Skip to content

Cryptocurrency Bulletin

Crypto Wallets, News, Reviews and Guides

Menu
  • Home
  • Crypto Prices
  • Analysis
  • Best Crypto Wallets
  • Crypto Market Updates
  • Interviews
  • News
  • Metaverse
  • Bitcoin
  • Predictions
  • Scams
  • Opinion
  • Videos
  • People
  • Brokers
  • Exchanges
  • Guides
  • Cryptofinance
  • Sitemap
Menu

This Upgrade May Make Terra Classic (LUNC) Holders Happiest Investors

Posted on August 27, 2022

Terra Classic lately stole the show from various digital coins after staying in the backbench over the past few months. The digital token gained approximately 20% yesterday, making it among the most debated digital assets on August 26.

While publishing this blog, LUNC traded at $0.00011816, with 6,907,072,876,045 overall supply. The primary reason behind this sudden uptick is the LUNC network update release, which catalyzed new investor hopes.

Heightened Community Excitement

The price surge saw LUNC supporters flooding Twitter, reacting to the swift price surge following months of dormancy. Moreover, the overjoyed community commented on potential upsides for LUNC to hit $1.

Though that could take time, the optimistic news is the price uptick noted an enormous 24hr trading volume hike on the charts. The volume climbed from $50M on August 25 to above $300M on August 26. That confirmed the increased investor interest in the coin.

Meanwhile, it’s noteworthy that the new network update means a massive game changer as it introduces the much-discussed 1.2% tax burn. Markets expect the tax burn to shift LUNC’s fate. The plan revealed implementing the protocol on August 27. Also, that triggered a new wave of excitement within the community.

Implementing the protocol would mean 1.2% of Terra Classic tokens burned after each sell/buy transaction. The burn will continue until LUNC’s supply hits 10 billion. By restricting bots’ and users’ near-term trading, the 1.2% tax burn would entice long-term investors. That would support LUNC’s uptrends in the upcoming months.

Up and Up Only from Here

Nevertheless, LUNC crashed severely following the massive Terra debacle, and the alternative token has battled to secure higher price levels since then. Meantime some of LUNC’s metrics indicated that the narrative had eventually shifted. Things could favor LUNC price actions considering the network upgrade plus the latest gains.

Nevertheless, the altcoin’s social dominance saw a dip as the coin gained upside price strength. Moreover, Santiment’s chart confirmed a slight surge in Terra Classic development activity since August 25. That could build more faith.

Also, LUNC’s 4hr chart confirmed bullish tendencies for the altcoin. The 20-d EMA showed buyer superiority. The MACD highlighted optimistic actions, magnifying the chances of a continued price surge within the upcoming days.

Nevertheless, the RSI showed LUNC hovered near the overbought territory. And that could affect prices adversely. Also, bears control the broad marketplace at the moment. Caution remains essential for enthusiasts.

Editorial credit: Maurice NORBERT / shutterstock.com

Cryptocurrency Bulletin is a blog dedicated to providing concise and up-to-date information on the latest developments in the world of digital currencies, blockchain technology, and decentralized finance.

Looking for something?

RSS Crypto Market Updates

  • Crypto Lender Celsius’ $800M Ether Staking Shake-Up Stretches Ethereum Validator Queue to 44 Days
  • Why Did Bitcoin’s Price Rise? BTC Hovers Over $27K as Investors Shrug Off Hot Jobs Data
  • Mercado Bitcoin, Brazil's Largest Crypto Exchange, Receives License as a Payment Institution
  • Marathon Digital Mined 77% More Bitcoin in May With the Help of Its Software
  • Blockchain Association Files Amicus Brief in Coin Center Lawsuit Against U.S. Treasury Over Tornado Cash Sanctions
  • U.S. House Republicans Push for Crypto Oversight With Bill to Make SEC Play Ball
  • Bridge Exploits Cost $2B in 2022, Here’s How They Could Have Been Averted
  • What AI Governance Can Learn From Crypto’s Decentralization Ethos
  • Binance Market Share Drops to Lowest Level Since October
  • Apple and Goldman Sachs Don’t Trust Their New Banking Customers

Recent Posts

  • JETbitX Review – What To Expect From This Broker?
  • UniTrust Venture – Things you need to know about this trading brand before opening an account
  • Axia – A Broker That Can Be Trusted? (Axia Review 2023)
  • Is Copy Trading Worth Your Time? Here’s What You Need To Know
  • PayPal Joins ConsensYs To Implement Metamask
  • Amber Group Acquires Sparrow Holdings To Expand To Singapore
  • Binance Stopped Withdrawals in USDC on December 11
  • Does Grayscale Have Enough Bitcoin In Its Reserves
  • Dubai Is Developing New Cryptocurrency Regulations
  • NFT Is Receiving Attention On The Governmental Level

Categories

Archives

©2023 Cryptocurrency Bulletin | Design: Newspaperly WordPress Theme