LUNC Ignites Bull Rally With Governance Proposal: Is a Breakout Looming?

Terra Luna Classic ecosystem validator LuncLive has proposed the repeal of controversial pay-per-job Proposal 11889. This move, encapsulated in Proposal 12013, aims to eliminate the confusion and uncertainty that the initial proposal generated among validators, developers, and the broader community. The proposal seeks to pave the way for a more conducive environment for development and decision-making processes by removing the existing barriers that have hampered progress.

The voting process for the repeal has already showcased the community’s divided stance, with a preliminary tally revealing 25% in favor, 1% against, 46% opting for a veto, and 28% abstaining. The significant portion of veto votes underscores a collective desire to prevent the recurrence of similar proposals, highlighting the community’s call for clarity and effectiveness in governance mechanisms.

Burning Campaign Fuels Optimism

Parallel to the governance turmoil, the Terra Luna Classic community celebrates a remarkable milestone in its LUNC burn campaign, with the total amount of LUNC burned surpassing 95 billion.

This achievement is part of a concerted effort to reduce the token’s circulating supply, bolstering its value and utility. The upcoming monthly burn mechanism by Binance, scheduled for February 1, is highly anticipated, with the community eyeing 100 billion LUNC to be burned.

LUNC/USD Price Analysis

A bullish trend in the Terra Classic (LUNC) market has prevailed over the previous 24 hours, with support established at the intra-day low of $0.00009815. As a result, the positive trend pushed LUNC to an intraday high of $0.0001019 before a modest drop. This rising advance implies strong purchasing demand and suggests that LUNC could continue its positive trend. At press time, LUNC was trading at $0.0001006, up 1.45% from its intraday low.

LUNC’s market capitalization and 24-hour trading volume increased by 1.54% and 15.6%, to $582.24 million and $33.16 million, respectively. This increase in market capitalization and trading volume reflects the growing interest and activity in LUNC.

On the LUNCUSD 4-hour price chart, the stochastic RSI rating of 54.31 and the upward trend indicate that LUNC’s price has the potential to rise higher. Furthermore, the Relative Strength Index (RSI) of 58.72 suggests that LUNC is now in a bullish trend. These technical indicators and the recent increase in market capitalization and trade volume suggest that LUNC may continue its upward path.

LUNC/USD 4-hour price chart (source: TradingView)

Additionally, the Keltner Channel bands’ linear motion, with the upper, middle, and lower bands touching around $0.0001037, $0.00009963, and $0.00009552, indicate that LUNC’s price is now consolidating within a narrow range. This consolidation phase could lead to an upside breakout since the price is trading near the upper band of the Keltner Channel.