- Terra Classic (LUNC) is showing signs of a potential rally, supported by Binance’s role in network upgrades and LUNC burns.
- The upcoming network upgrade and bullish technical indicators suggest that LUNC could rise to $0.00020.
Despite a dramatic collapse in early 2022, Terra Classic (LUNC) has demonstrated remarkable resilience. The original Terra Luna ecosystem’s fall from a market cap exceeding $41 billion to about $485 million shook the crypto world. However, the dedication of developers and the community to the Terra Classic network’s revival has been unwavering. Today, the network’s total value stands at approximately $2.23 million, with stablecoins holding a market cap of around $524,000.
Binance’s Crucial Support in Recovery
Binance, the largest cryptocurrency exchange globally, has been pivotal in Terra Classic’s recovery. By facilitating LUNC burns to reduce its supply and endorsing essential network upgrades, Binance has been instrumental in stabilizing and expanding the network.
The latest boost comes with Binance’s support for the upcoming network upgrade, scheduled for block height 19,850,000, expected around September 18, 2024, at 11:15 UTC. This upgrade includes the wasmd security patch from Genuine Labs’ PR 512 on version 3.1.4. It will incorporate upgrades to version 0.46 and wave 1.5.4. The previous version, 3.1.4, which addressed gas estimation issues for taxable transactions, was released exclusively to endpoint providers.
LUNC Price Analysis: Signs of a Rally?
On the technical front, LUNC’s price against the US dollar is displaying promising signs of a potential rally. The weekly chart reveals a macro reversal pattern, including a potential double bottom and bullish divergence. After establishing strong support above $0.000054 this year, LUNC is poised for a possible rally to $0.00020. This projection aligns with the 0.618 Fibonacci Retracement level, suggesting that the price could surge in the near term.
Growth and Innovation
With ongoing network upgrades and critical support from Binance, Terra Classic is well-positioned for future growth and innovation within the Web3 space. The upcoming upgrade and positive technical indicators reflect a hopeful trajectory for LUNC, potentially leading to substantial price movements and further advancements in the network’s ecosystem.
As Terra Classic continues its recovery journey, both investors and enthusiasts will be keenly watching its progress and the impact of these significant developments on LUNC’s price and overall network stability.
