Terra Classic (LUNc), the native cryptocurrency of the Terra blockchain network, surged by nearly 18% on February 2 following news that a Signal proposal to re-peg its native coin with the UST stablecoin had been approved.
The proposal, which was put forth by a member of the LUNC community, garnered enough votes to pass but does not necessarily represent immediate technical consequences.
The proposer noted that after the voting had concluded, he would discuss further steps with Terra’s Level 1 (L1) team and other relevant stakeholders. The proposal puts forward the possible re-pegging of LUNC to UST, allowing for more stability within the network and potentially making it easier for users to use Terra’s products.
The successful passing of this Signal proposal has been seen as a major milestone in achieving greater market stability in the Terra blockchain network. This is likely to lead to increased adoption and community engagement with the project, further driving growth within the ecosystem.
Terra Classic LUNC Technical Analysis
Terra Classic is trading at $0.0002036, up by 18% in the last 24 hours. Terra Classic opened the daily trading session at an intraday low of $0.0001717 and quickly rose to a high of $0.000206.
The cryptocurrency has been consolidating in the past few hours and is now trading at around the same levels it opened the day with. The 24-hour trading volume of Terra Classic LUNC stands at $464,498,677, while its market capitalization is at around $1.4 billion.
The LUNC pair has formed a bullish engulfing pattern on the daily chart, indicating a bullish reversal in the offing. The MACD indicator is also showing signs of bullishness. The 20-day moving average line has risen above the 50-day MA line, further bolstering the possibility of an upward surge.
The market volatility is high as the Bollinger bands are wide, with the upper band standing at $0.0002076 and the lower band at $0.0001717.
The key support level for Terra Classic LUNC is currently at $0.0001717, while the major resistance level is seen at around $0.000206. A break above this could see the cryptocurrency surge further in the coming days.
LUNC technical analysis on the 4-hour chart appears to be bullish, with the MACD line inching above the signal line. The 20-day MA has crossed over the 50-day MA, hinting of further upside potential.
The key support level is at $0.0001717, while the major resistance level stands at around $0.0002076. A break above this level could confirm the bullish trend in the near future.
Terra Classic has seen an impressive surge following news of the Signal proposal’s successful passing. The technical analysis also appears to be positive for the cryptocurrency, suggesting that further gains are coming. It remains to be seen how far LUNC can climb and which milestones it will hit in the future.
