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Terra Classic turns bullish: Will its gains sustain?

LUNC has passed the proposal for its new update that will be pushed when total blocks reach 14,514,000. Buyers respond favorably, pushing its price upwards.

Published

1 year ago

on

  • Terra Classic’s new update will bring in new features.
  • LUNC was up by 2% in the last 24 hours, but market indicators remained bearish. 

Terra Classic [LUNC] is all set to push its latest network upgrade, named v2.2.1. While the blockchain got ready for the update, its native token turned bullish as well. 

How much are 1,10,100 LUNCs worth today?

Terra Classic approves proposal for v2.2.1

The blockchain recently approved its Proposal 11766, enabling the next upgrade. The proposal received unanimous support, with more than 99% votes in its favor.

The v2.2.0 core upgrade comes with multiple new features that add value to the Terra Classic blockchain. 

As per the official announcement, the added features include an upgrade for Cosmos-SDK, migrating tendermint to CometBft, and upgrading IBC. It will also introduce a split burn tax in the distribution module.

The update will be pushed on 12 September at a block height of 14,514,000. 

Apart from the latest update, the blockchain also received a new proposal recently aimed at tackling the challenge of high spam proposals. If passed, the proposal will increase the minimum

LUNC required to submit a proposal to 5 million from 1 million. 

LUNC turns bullish ahead of the upgrade

Just a few hours ahead of the update, Terra Classic registered gains, which was encouraging. According to CoinMarketCap, LUNC’s price surged by more than 2% in the last 24 hours.

At the time of writing, the token was trading at $0.00005826 with a market capitalization of over $338 million, making it the 87th largest crypto. Thanks to this, bearish sentiment around the token dropped by nearly 20%, and its Altrank improved.

Source: LunarCrush

The price uptick was accompanied by a rise in its trading volume, acting as a foundation for the surge. LUNC’s 1-week price volatility also gained upward momentum.

Coinglass’ data further revealed that LUNC’s weighted funding rate turned green. A high funding rate means that derivatives investors were buying LUNC at its press time price. 

Source: Santiment

Not only in terms of price, but the blockchain has also witnessed growth in its staking ecosystem. Lunc Metric’s data pointed out that after a dip on 9 September, the blockchain’s staking ratio started to rise.

At press time, Terra Classic had a staking ratio of 15.04%, with a total of more than 1 trillion LUNC staked.  

Realistic or not, here’s LUNC’s market cap in BTC’s terms    

Though Terra Classic’s price registered an uptick, market indicators remained bearish. For instance, both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) went down toward the neutral mark.

The MACD also displayed the possibility of a bearish crossover.

Source: TradingView

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