Terra Classic’s price has been going up since the beginning of February, thanks to the community working on proposals to make the project better.
Terra Classic’s price is currently supported at $0.0001075, with hopes of breaking above $0.00012 to accelerate its recovery towards $0.00028. Additionally, the Terra Luna Classic community is preparing to update the on-chain staking guidelines for centralized exchanges (CEXs).
Cryptocurrency Market Dynamics
Following the approval of the BTC ETF, the cryptocurrency market experienced a significant correction in February. Bitcoin’s price plummeted below $39,000 after reaching a new yearly high at $49,000. Concurrently, Terra Classic saw an impressive rally to $0.00028 amidst this volatility.
Many cryptocurrencies have found dips to be profitable amid the widespread declines. However, Terra Classic’s sell-off from Q4 highs to $0.000087 was primarily driven by profit-taking among investors, prompted by the substantial price increase and the overall bearish sentiment prevailing in the crypto market.
Terra Classic’s Bullish Indicators
Terra Classic has seen a bullish trend in the first two weeks of February, now trading above the $0.0001 support level. The token is supported by key bullish indicators, including the 20-day Exponential Moving Average (EMA) and the 200-day EMA, forming a confluence support around $0.0001075.
Currently valued at $0.0001144, Terra Classic faces resistance from the 50-day EMA. Traders with buy orders are eyeing a daily close above this resistance at $0.0004448 to justify opening long positions. Some conservative traders prefer to wait for a break past the resistance at $0.00012.
The odds are shifting in favor of the bulls, supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator. As the MACD crosses into the positive region and green histograms reinforce the bullish sentiment, more traders are gearing up to activate buy orders, anticipating further upward movement in the token’s price.
Terra Luna Classic’s Uptrend and Community Engagement
Terra Luna Classic (LUNC) shows signs of reversing its downtrend from $0.00028, having surpassed both the 61.8% and 78.6% Fibonacci levels. The Relative Strength Index (RSI) has recovered to 53 in the neutral area, supporting the uptrend. Further movement towards the overbought region (70 and above) indicates a potential next move targeting $0.0002.
The vibrant community surrounding LUNC has remained steadfast despite challenges faced in 2022. Engaged in various activities, the community is actively involved in proposals aimed at enhancing LUNC’s reputation and increasing the token’s value.
One of the network validators, @ForTheCross_CH, has indicated that the next proposal will focus on establishing “guidelines” for centralized exchange on-chain staking. This initiative reflects the community’s commitment to addressing key issues and driving positive developments within the Terra Luna Classic ecosystem.
Proposed Changes to Staking Guidelines
Validator @ForTheCross_CH highlights concerns regarding the existing staking guidelines, citing significant influence from centralized exchanges (CEXs) due to their centralized staking options. This influence raises questions about the decentralization and fairness of the staking process within the Terra Luna Classic ecosystem.
I am planning to put up my proposal soon for Guidelines on CEX's staking #LUNC on-chain (after the 7 day discussion period). 🤝
You can see these two images below to understand why this proposal is so significant, and the problem we have with CEX's influencing our on-chain… pic.twitter.com/X8etX2yA9y
— JESUSisLORD (@ForTheCross_CH) February 12, 2024
Staking plays a pivotal role in fostering community engagement and governance within crypto projects like Terra Luna Classic. Beyond providing opportunities for token holders to earn rewards and grow their holdings, staking also helps reduce sell pressure by effectively removing LUNC tokens from the circulating supply, contributing to price stability and long-term value appreciation.
Furthermore, the community is gearing up to introduce additional proposals aimed at transforming Terra Luna Classic into a more developer-friendly platform. These proposals seek to enhance the project’s ecosystem, foster innovation, and attract more developers, ultimately contributing to the long-term growth and success of Terra Luna Classic.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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