The Terra Luna Classic community is planning a significant upgrade to the gas handling system, LUNC price is set for an increase like that of XRP.
The Terra Luna Classic community is currently voting on a significant proposal to enhance the chain to facilitate the management of taxes and ensure its security. Additionally, this update will facilitate the development of the Terra Classic network by developers and dapps from the broader Cosmos ecosystem. Furthermore, the LUNC price chart exhibits a triangle pattern breakout comparable to that of XRP, which has sparked speculation of a rally to $1.
Upgrade Proposal for Terra Luna Classic v3.3.0
The Station Wallet is currently voting on software upgrade proposal 12148, entitled “Upgrade to v3.3.0.” StrathCole, a well-known developer, has included the Terra Luna Classic upgrade proposal in the data on GitHub. If the proposal is approved, the chain will be halted at block height 21163600 on December 17 at 12:57:47 UTC.
The chain upgrade proposal requests the LUNC validator and community’s approval to update the Terrad client to v3.3.0. The upgrade introduces a new, simplified tax handling system. This enhances the utility of the Terra Luna Classic by eliminating obstacles for developers and dapps that wish to construct on the chain.
The long-awaited upgrade is supported by validators and delegators, as indicated by the voting details. The proposal has received significant support, as evidenced by the “Yes” votes of all 39 validators who participated in the voting process, including JESUSisLORD, Burrito Node, Vegas Node, and TerraCVita.
Patterns Similar to XRP on the LUNC Price Chart
The XRP price experienced a significant increase, surpassing the $1 mark, due to a symmetrical triangle breakout during the Trump trade. The XRP ETF filings, SEC Chair Gary Gensler’s resignation, and the RLUSD stablecoin launch hype have all contributed to the cryptocurrency’s price increase.
The Terra Luna Classic chart also exhibits a comparable triangle pattern and successfully surpasses it in the weekly timeframe. Nevertheless, traders accumulate profits when the price reaches the Fibonacci retracement levels of 0.50 and 0.61.
LUNC’s price is currently trading at $0.0001613, a 6% decrease in the past 24 hours following an over 40% increase this week. The price experienced a monthly increase of over 90%.
A move to $0.0005 is imminent if the price closes above $0.00018 this week. Nevertheless, the continuation of a subsequent rally, such as that of XRP, is contingent upon substantial trading volumes. Binance’s 1.7 billion token burn resulted in a 30% increase in the price of LUNC.
Data from StakeBin suggests that delegators have unstaked tokens available for trading. The Terra Luna Classic community’s upgrades and developments may generate the requisite trading volume to propel the price to the 1 Fibonacci retracement mark.
In the interim, the price of USTC has increased by over 20% in a week, reaching $0.030. Binance increased leverage by four times, which resulted in a 52% increase in the price of Terra (LUNA) within a week. Amid the bullish momentum, the price has reached a high of $0.79.
