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Terra Classic (LUNC) Spikes 78% in 7 Days – Here’s Why

LUNC Price Chart
LUNC Price Chart

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The Terra Classic (LUNC) coin extended its bullish streak and gained additional positive traction near $0.000271. In just one day, the price of Terra Classic, a rebranded version of the original Terra chain, increased by roughly 62%. The token outperformed the entire cryptocurrency market and major cryptocurrencies such as Bitcoin and Ethereum. However, this rally could be attributed to Terra Classic’s creators releasing a new network update.

This provided the blockchain network with staking. Investors eagerly purchased LUNC stock following the V22 release, which was a success. As a result, this was regarded as one of the most critical factors in keeping the Terra Classic (LUNC) coin bid. Furthermore, the coin’s gains were bolstered by the crypto market’s continued improvements, which tend to boost investors’ confidence and contribute to the coin’s gains.

Meanwhile, the launch of Terra’s new Governance Alert Bot, which will notify investors of the most recent governance activities on Terra, was cited as a key reason for LUNC’s northward movement.

LUNC Traders Eye V22 Update to Regain Ground

The original Terra (LUNA) token, which crashed alongside UST, is now known as Terra Classic (LUNC), and it can still be purchased on a secure, regulated exchange such as eToro. Terra Classic (LUNC/USD) remains a popular topic among cryptocurrency traders as Terra continues to gain traction. However, this could be attributed to the Terra Classic creators’ new network update.

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V22 sparked a bullish rally in coins a few days ago. As a result of the success of the V22 update, investors jumped at the chance to buy LUNC stock. The news gives the cryptocurrency a much-needed boost. As a result of the devastating crypto meltdown, Terra (LUNA/USD) must migrate to a new network. This came after TerraUSD (USTC/USD), its stablecoin, failed to maintain its value.

The most recent upgrades and increases are pretty significant, implying that even after Terra has left, people may still be living in the crypto. 

LUNC Has a Long Way to Go

LUNC, on the other hand, has a long way to go. Before the crisis, LUNA was trading for more than $87 per token, but as of this writing, the cryptocurrency is worth about $0.000271. Additionally, Terra’s request earlier this week to provide Entropic Labs with 50,000 Luna to continue developing Entropy Beacon was approved.

The Entropy Beacon is an open-source and community-owned tool for producing safe random numbers. Entropic Labs stated on Twitter that their top priority is to align the Entropy Beacon system’s development experience with that of Luna. Thus, this news also had a positive impact on Terra’s prices.

Recovering Crypto Market Sentiment

The crypto market has been recovering since the start of the day after falling. The total market capitalization of cryptocurrencies was $981.86 billion, up 0.09 percent from the day before. The total volume traded on cryptocurrency fell by 9.77 percent in the last 24 hours to $62.41 billion.

Bitcoin’s price, which is now trading above the psychological level of $20,000, rose by 0.36%.  As a result, the cryptocurrency market’s recovery was thought to be one of the major factors contributing to the Terra Classic (LUNC) coin’s continued value growth.

Terra Classic Price & Tokenomics

Terra Classic’s current price is $0.000241, with a 24-hour trading volume of $1.1 billion. Terra Classic has decreased by 8.58% in the last 24 hours and more than 78% in the last seven days.

CoinMarketCap currently ranks #208, with a live market cap of $1.6 billion. The circulating supply is 6,585,830,819,196 LUNC coins; the maximum supply is unknown.

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LUNC Price Chart

On the technical front, the Terra Classic coin has completed a 61.8% Fibonacci retracement at the $0.0002933 level. However, LUNC faced a hard time violating this level, pushing it lower towards the next support level of $0.00019.

The LUNC/USD pair is likely to gain immediate support at $0.00019, and a break below this can extend the selling trend until the 23.6% Fibonacci retracement level of $0.00014. At the same time, the resistance levels of $0.000245 and $0.00029 remain unchanged, 

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