Terra Classic’s price continues to surge and remains the top performer of the day with a gigantic rise of nearly 40% in the past 24 hours. Along with the asset, its native stablecoin Terra UST (USTC) also made larger moves. While the crypto space is skeptical about the upcoming price move, the LUNC community appears to be determined to rise the price beyond the yearly targets.
LUNC price with the recent price action has managed to record a nearly 175% rise in the past 7 days and is expected to continue surging in the coming days. The daily trading volume has spiked high close to $2.8 billion, registering a growth of more than 400%. The recent price action could be driven by the LUNC community intensifying the staking & burning of LUNC tokens constantly.
LUNC price after the recent rejection at the upper resistance is expected to consolidate for a while. Later the price may regain extensive bullish momentum to rise beyond $0.00055, which is assumed to be the next target to achieve. However, the coiling market sentiments and rising demand for the asset may lead to a significant rally in the coming days.
Considering the latest updates of the platform, Binance which holds more than 50% of the past 24-hour trading volume, is set to release a 1.2% burn tax proposal on September 12, 2022. Recently, Terra announced a new governance bot that notifies the community about all the governance activities.
Collectively, the much-awaited 1.2% burn tax proposal is expected to rise the burning rate of the LUNC tokens. Therefore, the LUNC price is expected to maintain a significant upswing for some more time.
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Source: https://coinpedia.org/price-analysis/terra-classic-surge-amid-support-from-lunc-community-while-more-upswing-is-fast-approaching/