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- Community increases the burn rate to decrease supply.
- New proposals passed recently.
- Trading volume rises by more than 70% to $175.95 million.
Terra Classic (LUNC) prices witnessed a price rally last week. The surge seems to continue with the latest developments, proposals, and amends. The community has raised the burn rate to reduce the overall supply of LUNC tokens and restore the system. Until now, the community has burned almost 37 billion LUNC tokens.
Meanwhile, the community has recently passed Proposal 11111, “Repeal Proposal 10983,” which brings back 10% remint from the 0.2% burn tax and adds to the community pool instead of 50% remint. The community has also consented to Proposal 11168 by Terra classic core developers. Almost 95% agree with the proposal to build a “Joint L1 Task Force” developer team.
Monoscopic view
The current price moves in the parallel channel, breaching the 20 and 50 EMAs. The volume moves parallel with horizontal OVB, suggesting a contained scenario. If current prices of $0.00016 can breach the breakout level of $0.00017, there are chances of further price rallies in the near term, with the target to reach about $0.00027.
Positive CMF suggests optimistic emotions among the users as it slopes up to reach higher levels. The MACD records tall buyer bars and ascending interest lines. The RSI struggles to rise from the 50-mark average and turn buyer-favoring.
Monoscopic view
The price rise is seen to halt and then move further. The CMF falls but manages to retain a spot in the positive region after shooting. The MACD records ascending buyer histograms, and lines function above the zero-histogram mark. The RSI retraces after touching the upper border and nears to 50-mark average. The collective study suggests that the present price rally may be short-lived and can soon neutralize.
Conclusion
The community of LUNC is making necessary amends to revive the sleepy dead market and prepare for a solid future surge. The current rally is favorable for short trading. Users are advised to watch the $0.00013 level to invest for future rally.
Technical levels
Support levels: $0.00013 and $0.00009
Resistance levels: $0.00025 and $0.00030
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
