Terra Classic Price Gears for 33% Gains As USTC, LUNC Tokens Gain Real Utility

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As a seasoned financial analyst with over a decade of experience in the crypto market, I have witnessed numerous price movements and trends that have shaped the industry. Based on my analysis of the latest Terra Classic (LUNC) price developments, I am cautiously optimistic about its potential for growth.

The cost of Terra Classic showed a favorable indication on the daily chart as USTC stablecoin acquired a fresh use in Cosmos’ blockchain. From now on, USTC will function as security for CDT token through Membrane. Although this development is positive, Terra Classic’s price declined by 2.5% within the last day to reach $0.00008642. Nevertheless, supporters of LUNC remain optimistic.

Terra Classic Price Displays Bullish Pennant, $0.000125 in Sight

Terra Classic Price Gears for 33% Gains As USTC, LUNC Tokens Gain Real Utility

According to Coingecko’s latest data, there’s a shift in the trend we’ve been seeing. The downward slope indicated by the blue falling channel seems to be reversing as the price has managed to break free from it. Furthermore, LUNA’s price is shaping up into a bullish pennant on the charts – a pattern that typically precedes an upward surge. If this trend continues, we could see LUNA reaching as high as $0.00012.

Terra Classic’s price is currently dipping below its 200-day moving average, yet still above the 50-day exponential moving average. The 200-day mark serves as a resistance point at $0.000098, while the 50-day EMA provides immediate support at $0.0000833. A robust support level can be found around $0.00007000, potentially stabilizing the price in this region.

In simpler terms, the latest candlestick formations are predominantly dojis, signaling uncertainty and possibly signaling a turnaround. This implies that the market is currently balanced between buyers and sellers. However, the previous rupture from the downward trendline suggests a bullish tilt.

The Terrac Classic’s LUNC RSI, currently at 54, sits on the neutral-positive spectrum with a slight tilt towards buyers. A reading above 50 usually signals accumulation of demand. Moreover, the Chaikin Money Flow (CMF) stands at 0.13, suggesting that capital is moving into the asset and reinforces the optimistic perspective for Terra Classic’s price trend.

The trading volume of LUNC has increased by 30.30% according to CoinGecko, which aligns with its breakout from a downward trendline. This surge in trading activity indicates robust buying demand, bolstering the case for a bullish turnaround.

New USTC Utility Serves as Bullish Catalyst for LUNC Price

The Membrane Protocol team, which is working on developing an ideal decentralized stablecoin, has put forth a proposition: Utilizing USTC as the collateral for issuing the CDT collateral debt token.

Some other chains are recognizing the value of TerraClassic’s Membrane, with a proposition being put forth to utilize USTC as collateral for CDT.

Real utility for $ustc#lunaclassic #lunc $lunc $ustc #lunac #utility

— Vegas (@VegasMorph) July 23, 2024

I’m thrilled to share that as of July 23rd, the proposal I’ve been closely following in the Terra ecosystem was passed with a 100% approval rate. This is an exciting development for me as a crypto investor because it signifies growing recognition and value being placed on USTC and the broader Terra platform. Other chains are starting to take notice, which could lead to even more opportunities within this thriving ecosystem.

Amidst rumors of a potential comeback for the Terra Classic ecosystem, Terraform Labs (TFL) have been instructed to destroy all their digital wallets. This mandate could potentially lead to a surge in value for LUNC and USTC tokens, as the exact amount held by TFL in these wallets remains uncertain.

The next court dates for TFL bankruptcy proceedings are July 31 and August 7.

TerraformLabs company’s next hearing dates are;

9 July
17 July
31 July
7 August

Based on the arrangement between TFL and the Securities and Exchange Commission (SEC), Terraform Labs is required to halt all activities and shut down.

Bankruptcy proceedings continue. TFL will burn all its funds. #LUNA will be…

— Crypto News Portal (@TerraNewsEN) July 8, 2024

Bottom Line

As an analyst, I’ve noticed some revived activity within the Terra Classic ecosystem. Specifically, USTC, their stablecoin, is now being utilized as collateral for Membrane’s CDT stablecoin. This intriguing development has brought renewed focus on the LUNC token, which could lead to substantial price fluctuations in the near term. I predict that Terra Classic could experience a potential price surge of approximately 33% in the short run before determining its next direction.

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2024-07-23 15:15