The Terra Classic price had earlier gained significant momentum and rose beyond expectations as it reached lows close to $0.00002. While the market participants hoped for another breakout, the asset broke down from the symmetric triangle, substantiating the revival of the bearish trend.
While the descending trend is expected to prevail for a long time, the Terra Rebels, with their official Terra Classic revival roadmap, may induce some bullish momentum.
The team believes that the old Terra swap mechanism was the reason behind LUNA hyperinflation and the UST stablecoin collapse. However, the proposed changes are believed to spike the LUNC price to $0.00372, slashing a couple of zeros as the circulating supply is expected to drop by 2 trillion.
Terra Rebels, the volunteer group behind the 1.2% tax burn proposal led by the developers Edward Kim & Alex Foreshaw, aim to rebuild the entire ecosystem. The developers now outline 3 main objectives, Rebuild the Algorithmic Fungible Token(AFT), rebuild the project ecosystem & rebuild independence.
Presently, the LUNC price has dropped below the crucial support at $0.0003 and is trying very hard to regain the levels. Due to the reduced volume, the asset appears to be less volatile, which may further fail to validate a rebound, if any. The Terra Classic price may still go to the moon if it finds a way to sustain above $0.000303 by the end of the day’s trade.
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Source: https://coinpedia.org/price-analysis/this-is-how-terraclassiclunc-price-may-gulp-a-couple-of-zeros-in-its-values-soon/