LUNC Gains 25% On Terraport Relaunch As Chain Upgrade Looms

LUNC holds onto bullish divergence following Terraport’s resurgence while Terra Classic chain upgrade is coming up next.

Space man flying out of the moon through Terraport.
Created by Kornelija Poderskytė from DailyCoin
  • Terraport dApp restoration sparks Terra Classic community’s enthusiasm.
  • Terra Classic sparked by 50% last week after restoring key functionality.
  • LUNC relaunches Terraport dApp as Binance confirms upgrade support.

The battle-tested Terra Luna Classic community has been making strides toward restoring the Terra blockchain’s former glory. After the 2022 Terra Luna fiasco, the struggling blockchain saw several volunteer developers crafting a full network revitalization.

However, Terra Luna Classic’s (LUNC) revitalization crusade was often met with skepticism, as the upgrades rarely had an instant impact on $LUNC market value. Nevertheless, the tables turned last Friday, when the pre-crash market swap functionality between $LUNC & the de-pegged stablecoin $USTC was restored.

Thus, Terra Luna Classic (LUNC) broke the 200 Moving Average (MA) line for the first time in a year. A gradual market correction after the bull run had sent $LUNC into a cooling period. However, LUNC could be gearing up for another run if it sustains a strong bullish divergence.

According to trader Derek, the bullish divergence is not only accompanied by the 200 MA, but also a favorable Relative Strength Index (RSI), sitting at 58. Collecting a 25% profit in the last two weeks, the #110 ranked Terra Luna Classic (LUNC) trades at $0.00007616 with a 4% drop in the last 24 hours.

Terraport Revived Ahead Of Crucial Terra Classic Upgrade

Today, Terra Classic community members are rejoicing over another restored critical function. A decentralized application, the Terraport can be used to stake supported cryptocurrencies on the Terra Classic chain. Upon the news, CertiK, one of the leading blockchain security audit companies, announced that Terraport is currently being audited and a public report shall be released soon.

Just a few hours into the relaunch, Terraport had scooped up 66 million in staked coins, offering APY up to 24%. While a decentralized wallet is next in line, the Terra Classic chain upgrade is expected to take place on 20.11.2023 08:00 (UTC). Notably, the critical blockchain upgrade coming in three days is supported by Binance, the world’s largest crypto exchange.

On The Flipside

  • The previous week’s market swap restoration accelerated LUNC price by 50%.
  • Today’s relaunch of Terraport didn’t have a considerable impact on LUNC’s price.
  • The embattled blockchain’s native token, LUNC, is currently down 55.7% on a yearly timeframe.

Why This Matters

The crypto community is collectively working on restoring several key features of a once-thriving blockchain ecosystem in a decentralized and democratic spirit via governance proposals.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.