{"id":350300,"date":"2024-07-23T17:31:44","date_gmt":"2024-07-23T12:01:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=350300"},"modified":"2024-07-23T17:31:44","modified_gmt":"2024-07-23T12:01:44","slug":"terra-classic-price-gears-for-33-gains-as-ustc-gets-real-utility-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/terra-classic-price-gears-for-33-gains-as-ustc-gets-real-utility-crypto-news\/","title":{"rendered":"Terra Classic Price Gears for 33% Gains As USTC Gets Real Utility – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Terra Classic price flashed a bullish signal on the daily time frame chart as USTC stablecoin gains a new utility in the Cosmos blockchain. USTC will serve as collateral for the CDT token by Membrane. Despite the good news, the price of LUNC dropped 2.5% over the last day to trade at $0.00008642. However, LUNC bulls.<\/span><\/p>\n

Terra Classic Price Displays Bullish Pennant, $0.000125 in Sight<\/b><\/h2>\n
\"Terra
Terra Classic Price Chart<\/figcaption><\/figure>\n

Coingecko<\/a> data shows that its current trend is shifting. The previous downtrend indicated by the blue falling channel is now showing signs of a potential reversal as the price broke out of the descending channel. LUNC price<\/a> is also forming a bullish pennant, which is a continuation chart pattern. If it resolves to the upside, LUNC price may surge to $0.00012.<\/span><\/p>\n

<\/p>\n

Terra Classic<\/a> is trending below the 200-day but above the 50-day exponential moving average (EMA<\/a>). The former provides some resistance at $0.000098, while the latter offers immediate support at $0.0000833. A strong support level exists around $0.00007000 that may sustain the price up.<\/span><\/p>\n

The most recent candlestick patterns mainly consist of dojis, which show indecision, indicating a potential reversal. This suggests that buyers and sellers are currently in equilibrium, but the preceding breakout from the descending channel hints at a bullish bias.<\/span><\/p>\n

The LUNC Relative Strength Index (RSI<\/a>) is at 54, which is neutral but leaning towards the bullish side. A value above 50 typically indicates buying pressure. Similarly, the CMF (Chaikin Money Flow) is at 0.13, indicating that money is flowing into the asset, which supports the Terra Classic price bullish outlook.<\/span><\/p>\n

<\/p>\n

LUNC\u2019s trading volume is up 30.30% per CoinGecko, coinciding with the breakout from the descending channel. This suggests strong buying interest, further supporting a bullish reversal.<\/span><\/p>\n

New USTC Utility Serves as Bullish Catalyst for LUNC Price<\/b><\/h2>\n

Membrane Protocol, a platform trying to create the perfect decentralized stablecoin, has received a proposal to use USTC as collateral for CDT, it collateral debt token.<\/span><\/p>\n

\n

Other chains ar are starting to see the valour of #TerraClassic<\/a> Membrane has a proposal to use #USTC<\/a> as collateral for $CDT<\/a>.<\/p>\n

Real utility for $ustc<\/a>#lunaclassic<\/a> #lunc<\/a> $lunc<\/a> $ustc<\/a> #lunac<\/a> #utility<\/a> \ud83c\udf19 pic.twitter.com\/zpMI0RUfja<\/a><\/p>\n

\u2014 Vegas (@VegasMorph) July 23, 2024<\/a><\/p>\n<\/blockquote>\n

As of July 23, the proposal was passed with 100% For and 0% Against it. This is a big deal because other chains are beginning to see the value of USTC and the Terra ecosystem.\u00a0<\/span><\/p>\n

<\/p>\n

This development comes amid speculation of a redemption arc for the Terra Classic ecosystem. Terraform Labs<\/a> (TFL) was ordered to burn all their wallets, an action that may result in LUNC and USTC increasing in price. Despite much speculation, it is still not clear how much USTC and LUNC TFL hold in their wallets.<\/span><\/p>\n

The next court dates for TFL bankruptcy proceedings are July 31 and August 7.<\/span><\/p>\n

\n

TerraformLabs company’s next hearing dates are;<\/p>\n

\u2714\ufe0f 9 July
\u2714\ufe0f 17 July
\u2714\ufe0f 31 July
\u2714\ufe0f 7 August<\/p>\n

According to the agreement between TFL and SEC, TerraformLabs will cease all operations and close down.<\/p>\n

Bankruptcy proceedings continue. TFL will burn all its funds. #LUNA<\/a> will be\u2026 pic.twitter.com\/6aeCCuVUxY<\/a><\/p>\n

\u2014 Crypto News Portal (@TerraNewsEN) July 8, 2024<\/a><\/p>\n<\/blockquote>\n

Bottom Line<\/b><\/h2>\n

The Terra Classic ecosystem is showing signs of renewed activity, with its stablecoin USTC gaining real utility as collateral to Membrane\u2019s CDT stablecoin. This development has drawn attention to the LUNC token, potentially setting the stage for significant price movement. Terra Classic price may secure 33% gains in the short term before deciding its next move.<\/span><\/p>\n

<\/p>\n

\n

Frequently Asked Questions (FAQs)<\/h2>\n
\n
\n

\n \tTerraform Labs was ordered to burn all tokens in their wallets as part of their efforts to stabilize the value of Terra Classic (LUNC) and TerraUSD (USTC). This action is part of a broader strategy to reduce the circulating supply of these tokens, potentially boosting their value. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n

\n \tYes, LUNC price can recover owing to the fact that the project is now community driven and shows bullish prospects. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n

\n \tTwo years ago LUNC soared to an all time high of $119.18.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls. <\/p>\n<\/p><\/div>\n

\n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Terra Classic price flashed a bullish signal on the daily time frame chart as USTC stablecoin gains a new utility in the Cosmos blockchain. USTC will serve as collateral for the CDT token by Membrane. Despite the good news, the price of LUNC dropped 2.5% over the last day to trade at $0.00008642. However, LUNC […]<\/p>\n","protected":false},"author":2,"featured_media":339280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-350300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/350300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=350300"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/350300\/revisions"}],"predecessor-version":[{"id":350309,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/350300\/revisions\/350309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/339280"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=350300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=350300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=350300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}