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- LUNC is on the verge of a breakout with positive ecosystem innovations around.
- The protocol has seen commitment from its developers and community, lending credence to its purported growth momentum.
Terra Luna Classic (LUNC) is likely eyeing a bullish breakout looking at the price trend in the past couple of weeks.
Following the news of an anticipated community-owned wallet as recommended by LUNC core developer Joint L1 Task Force (L1TF), the price of the token reached a weekly high but it was short-lived. The price of the cryptocurrency has been on a steady decline ever since. At the same time, crypto experts are positive that this downtrend may just be the push necessary for a massive price recovery.
On Twitter, Javon Marks stated that the current price breakout holding position of LUNC could mean an upcoming positive momentum. He believes that an almost 400% bull run is on the way for the cryptocurrency. His prediction was based on the price action analysis conducted on the token in the last 12 months. Looking at this price action, it seems that a rally could likely take several months to realize but this may not be the case whe the broad crypto ecosystem is brought into focus.
One of the major ecosystem triggers in view is the forthcoming Bitcoin (BTC) halving event is scheduled to happen in the second quarter of 2024 during which the number of new BTC created per block will be reduced by half, resulting in a decrease in the supply of new coins entering the market.
Analysts believe that the crypto ecosystem would experience a blanket rally before this event finally happens and the overall impact will have a rub-off on LUNC
Developers’ Upgrades May Trigger Terra Classic (LUNC) Price
In addition, market experts have considered the numerous significant changes and upgrades that developers have been bringing to the LUNC protocol. They are confident that this development can trigger a positive process action for Terra.
In May, Joint L1 Task Force completed the implementation of the v2.0.1 upgrade without any issues or hassle. The upgrade caused the LUNC price to pump higher by more than 3%, moving to $0.000091.
Apart from the price surge, the v2.0.1 upgrade introduced new features like mandatory security updates, minimum initial deposit for governance proposals, and an upgrade to Cosmos SDK v0.45.13. A few weeks later, LUNC carried on with the CosmWasm v2.1.0 parity upgrade testing. Notably, this was the upgrade tipped to push the LUNC asset to a $1 price point as it would make Terra Classic move in parity with other blockchains like Terra 2.0 and Cosmos.
Another latest upgrade is the triumphant implementation of the landmark v2.1.1 Parity Upgrade. Its integration caused LUNC price to skyrocket by almost 10%. With the introduction of more of such upgrades, market experts are positive that the price of LUNC will hit a bull run in no distant time.
Meanwhile, one of the top community members, Happy Catty Crypto’s Proposal 11645 “L1 Team To Build Wallet Infrastructure”, which is a community-owned wallet, has been submitted and so far it has received almost 71% “Yes” and 2% “No” votes, with 27% choosing to vote “Abstain.”
This proposal, if passed, can lend an additional positive sentiment to LUNC which can fuel the price of the token in the near future.
