USTC Price Breaks Year-Long Stagnation
The Algorithmic stablecoin TerraClassicUSD (USTC) has experienced a significant surge in price after a period of stability. Previously known as UST, USTC faced a collapse in 2022 when it detached from its peg to the US dollar, causing a breakdown in the Terra-LUNA blockchain ecosystem. The price of USTC plummeted to $0.006 in June 2022 and remained stagnant for over a year.
However, recent developments have sparked excitement within the Terra Classic community. In the last three days, the USTC price has surged by 390%, reaching $0.0652. This rally was accompanied by Terra Classic Labs strategically acquiring 25.6 million USTC as part of its Treasury Reserve Policy.
Roadblock at $0.07536
Despite the recent gains, the USTC price has encountered resistance at the September 2022 peak of $0.07536. This level is seen as a crucial area of interest that could either hinder or support USTC’s goal of reaching $1. Currently, there is still a long way to go before USTC reaches its desired value, with a 1400% increase needed from its current price of $0.066.
Hot Take: Is $1 Possible for USTC?
The recent surge in USTC’s price and strategic acquisitions by Terra Classic Labs have sparked optimism among investors and the crypto community. While reaching $1 may seem like a distant goal, the resilience and determination of the Terra Classic community cannot be underestimated. As USTC continues its upward trajectory, it remains to be seen whether it can overcome obstacles and achieve its ultimate target.
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