It’s been a year of the most dreadful events in the crypto space, wherein the Terra ecosystem collapsed, bringing the value of its token from its highs to almost zero. Since then, many efforts have been carried out to revive the ecosystem, with the creation of Terra (LUNA) being the most prominent one. However, the impact remained negative as both Terra Classic (LUNC) and Terra (LUNA) continued to face bearish pressure while the platform’s native algorithmic stablecoin, TerraUST (USTC), remained heavily depegged.
The Terra Classic community recently submitted proposal 11511 to bring considerable improvements to the chain along with an upgrade to v2.0.1 LBA. This proposal was set to be voted on a couple of days ago and has now achieved 77.41% positive responses.
Now that just another 4 days are left in voting, the proposal has a staggering 99 percent vote for ‘Yes’. Once the community passes the proposal, the upgrade is expected to occur on May 17, 2023. This may bring the LUNC blockchain a step closer to parity with the Cosmos and Luna 2.0 networks. In the meantime, the native token, LUNC, is accumulating strength and preparing for a giant breakout.
The LUNC bulls are fighting the bears with acute strength and preventing the price from dumping further. The Bollinger bands have expanded massively, and as the prices are accumulating at the support levels of the bands, a significant rebound appears imminent. Moreover, the RSI is hovering near oversold levels, which may trigger an upswing as the strength of the rally, the ADX, is bullish.
Therefore, the Terra classic (LUNC) price is believed to trigger a massive upswing toward the targets around $0.00014 in the next couple of weeks.
