Terra Classic (LUNC) Price Skyrockets, Here’s Why More Rally Is Expected

Terra Classic (LUNC) price has skyrocketed by almost 10% in the last 24 hours. While other altcoins show limited price action amid the market uncertainty, LUNC price has rallied nearly 25% since last week.

However, the LUNC rally hasn’t stopped yet and more upside momentum is likely to be seen in the next few days.

Terra Classic Price Rally Continues

After falling to its August low of $0.0001269 last week, Terra Classic (LUNC) price continues to move higher. The positive sentiment has returned to the Terra Classic community as the FUD subdues.

Meanwhile, Terra Classic core developers Edward Kim and Tobias “Zaradar” Anderson have formed a new developer group “Joint L1 Task Force“. Also, Edward Kim has shared the first proposal by the group to work on Layer-1 Terra Classic blockchain developments.

In the last 24 hours, the Terra Classic recorded over 10% upside move as the LUNC price breaks above the descending channel. In the daily timeframe, the price action indicates that the LUNC price was moving in the descending channel since October and break above the channel on December 24.

The RSI has also bounced from the oversold region and reached 50. Thus, the LUNC price trend is showing strength and can likely have more upside momentum.

The price breaks the strong resistance of $0.00016. If the LUNC price holds above the level, a rally above $0.0002 is more likely in the short term. Currently, the price is trading at $0.00018 for an upside move. A year-end rally in the crypto market could easily push Terra Classic.

LUNC Price and Rising Burn Rate

The Terra Classic burn rate has increased recently amid massive burn by validators and Terra Classic projects. The total LUNC burned has reached over 36.5 billion LUNC tokens. The community, excluding Binance, has burned over 80 million LUNC tokens in December.

The rumor of Coinbase listing LUNC has also contributed to the rally. The trading volume has jumped over 120% in the last 24 hours. Moreover, several important decisions are taken by the community such as passing Proposal 11111 to repeal Proposal 10983 to influence LUNC price.

Also Read: Is It $10K Or $100K For Bitcoin Price In 2023?