The price of Terra Classic (LUNC) recorded an 8% increase in the hour on Tuesday and is on track for an upward movement of almost 20% in the past 24 hours. The price of LUNC has even continued to outperform Bitcoin, Ethereum and other altcoins in the last few days.
Terra Classic has reclaimed the $1 billion market cap. In addition, the 24-hour trading volume has increased by over 165%, which confirms that the breakout is genuine.
Terra Classic price continues to move higher after it fell to $0.0001269 last week. Since then, the price of LUNC has recovered almost 50%. Market sentiment shifted from selling high to buying low.
In the last 24 hours, the price of Terra Classic recorded an upward movement of over 20% building on the momentum from the previous rise. It has now broken above strong resistance at $0.00016 to reach a high of $0.0001848.
It should be noted that the surge follows the price of LUNC successfully breaking through the 3-month resistance level that fell on December 24. Therefore, this breakout marks the initial sign of a price recovery if the price shows sustainability above the resistance trend line.
The RSI jumped above the neutral line to 62 and also reflected market sentiment supported by potential price growth. Therefore, the LUNC price trend is showing strength and is likely to have more upside momentum.
The Terra Classic community has passed Proposal 11111 “Proposal to Repeal 10983.” The proposal seeks to repeal Proposition 10983, which increased funding for community groups with 50% of the 0.2% tax instead of 10% for in-chain development.
Terra Classic core developers Edward Kim and Tobias “Zaradar” Anderson submitted Proposal 11168 to work on L1 development on the Terra Classic blockchain.
The amount of LUNC burned has reached over 36.5 billion LUNC tokens. The community, excluding the Binance pool, burned over 80 million LUNC tokens in December.
