Terra Classic: Bullish Pattern Signals 45% Rally

Terra Classic Price Prediction: The recent turbulence in the cryptocurrency market, driven by factors like the delayed approval of Bitcoin's spot ETF and legal concerns around Binance, has led to increased selling pressure affecting various cryptocurrencies, including Terra Classic (LUNC). Experiencing a notable correction of around 30% from $0.0000972 to $0.00006, LUNC's decline seems to be part of a bullish pennant pattern, offering a potential recovery opportunity for investors.

Timeline of Terra-luna

In the midst of the ever-changing dynamics of the cryptocurrency market, Terra Classic (LUNC), the precursor to the troubled Terra (LUNA) network, has piqued the interest of artificial intelligence (AI) analysts. With its current valuation standing at a humble $0.000064, LUNC has certainly weathered its share of price fluctuations.

Binance, the world's largest crypto exchange, has completed its 15th round of burning Terra Luna Classic (LUNC) tokens, totaling 760 million tokens. This brings Binance's total LUNC burn to nearly 40 billion tokens.

Terra Classic (LUNC) from the past few weeks is in the green zone, with a cumulative seven-day price increase of 13%. With a great trading volume, LUNC has peaked by 323.66% in the last 24 hours, propelling its price to $0.00006508, representing an 8% gain amidst a broader passive crypto market.

The Terra Luna Classic (LUNC) community has voted overwhelmingly, with nearly 60% in favor, to cease the minting and reminting of Terra Classic UST (USTC) tokens. The drastic decision, in a decisive move aimed at rescuing the beleaguered Terra Classic stablecoin, comes in the wake of Terra's collapse in May 2022, which had sent shockwaves through the crypto market, leaving USTC's value in shambles.

Supporters say the current developer team, L1 Task Force, needs more expertise to fix the chain. Astroport Classic's issues have highlighted this need, as it's a critical source of on-chain liquidity.

The Terra Luna Classic community has made a decision to halt the minting and reminting of USTC tokens as part of their efforts to bring the stablecoin back to its $1 value and revive the LUNC token. This move also allows entities like the crypto exchange Binance to begin burning USTC tokens now that the minting and reminting process has ended.

The Terra Luna Classic community has officially passed a proposal to stop all minting and reminting of USTC. While the community looks to repeg USTC stablecoin back to $1 and revive LUNC, the proposal opens the door for entities such as crypto exchange Binance to start burning USTC learning that the USTC minting and reminting

Over the recent weeks, the Terra classic coin price has showcased a more defined downtrend, especially noticeable since mid-August. This movement is delineated by two descending trend lines, which have repeatedly served as dynamic barriers of support and resistance.

The Terra Luna Classic community seeking crypto exchange Binance to extend support to burn USTC monthly, along with the current LUNC burn mechanism. A new proposal seeks to ask Terra Luna Classic's largest LUNC burner Binance to also burn USTC.

The Terra Luna Classic community has approved a major proposal to minimize “spam” proposals, which have increased significantly after a drop in LUNC prices in recent months. A new proposal is put up for voting to increase the minimum deposit amount from 1 million LUNC to 5 million LUNC.