NewsletterTerra Classic Price Prediction: How 1M LUNC Deposit Proposal Could Shape 2024 Bull Run
Highlights
- Proposal seeking 1 million LUNC initial deposit passed to reduce spam and poorly written proposals.
- LUNC price stuck between the 200-day support and the confluence resistance at $0.0001236.
- Key milestones likely to shape Terra Luna Classic trend in the short term are $0.00013 and $0.00014.
The Terra Luna Classic community is turning a new leaf with the passing of a proposal that will ensure that those intending to start a new proposal make an initial deposit. With this move, the network believes it will curb the menace of spam proposals. Terra Classic price ticked up by 2% to $0.0001221 on Friday following the development.
Initial Deposit Proposals Sails Through Terra Classic Price Rebounds
As CoinGape reported, the proposal dubbed 12071, requires members to deposit 1 million LUNC before being allowed to start any new proposals.
The community overwhelmingly voted to pass the proposal, with 89% in favor, 9% saying “No” while only 1% said “no with veto.”
Over the last few months, the network has made significant strides to enhance the project, including passing key proposals including staking and the crucial token burn program.
The move to restrict proposals has been welcomed by many who believe attention ought to be given to properly constructed proposals. Following the 1 million LUNC initial deposit, proposal writers will have to match the 5 million deposit to eligible participants in the governance voting phase.
Navigating The Technical Outlook As LUNC Price Rebounds
Terra Classic price collected some liquidity during the mid-week volatility around $0.000118 — the green-colored support band, strengthened by the 200-day Exponential Moving Average (EMA).
A buoyant LUNC backed by a vibrant community climbed higher, sort acceptance above the broken ascending trend line support (currently resistance), but fell short due to resistance at $0.0001236 — a confluence point bringing together the 20-day EMA and the 50-day EMA.
Holding above the green support band is crucial for LUNC as it allows bulls to take control and charge upwards. More investors will join in on the trend as the price climbs above the trend line and the resistance in red at $0.00014.
During the rally in Q4 last year, Terra Classic price surged to $0.00028, underscoring developments within the ecosystem at the time.
The outlook of the project seems bullish with developers and the community focusing on improving network efficiency in a bid to return LUNC and USTC to their former glory.
Related Articles
- Shiba Inu Coin Price Analysis: As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1?
- Ethereum Price Could Reach $4,000 In March On 4 Factors Including Spot ETF
- 4 Altcoins To Buy For 2024 Bull Run As Token Unlocks Beckon
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Trump to Interview BlackRock’s Rick Rieder as Fed Chair Shortlist Narrows to Four
- Breaking: VanEck Discloses Fees and Staking Details for its Avalanche ETF
- Crypto Market Braces for Volatility as BTC, ETH Options Expiry Collides $7.1 Trillion ‘Triple Witching’
- Terraform Labs Lawsuit: Jump Trading Faces $4B Case over Market Manipulation
- Coinbase Challenges US States Over Regulatory Restrictions on Prediction Markets
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
- Will Bitcoin Price Crash to $74K as Japan Eyes Rate Hike on December 19?
- Bitwise Predicts Solana Price Will Hit New All-Time Highs in 2026
- Bitcoin Price Outlook: Capriole Founder Warns of a Drop Below $50K by 2028
