Terra Classic (LUNC) Soars 15% as Community Approves KYC Proposal
Good news for Terra Classic (LUNC) as its price has surged by 15% in just one week. This significant increase comes after the community voted in favor of a proposal to implement a mandatory know-your-customer (KYC) process for all L1 developers on the network. The aim is to enhance security and attract more third-party developers to the blockchain.
Terra Classic Price Analysis
LUNC’s price has surpassed the critical psychological threshold of $0.0001 following the successful vote. It currently stands at $0.00011, representing a 15.72% increase over the past seven days. However, recent data shows a decline of 0.97% in the last 24 hours and 8.38% over the past month.
Despite these fluctuations, LUNC has demonstrated a balanced streak with half of the last 30 days being positive. Its relative strength index (RSI) sits at 50.57, indicating a neutral market position. LUNC is currently trading above support at $0.0001 and resistance at $0.00012.
TradingView’s market sentiment gauges suggest a ‘buy’ recommendation based on neutral oscillators and moving averages pointing towards optimism amid the indecision.
Hot Take: Terra Classic’s Success Amidst Controversy
Terra Classic’s recent price surge and market value increase of over $90 million in just one week marks a significant achievement for the cryptocurrency asset. It comes at a time when Terra (LUNA) ecosystem and its former CEO, Do Kwon, have been embroiled in controversy. The approval of the KYC proposal reflects positive development and increased interest in the Terra Classic network.
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