- LUNC price soars to new heights ahead of Terra Classic upgrade.
- Record token burn tightens LUNC supply, intensifying bullish sentiment.
- Caution is advised as market momentum shows signs of a potential correction.
As the clock ticks down to the much-anticipated Terra Classic blockchain upgrade, positive sentiment sweeps the LUNC community, propelling the cryptocurrency‘s value to new heights. The v2.1.0 upgrade, the third major update to Terra Classic, has been a buzzword among investors and developers alike, fueling the bullish momentum that has been the defining narrative for LUNC.
Due to this optimistic mood, bullish momentum dominated the Terra Classic (LUNC) in the previous 24 hours, propelling the price from a 24-hour low of $0.00008905 to a new 30-day high of $0.0001141.
At the time of writing, LUNC was still under bullish momentum, showcasing a 13.62% surge from its previous close to $0.0001012. LUNC’s market capitalization has mirrored this upward trajectory, soaring by 13.70% to $592,900,249. Meanwhile, the 24-hour trading volume has increased by 643.87% to $418,119,008.
The impending v2.1.0 upgrade is expected to pave the way for Terra Classic’s harmonious interaction with other blockchains, such as Terra 2.0 and various Cosmos chains. By aligning its operations with these blockchains, Terra Classic aims to open up many opportunities for projects and developers to harness their potential.
The upgrade promises many enhancements to improve the platform’s performance and security. Notably, it introduces a minimum 5% commission for validators to ensure fair compensation. Combining Cosmwasm and adding two security updates may boost the platform’s reliability and security.
The recent record burn of 26,050,365 $LUNC tokens fuels this spirited rally. This exceptional event is likely to tighten LUNC’s supply, potentially causing a price increase due to supply and demand, further intensifying the bullish sentiment in the market.
LUNC/USD Technical Analysis
However, the positive momentum in the LUNC market may end, with the stochastic RSI reading of 47.71 sliding below its signal line. This movement indicates that the market is witnessing a change in mood as investors become more cautious and begin to take gains after reaching a 30-day high.
The Relative Strength Index rating of 55.93 and movement below its signal line indicate a possible market decline. However, the fact that the RSI is still above 50 indicates that the market is still bullish.
With a rate of change of 11.61, the bullish impetus remains, although it may fade. This rate of change (ROC) trend in the positive area shows buyers continue to dominate the market, but caution is advised since the trend may not last long.
In conclusion, LUNC’s bullish rally, fueled by the upcoming Terra Classic upgrade and record token burn, sets the stage for a potential price increase.
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