Terra Classic to the moon? LUNC shoots 15% in a week on major proposal approval

With the larger part of the cryptocurrency market enjoying a significant price recovery, things are going great for Terra Classic (LUNC) as well, as it has soared 15% in a single week on the news of its community approving a critical proposal for the further development of its network.

Indeed, the community has voted in favor of the proposal of a mandatory know-your-customer (KYC) for all L1 developers as an additional security measure amid a push to increase development on its blockchain by welcoming third-party developers, as per the information shared on February 8.

Terra Classic price analysis

Not long after the successful vote, the price of LUNC surged above the critical psychological price threshold at $0.0001 and has not dropped below it since, recording an increase of 15.72% over the last seven days, as it is currently changing hands at the price of $0.00011.

At the same time, its movements on other charts add a layer of complexity, considering that its current price suggests a decline of 0.97% in the past 24 hours, as well as a decline of 8.38% over the past month, according to the most recent data retrieved on February 9.

Terra Classic 7-day price chart. Source: Finbold

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Interestingly, out of the last 30 days, half were positive for LUNC, which means it had a perfectly balanced green streak alongside a neutral market position demonstrated with a relative strength index (RSI) at 50.57. Furthermore, it is currently hovering above the support at $0.0001 and a resistance at $0.00012.

Meanwhile, the market sentiment gauges by the indicators over at the crypto and finance analytics platform TradingView are leaning towards a ‘buy’ recommendation based on oscillators in the ‘neutral’ zone and moving averages (MA) pointing at a ‘buy,’ illustrating the optimism behind the apparent indecision.

Terra Classic 1-day sentiment gauges. Source: TradingView

All things considered, the recent price action, which has also helped its market value surge by over $90 million in the last week alone, represents a massive success for the crypto asset that has been at the center of the scandal involving the Terra (LUNA) ecosystem and its founder and former CEO Do Kwon.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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