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The price of Terra Luna Classic surged 30% in one month as the team intensified efforts to revive the values of LUNC and USTC back to $1.
In a recent tweet, Derek, a prominent Terra Luna Classic (LUNC) trader, disclosed that the 115th largest cryptocurrency by market capitalization recently hit a major milestone.
According to Derek, the crypto asset hit a significant bullish divergence by breaking the 200 Moving Average (MA), which has been depressed for over a year.
The trader pointed out that while this feat is commendable, it is imperative for LUNC to have some support above the 200MA line. However, Derek notes that it is not much of an issue if the 200MA line dips slightly because the indicator has a strong RSI (Relative Strength Index) support at 58.
a few days ago, LUNC strongly broke the MA200 line, which had been depressed for over a year. Since then, it has been cooling down for a while above the MA200 line. It is important to have support here, and if it breaks slightly and comes down, it is not a big problem. because… pic.twitter.com/ldZo2DiO3k
— Derek (@kimmyboy2) November 17, 2023
LUNC Surges 30% in One Month
This significant breakthrough is reflected in LUNC’s current price, which has amassed over 30% gains in 30 days. Additionally, the cryptocurrency has been up 13% over the past two weeks.
However, the price of LUNC is down 3.2% and 4.8% over the past 24 hours and seven days, respectively. At the time of writing this line, LUNC was changing hands at $0.00007443, according to data from CoinGecko.
Community Not Relenting in Efforts to Revive LUNC and USTC Values
It is worth mentioning that the Terra community had yet to achieve major success in reviving the value of LUNC and USTC back to their former glory. However, the community is still resilient in revitalizing the network to restore LUNC and USTC to their past glory days.
As reported earlier, the community initiated a new proposal that could help revitalize USTC and LUNC prices to $1, with an emphasis on safely re-enabling the market module. It bears mentioning that the market module was disabled in May 2022 following the collapse of the Terra ecosystem.
According to the proposal, developers aim to increase rewards and mitigate risks, especially the heightening of the USTC and LUNC supply via unintended minting.
The development comes days after the development team revived a critical function in Terraport, a decentralized application used to stake supported assets on the network.
In the meantime, leading blockchain security company CertiK announced that it is currently auditing the service and will release the report soon.