LUNC surges amidst plans to re-stabilize USTC
Journalist
Posted:
- The prices of LUNA and USTC rose significantly over the last week.
- The Terra blockchain community witnessed updates as well.
Luna Classic [LUNC], the native token of the Terra Classic blockchain, has recently experienced a remarkable price surge, pushing prices to their highest level since April 2023.
Exchanging hands at $0.0001226 at press time, the altcoin’s value has increased by 64% in the last week, according to data from CoinMarketCap.
Its associated token TerraClassicUSD [USTC], which also powers what is left of the Terra blockchain, has also seen a significant jump in value.
In the last week, the price of the former stablecoin has risen by over 300%, making it the crypto asset with the most gains in the last seven days.
Source: CoinMarketCap
What is dead may never die…
Over the past week, the increased demand for these two assets can be attributed to recent initiatives undertaken by the Terra Classic community aimed at pushing their values beyond the $1 mark.
One of these is a recently announced proposal that seeks to re-enable the market module to help USTC regain its parity to the dollar and drive up LUNC’s value. The market module had been previously disabled following Luna’s collapse in May 2022.
Also, Terra’s ex-developer Daniel Hong recently unveiled a new stablecoin named Mint Cash, backed by leading coin Bitcoin [BTC].
As part of the rollout plan for this new crypto asset, the team announced that they would conduct an airdrop for LUNC and UST holders.
Entire team is at work nonstop building the $USTC burndrop program we announced a couple of days ago
Did not anticipate this much attention on our work
— Mint Cash 🏛️♻️ (@wemintcash) November 28, 2023
With many looking to benefit from the airdrop, there has been a notable increase in the trading activity around LUNC, pushing its values up.
Everybody wants LUNC
AMBCrypto’s assessment of LUNC’s movements on a daily chart revealed a steady uptick in its key momentum indicators.
Trending upwards at press time, LUNC’s Relative Strength Index (RSI) and Money Flow Index (MFI) were pegged at overbought highs.
With respective values of 77.37 and 95.64, these indicators showed that LUNC accumulation significantly outpaced selling amongst daily traders.
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Further, the coin’s Directional Movement Index (DMI), which showed its positive directional index (green) resting above the negative directional index (red), confirmed the ongoing bullish trend.
When an asset’s DMI is set up in this manner, the uptrend is stronger than the downward trend, and the bulls have significant market control.
Source: LUNC/USD, TradingView
