Terra Classic (LUNC), despite a massive drop in value to the collapse of the Terraform labs ecosystem, is beginning to recover.
In fact, despite the instability of the markets, LUNC has recovered a market valuation of $1 billion as of December 27 for the first time since December 14.
The milestone comes off the back of a Terra Classic rally which started on December 26, with LUNC now changing hands at $0.00017, up 13.95% in the last 24 hours and a further 27.26% across the previous week, with a total market cap of $1.014 billion after adding over $220 million in seven days.
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LUNC rallies among new proposal
The most recent rally occurred when the community is voting on a new plan that would overturn a decision to move 50% of all LUNC burns to a community development pool.
Following the upheaval that occurred inside the Luna Community, a fresh proposal put out by the associate professor of computer science at Drexel University; Ed Kim, is gaining traction. Indeed, Proposal 11168 (Joint L1 Task Force) is now up for voting, which is one of the factors driving up the price of Luna Classic.
The community as a whole is concentrating its efforts on reviving LUNC by planning out several different development initiatives. Specifically, the network has seen a rise in the pace at which LUNC tokens are being burned to increase the asset’s value.
Notably, the price of Terra Classic keeps rising due to the growing support for the token coming from established entities. As an example, Binance has begun burning LUNC spot and margin trading fees voluntarily.
Terra Classic analysis
Meanwhile, the one-day sentiments on TradingView for LUNC are bullish. A summary of the technical analysis stands at a ‘buy’ with a 12, while moving averages are for ‘buy’ at 9. Oscillators are also pointing to a ‘buy’ at 3.
Conversely, the machine learning system at PricePredictions projects a negative development for LUNC. According to this prediction, the value of LUNC on the market on January 1, 2023, might be as low as $0.000126.
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