With a 24-hour gain of over 4%, Terra Classic (LUNC) defies the general trend, which has kept the majority of assets flatlining.
Terra Classic (LUNC) has taken the first steps towards a relief rally in the wake of several positive developments within the LUNC camp, including reports suggesting an end to the recent ruckus surrounding the Terra Station and its further support for Terra Classic.
Having lost its value in three out of the past three sessions, LUNC began the day on bearish grounds, with the atmosphere seemingly bearish for investors. Notwithstanding, the asset has staged a comeback against the bears, triggering hopes of a relief rally within the community.
Having started the day with a value of $0.000165, LUNC is determined to recover the losses shed in the past few days amid the chaos within the community. The asset crashed from a high of $0.00019 on December 2 and had since been slipping further below until it hit a 1-week low of $0.0001631 yesterday.
Notwithstanding, a rally has been ensured. If the markets see a reversal of its current upsurge at this point, the asset could retest lows below the $0.00015 zone which would trigger a slump to $0.00010 in the event of sustained selloffs.
The rally has, however, seen LUNC gain by 7.23% in the past week, with a 24-hour appreciation of 4.98%. LUNC’s price surge makes it the second largest gainer in the past week amongst the top 45 assets, only behind Trust Wallet Token (TWT). The community expects LUNC to end the year for $0.000193, an 11% rise from its current value.
Additionally, Terra Classic indicators generally lean towards the Buy territory, as several metrics indicate positive momentum, per data from TradingView.
Tension Within the LUNC Camp Has Eased
This recent relief in the markets immediately follows the calm within the LUNC camp after several reports suggest a commotion surrounding the asset, the Terra Station, and the Terra Rebels Group.
As highlighted Tuesday, circulating reports suggested that the Terra Classic network could lose its Terra Station support following Terraform Labs’ imminent switch of the Terra Station wallet to Interchain Station by December 15.
A demand for Terra Classic to change its prefix to be supported on the upcoming Interchain Station was deemed impossible to achieve by the Terra Rebels group within the timeframe given. They estimate it will take at least six months to meet the request. Failure to implement the prefix change could end Terra Station’s support for LUNC.
Terra Rebels group members proffered a solution that involved making Terra Classic transition to Rebel Station. A proposal to separate Rebel Station from the Terraform Labs infrastructure was passed. This was aimed at maintaining LUNC’s access. However, the downside is that the move is expected to cost $150K and take two months to complete.
As uncertainties abound, Terraform Labs recently disclosed that it is possible to maintain Terra Classic’s Terra Station support even as it transitions to Interchain Station. According to Terraform Labs staffer Jared, the team found a way around the issue. This has eased the tension and is likely one of the triggers of the asset’s recent recovery.