Terra Classic (LUNC) Gains 51% in Few Weeks on Journey to Revival

The asset recently reached a 3-month peak of $0.00021107 before hitting a hurdle masterminded by the bears.

Terra Classic (LUNC) has gained by up to 51% in the past eight weeks as it remains on the course to revival. The asset has faced several roadblocks on its solo journey, but these have done little to snuff out its vigor, as promising developments and the sustained burn campaign have persistently provided support for the asset’s price movements.

Following the gloomy end to 2022, LUNC has capitalized on the market-wide uptrend this year to regain losses witnessed in the previous year. The asset had crashed to a 4-month low of $0.000121 on December 16 in a persistent bearish downtrend triggered by the FTX blowout of the previous month.

Since falling to $0.000121, LUNC has soared by over 51% to its current value of $0.0001831, as it looks to recoup lost value. The asset had surged to a 3-month peak of $0.00021106 last Friday in its latest solo rally before facing a roadblock engineered by the bears. Despite the opposition, LUNC is still up 10% in the past 7 days.

The asset is seeking to solidify its position above the crucial resistance at $0.00019, as this move would provide enough support for another rally to the much-coveted $0.0002 price territory. Notably, Bull LUNC, a pseudonymous Terra Classic investor and analyst, recently noted that LUNC is set for an imminent breakout due to an accumulation at its new support levels.

Terra Classic Developments

Despite a 995% increase since its all-time low of $0.00001675 last May, Terra Classic is still a long way from its revival goal, prompting the community to come up with several measures to support its value. To this end, the burning campaign has picked up, and several upgrades to the network have been proposed.

The proposal to upgrade the LUNC network from v1.0.4 to v.1.0.5 recently passed, with Binance declaring support for the network upgrade. The upgrade will introduce several improvements, including certain changes requested by Binance in terms of token burns and re-mints.

These developments are aimed at supporting the asset’s price action, as it guns for $1. Notable developer and community member Tobias “Zaradar” Andersen previously outlined several ways to facilitate a coexistence between LUNA and LUNC which could lead to a $1 price point for LUNC.