Dips have been proving to be profitable for many cryptocurrencies following the major correction in February after the approval of the BTC ETF. Prior to the widespread declines, which saw Bitcoin price nosedive below $39,000 after creating a new yearly top at $49,000 followed Terra Classic’s commendable rally to $0.00028.
The sell-off from Q4 highs to $0.000087 can mainly be attributed to profit-taking among investors due to the substantial increase in price and the generally bearish outlook in the crypto market.
Will Terra Classic Price Maintain Bullish Momentum In February
Terra Classic no longer trades below $0.0001 support following a bullish first two weeks of February. The token sits on top of key bull market indicators, including a confluence support formed by the 20-day Exponential Moving Average (EMA) and the 200-day EMA (the blue and purple lines on the chart) around $0.0001075.
Slightly above LUNC, currently valued at $0.0001144 is resistance from the 50-day EMA (the line in red). Traders armed with buy orders would be looking for a daily close above this hurdle at $0.0004448 to back their reasons for opening long positions, with the most conservative waiting for a break past the black horizontal ray at $0.00012.
The odds are flipping in favour of the bulls backed by a buy signal from the Moving Average Convergence Divergence (MACD) indicator. More traders are preparing to activate more buy orders as the MACD crosses into the positive region while green histograms reinforce the bullish outlook in the token.
Terra Luna Classic appears to have exhausted the downtrend from $0.00028 after overshooting both the 61.8% and 78.6% Fibonacci levels. This in conjunction with the recovery in the Relative Strength Index (RSI) to 53 in the neutral area backs the uptrend. Continued movement towards the overbought region (70 and above) signals the next move eyeing $0.0002.
Meanwhile, the biggest force behind LUNC is its vibrant community, which has stuck with the project despite the implosion in 2022.
The community is engaged in various activities summing up to proposals meant to help LUNC repair its tainted image as well as boost the token’s value.
One of the network validators, @ForTheCross_CH, the next proposal will hinge on “guidelines” for centralised exchange on-chain staking.
According to the validator, the current guidelines result in serious influencing from CEXs due to their centralised staking options.
I am planning to put up my proposal soon for Guidelines on CEX's staking #LUNC on-chain (after the 7 day discussion period).
You can see these two images below to understand why this proposal is so significant, and the problem we have with CEX's influencing our on-chain… pic.twitter.com/X8etX2yA9y
— JESUSisLORD (@ForTheCross_CH) February 12, 2024
Staking is crucial to the way the community interacts with the crypto project, especially for governance. In addition to allowing holders to earn rewards, thereby growing their wallet balances, staking also reduces the sell pressure, by removing more LUNC tokens from the circulating supply.
More proposals are also coming up aimed at enhancing Terra Luna Classic as a developer friendly platform.
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The post How Terra Classic (LUNC) Can Reclaim $0.00028 In February 2024 As Community Votes On Key Proposals? appeared first on CoinGape.