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Terra Luna Classic (LUNC) community has announced working on a new development following the acceptance of a proposal that will require those planning to initiate a new proposal to make an initial deposit. The cryptocurrency network believes this move will eliminate the threat of spam proposals. Following the development, the Terra Classic price increased by 2% to $0.0001221.
Recent Developments in LUNC
In the last few months, the network has taken significant steps to improve the project, including the acceptance of significant proposals involving staking and a major token burning program. The move to restrict proposals has been welcomed by many analysts who believe that attention should be paid to properly formulated proposals. Terra Luna Classic’s price has gathered some liquidity around $0.000118, supported by the bullish support band strengthened by the 200-day Exponential Moving Average (EMA) amidst mid-week volatility.
However, the popular altcoin LUNC climbed to higher levels, rising above the ascending trend line support. Yet, it fell short due to resistance at $0.0001236, a convergence point of the 20-day EMA and the 50-day EMA. Moreover, maintaining the cryptocurrency above the bullish support band could be crucial for LUNC as it allows the bulls to take control and move upwards.
LUNC Price Movement
As the LUNC price trend line breaks above and resistance rises to $0.00014, more investors may join the trend. During last year’s fourth-quarter rally, the Terra Classic price surged to $0.00028, highlighting the developments in the ecosystem at that time. The project’s outlook can be seen positively as developers and the community focus on increasing network efficiency with the goal of restoring LUNC and USTC to their former glory. Consequently, the Terra Luna Classic community is planning to launch a new proposal. Additionally, analyses indicate that the price must overcome certain resistance levels to maintain its upward trend.
