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.
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