Losing Crucial Support LUNC Coin Price Is At Risk Of 17-25% fall

Over the last two months, the LUNC coin price showed multiple valid attempts to surpass the overhead supply zone of  $0.000184-$0.000195. Thus, with the increasing uncertainty in the crypto market due upcoming FOMC meeting, the sellers reclaimed the upper hand and breached the support trendline of the rising wedge pattern.

Timeline of Terra-luna

The Terra Classic community has burned over 20 million LUNC tokens in a week amid the push to increase the burn rate. Validators and projects running on the Terra Classic network commit to burn millions of LUNC tokens after crypto exchange Binance temporarily suspended its LUNC burn mechanism until March.

Proposal 11310 by Terra Classic core developer Edward Kim has unanimously passed the threshold. The proposal aims to upgrade the blockchain from v1.0.4 to v1.0.5 and introduces codes to make future upgrades possible.

Total Terra Classic (LUNC) tokens staked on the network reaches over 900 billion as utility slowly returns to the blockchain. After much effort from the Terra Classic community and developer groups, LUNC staking has increased with projects building on chain and investors staking with validators.

Terra Classic price is building momentum to correct a 3% dip recorded in 24 hours. Before the pullback to 0.0001720, LUNC traded new 2023 highs of $0.0001936. With support at $0.0001720 staying intact, Terra Classic price might push for the resumption of the uptrend during the American session.

The LUNC coin approaching the peak of an ascending triangle pattern indicates a price breakout is nearby. Amid the ongoing recovery sentiment in the market, an upside breakout from the pattern's neckline resistance will release the bullish momentum.

The autonomous development arm's Terraport concept encourages Terra's involvement in DeFi and creates a LUNC Decentralized Exchange (DEX). This shows that the Terra community still cares about Terra Classic [LUNC].

After the collapse of the popular blockchain network Terra, developers have been trying to revive it; many reforms have already taken place to sustain the Terra Classic (LUNC and prevent further collapse). Terra Classic, the original blockchain, was forked to create Terra (LUNA).

Recently, Snowfall Protocol (SNW) has been witnessing record-breaking sales whereas Shiba Inu (SHIB) pairings are getting delisted from Binance, and Terra Classic (LUNC) community is troubled with mixed opinions over L1 team funding.

The price of Tera Classic (LUNC) is rising as the broader crypto market recovers. The surge in LUNC could also be due to the release of the Station, an interchain desktop wallet.

After the catastrophic Terra collapse, Terra Classic [LUNC] has been working tirelessly to ensure its recovery. Although the rally was initially challenging, it became more so due to the widespread FUD that emerged after Terra's collapse.