ahead of LUNC’s v3.3.0 upgrade, which aims to streamline tax handling and boost security, enhancing the ecosystem.

Growing Support For Proposal 12147
So far, 215 delegators and 30 validators have voted yes, highlighting the growing support for Proposal 12147. Voter turnout is currently split, with 51% yes vote and 37% voting no. The proposal is a big deal for the LUNC community as it would increase visibility and accessibility for existing and new investors.

However, community personalities like HappyCattyCrypto opined that CoinMarketCap links are centralized and lack important metrics and tools for LUNC. Nevertheless, the proposal will give Allnodes, a top validator dashboard, access to implement changes.

Upon approval, the dashboard will include links to the Terra Classic Documentation, Galaxy Finder, GitHub, and Commonwealth Forums. The aim is to increase community engagement, transparency, and ecosystem growth.

Another crucial development on the cusp of the Terra Luna Classic ecosystem is the blockchain upgrade to version 3.3.0. As CNF reported, the upgrade is scheduled to commence on December 17, temporarily halting the chain to implement the changes.

The upgrade will help to streamline tax handling and provide more utility for Terra Luna Classic. It will also reduce development barriers for Decentralized Applications (dApps) to build on the platform. This will encourage more projects to adopt the Terra Luna Classic chain.

🌖 LUNC and USTC Price Analysis

The market appears bearish for Terra Luna Classic, with LUNC trading for $0.0001319, down 0.16% in 24 hours. LUNC declined by 20.73% within the last seven days, while the 24-hour trading volume dropped 15.64% to $54.4 million.

The declining trading volume suggests reduced investor interest in the token. Still, analysts predict that LUNC will see a big rally similar to XRP’s recent one. However, the analysts’ forecast depends on XRP’s breaking above the $0.00018 resistance.

Some analysts estimate a $0.0005 target for LUNC. The ecosystem’s improved openness in government and community-driven projects has also renewed optimism for LUNC’s future.

Furthermore, a recent token burn of over 3.1 billion LUNC has caught the attention of investors, per a CNF report. This has sparked renewed interest in the token, a major element anticipated to drive further price gains before the year ends.

Regarding TerraClassicUSD (USTC), the price declined slightly by 0.89% in the last 24 hours to trade at $0.02424. Market analysts attribute the price decline to profit-taking. Moreover, the daily trading volume also decreased by 43.15% to $9.75 million, indicating investors reduced interest.

🌖 Terra Luna Classic Votes on Proposal to Revise LUNC Burn Tax to 1.5%

The Terra Luna Classic community is voting on the controversial proposal to increase the burn tax from 0.5% to 1.5% again. This can significantly boost LUNC and USTC burn rates, increase funds in the Community pool and Oracle pool, and trigger a rally in LUNC price.

The community remains divided on increasing the on-chain tax rate as some agree with Binance co-founder Changpeng “CZ” Zhao to keep the burn tax low. On the other hand, some believe the Terra Luna Classic chain revise it now.

🌖 Binance Announces Support for Major Terra Luna Classic Upgrade

Binance, the largest global crypto exchange, announced its support for the upcoming upgrade to the Terra Luna Classic (LUNC) network.

Scheduled for December 17, the v3.3.0 update is a critical step for the blockchain’s tax management and aims to boost its utility by attracting developers and new projects.

The exchange confirmed that the upgrade will occur at block height 21163600, around 14:02 UTC. In preparation, Binance will temporarily suspend deposits and withdrawals for LUNC tokens to ensure a seamless transition. However, trading of LUNC will not be affected during this period, as Binance will handle all necessary technical aspects.

Binance has been a key supporter of the Terra Luna Classic revival, previously implementing a monthly LUNC burn mechanism to reduce the circulating supply. Other major exchanges, including Bybit and OKX, have also pledged their support for this vital network upgrade.

The v3.3.0 update brings several important features, including automatic tax deductions for transactions, which simplifies tax handling. Additionally, the upgrade enhances network security and improves the overall utility of the platform, making it more accessible for developers and decentralized applications (dApps).

This update is part of the broader effort to revitalize Terra Luna Classic, including the burning of LUNC tokens and the potential repeg of the USTC stablecoin. The community has already burned over 393 billion LUNC, with Binance contributing 68 billion.