• Terra Luna Classic (LUNC) has surged by over 5% in the past 24 hours, reaching a 0.5% drop in a week but a 23% gain in a fortnight, with the altcoin down by 7% in a month.
• The rise is attributed to the acceptance of a proposal to build a task force aimed at boosting its growth, as well as potential whale buying.
• The coin’s relative strength index (purple) has risen above 70, and its 30-day moving average (red) has overtaken its 200-day average (blue), forming a ‚golden cross‘ that could signal further gains.
The Terra Luna Classic (LUNC) price has been on an upward trajectory recently, with a surge of over 5% in the past 24 hours bringing its current level to $0.00016077. This marks a 0.5% drop in a week but a 23% gain in a fortnight, with the altcoin down by 7% in a month.
The surge appears to be a result of two factors. The first is the acceptance of a proposal to build a task force aimed at boosting the growth of the Terra Luna Classic ecosystem. The task force will be responsible for developing and promoting the platform, as well as liaising with potential partners and investors.
The second factor is the potential whale buying of the altcoin after a dip. The coin’s chart shows that it’s enjoying a little breakout at the moment, with its relative strength index (purple) rising above 70 in recent hours. This indicates growing momentum, as does the fact that LUNC’s 30-day moving average (red) has overtaken its 200-day average (blue), forming a ‚golden cross‘ that could signal further gains.
This optimism was reinforced by Binance’s announcement in early October that it was introducing its own burn of all LUNC tokens held by the exchange. This burn reduces the coin’s circulating supply, making it a more attractive long-term investment.
The Terra Luna Classic community is also actively working to reduce its supply further, with the introduction of a staking pool, an airdrop feature, and a yield farming service. All of these features are designed to make it easier for holders to earn rewards by staking their coins, and this could further reduce the coin’s circulating supply.
Overall, the Terra Luna Classic price is looking strong and could see further gains as the year progresses. With its growing community, increasing efforts to reduce its supply, and improving fundamentals, it could be an attractive investment for long-term holders.