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- Terra Luna Classic ($LUNC) has surged by 12%, from $0.00005667 to $0.00006372.
- $LUNC’s new proposal, 11785, calls for Binance to burn 50% of USTC monthly.
While major cryptocurrencies, including Bitcoin, grapple with a downtrend in the market, the low-cap altcoin Terra Luna Classic ($LUNC) has jumped to life with a significant breakout of a descending channel pattern. The cryptocurrency has gained nearly 12% (from $0.00005667 to $0.00006372) in intraday trading, and this unexpected surge has propelled $LUNC to the top of the gainers’ list.
$LUNC has been on the radar of both crypto enthusiasts and investors. But its recent price collapse has left many scratching their heads. Since mid-August, this altcoin has been trapped in a pronounced downtrend, along with the global crypto market.
According to the data from CoinMarketCap, $LUNC is currently trading at $0.00006216, marking a substantial 9.48% rally in the past 24 hours. Over the past week, it has witnessed a surge of 7.5%.
Notably, $LUNC has already touched the 50-day moving average (MA), signaling a positive shift. Now, the focus is on breaking above the 200-day MA, which could indicate further bullish momentum. Maintaining a position above these moving averages would be a favorable sign for Terra Luna Classic.
If the upward trend persists, $LUNC has the potential to drive the price to $0.00008138, $0.00011247, and even reach as high as $0.00018537. However, if the cryptocurrency fails to sustain its position above $0.00006, this could expose it to the risk of a decline. Possibly landing at the support level of $0.00005103 and further to $0.00003637.
$LUNC’s New Proposal
In addition to its technical prospects, a new proposal numbered 11785 has been put forth. That urges Binance to burn 50% of USTC (presumably a reference to a stablecoin) monthly, alongside the current 50% $LUNC burn. After implementation, this proposal could potentially accelerate the burn rate and positively impact $LUNC’s price.
coindesk.com
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blockchainreporter.net
ambcrypto.com