The cryptocurrency market started the day with a stable outlook. Bitcoin, the leading cryptocurrency, is below the $17,000 level, down just over 1% in the last 24 hours, while Ethereum is priced below the $1,200 zone, down 2%. When we look at the assets that have gained the most in the last 24 hours, Terra Classic, which has been on the rise for a long time, draws our attention.
LUNC Pricing Positive
Luna Classic price, which has been rising significantly since December 16, seems to have completed a five-wave downward move. Terra Luna price, which broke out of a symmetrical triangle on December 16, made a rapid downward move and fell to $ 0.000120 in the same day. The drop in price followed news that Terra’s founder, Do Kwon, would likely be extradited from Serbia, where he is currently hiding.
However, a significant jump in price soon followed, and ten days later it rose to $0.00018. This rise corresponds to a 56% price increase in ten days. Terra Luna price, which rose to the level of $0.00018, declined slightly from this region. Although the RSI is overbought, there has been no bearish divergence, which means that the upside movement will continue.
Currently located at $0.00016 level, LUNC may test the next resistance point at 0.00026 with an upside break from here. On the other hand, a rejection at the price level could lead to a retest of the $0.00014 support area.
Why Did the LUNC Price Rise?
Terra Classic core developers Edward Kim and Tobias Zaradar Anderson’s proposal 11168 has been put to the vote. Former Terra Rebels developers have created a proposal to form the “Joint Layer-1 Task Force” developers team that will review maintenance upgrades and Layer-1 enhancements on the Terra Classic network. This proposal, put to the vote, is an extremely critical step in repairing or even redesigning the Terra Classic network.
Based on current voting details, 99% of voters currently support the proposal. It also looks like the proposal will reach the pass threshold before the set voting time. This situation creates a positive atmosphere in the price of Terra Luna. Unless there is a contrary situation, it seems that this positive atmosphere will continue for a while.
