LUNC investors may have some short-term hopes, however caution is advised

The entire crypto community's excitement reached another level as the much awaited 1.2% Terra Classic LUNC tax burn protocol got implemented. The new protocol was successfully implemented at a block height of 9,475,200 on 21 September.

Timeline of Terra-luna

Terra Classic (LUNC) seems to have been on a steady price recovery path during the past few days. The price of Terra Classic (LUNC) plummeted significantly after Do Kwon, the founder of Terraform Labs, received an arrest warrant.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Terra Classic [LUNC] saw huge volatility on the charts in September.

Terra classic rose by as much as 20% in today's session, which comes following a recent bearish streak. Today's rally follows Thursday's drop to a key support point, with bulls using this as an ideal area to reenter. Xrp was also higher, as it moved closer to a long-term resistance level.

Terra Classic price has been trading below the crucial 50-day MA levels since its inception until the previous trading day which uplifted the price beyond the levels. Ever since then, the price has been hovering above the pivotal levels, flashing the possibilities of pulling another leg up.

Terra Classic [LUNC] is among the more interesting cryptocurrencies that has been in our watch list especially in the first half of September. It has undergone a retracement since then as expected but there are still opportunities around this cryptocurrency.

The LUNC/USDT witnessed a parabolic recovery from late August to early September, which surged it to a record high of the $0.0006 mark. However, such massive growth in a short period is unhealthy for assets.

Since Terra's LUNA collapsed along with its stablecoin, USTD, which lost its peg against the US dollar, the currency has been striving for stability. At the time of writing, Terra (LUNA) is selling at $2.69 with a drop of 7.72% over the last 24hrs.

The world's largest crypto exchange Binance earlier announced 1.2% tax burn support for Terra Classic (LUNC) and TerraClassicUSD (USTC) on all on-chain activities. But the community wants tax burn support for off-chain activities such as selling and buying.

Alex Forshaw and Edward Kim, part of the Terra classic community, provide a detailed plan of the network driven by the community. It reveals a bold attempt to bring back the TerraClassicUSD (USTC)dollar peg after implementing a 1.2% tax burn on September 20th.

A popular cryptocurrency whale known as Gigantic Rebirth on the microblogging platform Twitter has revealed a massive bet of around $8 million against Terra Classic ($LUNC). Terra Classic is the rebranded version of the original Terra ecosystem, which collapsed earlier this year.