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Terra Luna Classic Votes On Major Upgrade Amid XRP-Like Breakout, LUNC to $1?
Terra Luna Classic community votes on a major proposal to upgrade the chain for simplified tax handling and security. This update will also help developers and dapps from the broader Cosmos ecosystem to build on the Terra Classic network. Meanwhile, LUNC price chart sees a triangle pattern breakout similar to XRP, sparking speculation of a rally to $1.
Terra Luna Classic v3.3.0 Upgrade Proposal
Software upgrade proposal 12148 titled “Upgrade to v3.3.0” is under voting on the Station wallet. The Terra Luna Classic upgrade proposal is added by popular developer StrathCole, as per GitHub data. If the proposal is passed, the chain will be halted block height 21163600, approximately on December 17 at 12:57:47 UTC.
The chain upgrade proposal seeks LUNC validator and community approval to update the terrad client to v3.3.0. The upgrade introduces a new simplified tax handling. This helps boost utility on the Terra Luna Classic, removing barriers for developers and dapps wanting to build on the chain.
The voting details indicate validators and delegators are in favor of the long-awaited upgrade. All 39 validators who participated in voting, including JESUSisLORD, Burrito Node, Vegas Node, and TerraCVita, have voted “Yes,” indicating major support for the proposal.
XRP-Like Patterns on LUNC Price Chart
XRP price saw a massive rally to break above $1 mark after a symmetrical triangle breakout amid Trump trade. XRP ETF filings, SEC Chair Gary Gensler’s resignation, and RLUSD stablecoin launch hype have further fueled the price of the crypto.
Terra Luna Classic chart also makes a similar triangle pattern and successfully breaks above the triangle in the weekly timeframe. However, traders book profit as the price reached between 0.50 and 0.61 Fibonacci retracement levels.
LUNC price is currently trading at $0.0001613, down 6% in the last 24 hours after over 40% rally this week. The price saw a monthly uptrend of more than 90%.
If the price closed above $0.00018 this week, a move to $0.0005 is imminent. However, a further rally like XRP will continue only with high trading volumes. LUNC price surged 30% after a 1.7 billion token burn by Binance.
StakeBin data indicates that delegators have unstaked tokens for trading. The Terra Luna Classic community developments and upgrade may bring the necessary trading volume to push the price to 1 Fibonacci retracement mark.
Meanwhile, USTC price has climbed more than 20% in a week to hit $0.030. Terra (LUNA) price rallied 52% in a week after Binance increased leverage by four times. The price has hit a high of $0.79 amid the bullish momentum.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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