#BinanceTurns7 #SOFR_Spike #MtGoxJulyRepayments #BinanceTournament #EarnFreeCrypto2024 Terra Classic community voted against creating a new website, but the LUNC token price still rallied.

  • The rally is likely due to positive updates from Terraform Labs' bankruptcy proceedings, including a token burn and bridge reopening.

  • The future price trend is uncertain, with some indicators suggesting a potential correction.

Terra Classic is on a roll! Despite the Terra Classic community’s rejection of a proposal to create an independent community website, the LUNC tokenexperienced a significant price rally. This unexpected increase is linked to positive developments from Terraform Labs (TFL) amid its Chapter 11 bankruptcyproceedings.

A Proposal Rejected, Yet the Price Soars

The Terra Classic community recently voted on a proposal to establish an independent website akin to Bitcoin.org. This site aimed to integrate design processes and concept workshops to foster community cohesion. However, the proposal received minimal support: only 4% of votes were in favor, over 21% voted against, and a significant 63% vetoed the proposal, with 12% abstaining.

The LUNC Market Stands Strong

Despite the proposal’s rejection, the LUNC token saw a surprising rally, increasing by about 5%. This price surge reflects the resilience of the Terra ecosystem and is likely influenced by recent positive updates from Terraform Labs. Currently, LUNC has risen by 4.65% to $0.00009108, peaking at $0.00009153 in the last 24 hours, and has gained nearly 30% over the past week, indicating heightened market interest.

Similarly, USTC is up approximately 4% to $0.02047, with a 60% surge in one-day trading volume, reflecting significant trading activity.

Santiment’s data revealed that the LUNC bull rally boosted its social metrics, with a noticeable rise in Social Volume showing growing interest. Additionally, binance .

Is LUNC’s Rally Sustainable?  A Look at its Technicals

Terra Classic (LUNC) is testing a key resistance level, which it must surpass to continue its rally. The MACD indicator shows a bullish trend, but the RSI’s slight downtick hints at potential challenges. Additionally, significant LUNC liquidations at $0.000086 suggest a possible price correction, which could lead to a consolidation phase.

TFL’s Bankruptcy Developments

The rally in LUNC’s price is linked to TFL’s Chapter 11 bankruptcy case developments. A recent court order has allowed the reopening of the shuttle bridge and authorized a significant burn of 150 million LUNA. These updates have generated renewed interest and optimism within the Terra Classic community.

The reopening of the shuttle bridge is particularly significant, as it enables the movement of substantial amounts of LUNC and USTC. Data indicates the bridge contains 275.7 billion LUNC and 178.4 million USTC. The community plans to keep the bridge open for one month; if funds are not withdrawn during this period, they will be burned, reducing the circulating supply and potentially increasing the token’s value.