Terra Classic is on a roll! Despite the Terra Classic community’s rejection of a proposal to create an independent community website, the LUNC token experienced a significant price rally. This unexpected increase is linked to positive developments from Terraform Labs (TFL) amid its Chapter 11 bankruptcy proceedings.
Let’s delve into the details!
The Terra Classic community recently voted on a proposal to establish an independent website similar to Bitcoin.org. This website aimed to integrate design processes and concept workshops to foster community cohesion. However, the proposal received minimal support: only 4% of votes were in favor, over 21% voted against, and a significant 63% vetoed the proposal, with 12% abstaining.
LUNC Token Rallies Despite Rejection
Despite the proposal’s rejection, the LUNC token saw a surprising rally, increasing by about 5%. This price surge reflects the resilience of the Terra ecosystem and is likely influenced by recent positive updates from Terraform Labs. Currently, LUNC has seen a whopping rise of 4.65% to $0.00009108, peaking at $0.00009153 in the last 24 hours, and has gained nearly 30% over the past week, indicating heightened market interest. Similarly, USTC is up approximately 4% to $0.02047, with a 60% surge in one-day trading volume, reflecting significant trading activity.
Santiment’s data revealed that the LUNC bull rally boosted its social metrics, with a noticeable rise in Social Volume showing growing interest. Additionally, Binance has been helping with LUNC burns. Despite these positive signs, the Weighted Sentiment stayed negative, indicating ongoing bearish feelings in the market.
Is LUNC’s rally sustainable? A look at its Technicals
Terra Classic (LUNC) is testing a key resistance level, which it must surpass to continue its rally. The MACD indicator shows a bullish trend, but the RSI’s slight downtick hints at potential challenges. Additionally, significant LUNC liquidations at $0.000086 suggest a possible price correction, which could lead to a consolidation phase.
Positive Updates from TFL Bankruptcy Proceedings
In the meantime, the rally in LUNC’s price is linked to TFL’s Chapter 11 bankruptcy case developments. A recent court order has allowed the reopening of the shuttle bridge and authorized a significant burn of 150 million LUNA. These updates have generated renewed interest and optimism within the Terra Classic community.
Moreover, the reopening of the shuttle bridge is particularly significant, as it enables the movement of substantial amounts of LUNC and USTC. Data indicates the bridge contains 275.7 billion LUNC and 178.4 million USTC. The community plans to keep the bridge open for one month; if funds are not withdrawn during this period, they will be burned, reducing the circulating supply and potentially increasing the token’s value.
The major question is now will this rally last? What do you think?
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