Will Terra Classic price recover after hitting key LUNC staking milestone?
- Terra Classic token staking has crossed the 950 billion mark, fueling a bullish narrative among LUNC holders.
- Terra Classic is on track to reach a new milestone in terms of staking, eyeing the 1 trillion target.
- LUNC price could recover from pullback to the bottom of the support zone at $0.000164, wiping out losses from earlier in February.
Terra Classic hit an important milestone in LUNC staking, adding to the list of bullish developments. After the community approved the proposal to re-peg the stablecoin USTC at $1 parity and link it with LUNC, the token’s staking crossed the 950 billion mark.
Despite bullish developments, LUNC price recently experienced a pullback, dropping to the bottom of a support zone at $0.000164.
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Terra Classic LUNC token hits staking milestone
LUNC hit an important staking milestone recently, crossing 950 billion tokens staked. The number could soon cross one trillion as staking increases in popularity among Terra Classic token holders.
Interestingly, this bullish development occurred before the launch of LUNC v1.0.5 - a development that is keenly awaited by the Terra Classic community. The new version has been a hot topic of discussion since the world’s largest cryptocurrency exchange, Binance announced its support for Terra Classic’s upgrade.
The upgrade was scheduled to occur on February 14, at a block height of 11,543,150. This upgrade would fix technical issues in LUNC’s previous versions.
Luna Classic price could recover in response to bullish catalysts
Luna Classic (LUNC) is currently consolidating in a range, trading at $0.000166, close to its 24-hour low. Terra Classic is in a temporary consolidation that follows a short-term uptrend. The token is expected to resume its climb in the short term if it breaks above the upper limit of the support zone at $0.000176.
The support zone indicates an area where the asset’s price has consolidated since February 9. A close below the support zone would invalidate the bullish thesis and signal a break in the asset’s uptrend.
The key bullish breakout targets for LUNC are $0.000176, and the 38.2% Fibonacci retracement level at $0.000178.
The downside targets in the event of a bearish retracement are the bottom of the support zone at $0.000164 and the 61.8% Fibonacci retracement at $0.000158.
LUNC/USDT price chart
As seen in the chart above, the Relative Strength Index (RSI), a momentum indicator reads 43.91. RSI is below the neutral zone, dropping towards oversold. There is room for a recovery in LUNC in the short-term.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
