Terra Luna Classic Votes On Major Upgrade Amid XRP-Like Breakout, LUNC to $1?

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As a seasoned researcher with years of experience in the ever-evolving crypto market, I find myself intrigued by the current developments surrounding Terra Luna Classic (LUNC). The community’s vote on a major proposal to upgrade the chain for simplified tax handling and increased security is indeed a significant step forward.

As an analyst, I’m observing that the Terra Luna Classic community is deliberating over a significant proposal aimed at streamlining tax management and enhancing security within the chain. This upgrade is not only beneficial for the community but also inviting for developers and dapps from the wider Cosmos ecosystem to construct on the Terra Classic network. Simultaneously, the LUNC price chart exhibits a triangle pattern breakout analogous to XRP, fueling anticipation of a potential surge towards $1.

Terra Luna Classic v3.3.0 Upgrade Proposal

Proposal for updating the software to version 3.3.0, titled “Upgrade to v3.3.0“, is currently being voted on within the Station wallet. This Terra Luna Classic upgrade proposal has been submitted by renowned developer StrathCole, according to GitHub records. If the proposal is approved, the chain will temporarily stop at approximately block height 21163600, around December 17 at 12:57:47 UTC.

The proposed modification for the blockchain aims to secure both validator and community endorsement for advancing the Terrad client to version 3.3.0. This upgrade brings in a streamlined tax management system. By doing so, it enhances the functionality of Terra Luna Classic, making it easier for developers and DApps to construct projects on this chain, thereby eliminating obstacles and fostering growth.

The voting results show strong approval for the long-anticipated update, as all 39 validators who took part in the vote, which includes JESUSisLORD, Burrito Node, Vegas Node, and TerraCVita, have cast their votes in favor, suggesting substantial backing for the plan.

XRP-Like Patterns on LUNC Price Chart

The cost of XRP surged significantly, breaching the $1 barrier following a breakout from a symmetrical triangle pattern, boosted by the Trump trade. The anticipation surrounding potential XRP ETF listings, the resignation of SEC Chair Gary Gensler, and the launch of RLUSD stablecoin have added to the crypto’s price surge.

The graph of Terra Luna Classic follows a comparable triangular pattern and manages to surpass it in the weekly timeframe. Yet, traders cash out their earnings as the price hovers around the Fibonacci retracement levels of 0.50 and 0.61.

Currently, the cost of LUNC stands at about $0.0001613, marking a 6% decrease over the past day. However, it’s important to note that this decline comes after an impressive surge of over 40% within the last seven days. Additionally, throughout the month, there has been an upward trend in its price, exceeding 90%.

If the LUNC’s closing price exceeds $0.00018 this week, a significant increase to around $0.0005 could be expected. Yet, for continued growth similar to XRP, it requires substantial trading activity. Recently, LUNC soared by 30% following the burn of 1.7 billion tokens by Binance.

According to data from StakeBin, it appears that some delegators have withdrawn their tokens for trading purposes. If the Terra Luna Classic community continues its development and successfully implements upgrades, there’s a possibility that this increased trading activity could drive the price back up to a level equivalent to one Fibonacci retracement mark.

In just seven days, the cost of USTC surged past 20%, reaching $0.030. On the other hand, Terra (LUNA) experienced a 52% surge in price over the same time frame after Binance boosted leverage by fourfold. The bullish trend propelled its value to a high of $0.79.

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2024-12-05 16:41