Terra Classic Price Forecast: How LUNC Burn Mechanism Could Spark Recovery In Q1 2024

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How A 1M LUNC Proposal Could Trigger Bull Run – Crypto News

Published

1 year ago

February 22, 2024

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The Terra Luna Classic community is turning a new leaf with the passing of a proposal that will ensure that those intending to start a new proposal make an initial deposit. With this move, the network believes it will curb the menace of spam proposals. Terra Classic price ticked up by 2% to $0.0001221 on Friday following the development.

Initial Deposit Proposals Sails Through Terra Classic Price Rebounds

As CoinGape reported, the proposal dubbed 12071, requires members to deposit 1 million LUNC before being allowed to start any new proposals.

The community overwhelmingly voted to pass the proposal, with 89% in favor, 9% saying “No” while only 1% said “no with veto.”

Over the last few months, the network has made significant strides to enhance the project, including passing key proposals including staking and the crucial token burn program.

The move to restrict proposals has been welcomed by many who believe attention ought to be given to properly constructed proposals. Following the 1 million LUNC initial deposit, proposal writers will have to match the 5 million deposit to eligible participants in the governance voting phase.

Navigating The Technical Outlook As LUNC Price Rebounds

Terra Classic price collected some liquidity during the mid-week volatility around $0.000118 — the green-colored support band, strengthened by the 200-day Exponential Moving Average (EMA).

A buoyant LUNC backed by a vibrant community climbed higher, sort acceptance above the broken ascending trend line support (currently resistance), but fell short due to resistance at $0.0001236 — a confluence point bringing together the 20-day EMA and the 50-day EMA.

Terra Classic price prediction chart | Tradingview

Holding above the green support band is crucial for LUNC as it allows bulls to take control and charge upwards. More investors will join in on the trend as the price climbs above the trend line and the resistance in red at $0.00014.

During the rally in Q4 last year, Terra Classic price surged to $0.00028, underscoring developments within the ecosystem at the time.

The outlook of the project seems bullish with developers and the community focusing on improving network efficiency in a bid to return LUNC and USTC to their former glory.