The #terraluna Classic blockchain reinstates a portion of the pre-depeg functionality.
The USTC stablecoin issued by Terra chain experienced significant devaluation in May 2022.
The LUNC has successfully regained a level of resistance that has not been observed since July 2023.
The Terra Luna Classic community, which has faced numerous challenges, is currently making significant progress in its efforts to revitalize Terra Classic. The restoration of a vital blockchain function has led to a significant daily rally for $LUNC , eliciting joy among members of the Terra Classic community. This rally marks the most substantial increase in value observed for $LUNC throughout the current year.
The cryptocurrency known as #LUNC has experienced a significant increase of 50% within the past 24 hours, effectively capitalizing on Bitcoin's retesting of the $38,000 price level. Furthermore, the observed strong positive link between the price of the dominant digital asset and the restoration of the market swap function is concurrent with the disabling of said function following the Terra Luna incident in May 2022.
The restoration of the market swap by Terra Classic has been successfully accomplished.
The market exchange option on TFL Terra Station, which has been much anticipated by the Terra Classic community, is once again accessible. The market swap option was initially implemented to facilitate the exchange of Terra Classic USD (USTC) and Terra Luna Classic on-chain. This feature aimed to enhance liquidity and foster an interoperable environment for builders and traders within the Terra blockchain.
The decoupling of the USTC has adversely affected the market swap functionality. Subsequently, a number of volunteer developers have made incremental advancements on the blockchain. Simultaneously, the Layer-1 Joint Task Force (L1JTF) and the USTC Quant Team have been actively exploring strategies to facilitate the integration of Terra's revival plan and the reinstatement of #USTC 's $1 peg with prominent cryptocurrency exchanges.

After hitting a new multi-month high of $0.9333 earlier today, the price of LUNA has seen a decline. This trend is occurring in the context of the larger cryptocurrency market collapse. Since then, LUNA has retraced and found support around $0.7121, which is located near its Fibonacci 0.382 level. Before LUNA's next possible upswing, it is possible that more consolidation may be required.

Taking into consideration the most important technical indicators, the price of LUNA is now at $0.7445, representing a decrease of 4.60% so far today. The 20-day exponential moving average is now at $0.6452, but the 50-day EMA is currently at $0.5704, which is a lower value.
This indicates that an established short-term uptrend is still intact for the time being, since the price of LUNA has remained above both of these exponential moving averages (EMAs). Bears are attempting to seize control of the market, and the pullback that occurred today suggests some caution.
The Relative Strength Index (RSI) for LUNA is now at 61.20, which is a decrease from yesterday's value of 65.18 and a move away from overbought area. This provides evidence that bearish momentum is gaining pace. Despite the fact that the MACD histogram has produced a bullish crossing to 0.0017 from yesterday's -0.0013, the durability of this particular crossover is still unknown.
On the upswing, LUNA is confronted with immediate resistance at the level of $0.7795, which corresponds to the Fibonacci 0.236 level. In addition to this, the horizontal resistance zone that was tested when LUNA reached its earlier high today, which is located between $0.8452 and $0.8888, has the potential to operate as a barrier.
When looking at the negative side of things, LUNA has discovered support in the region between $0.6886 and $0.7152. This coincides with the support level of the Fibonacci 0.382 at $0.7121. Should LUNA have a break below this level, it may challenge lower support levels.
Because the price of LUNA has stabilized above crucial support, but technical indicators are showing developing bearish strength, traders may want to exercise care in order to avoid making any mistakes.
A definitive breach below the $0.7121 support level or a break beyond the $0.7795 resistance level might decide the next trend that LUNA will follow moving ahead.
#USTC #terraluna #DoKwon

The price of Terra Luna had a significant increase of 85%, hitting a level of resistance at $0.878. This price level had previously been reached in the month of June.
LUNA, due to its overbought condition, has the potential to see a 10% decline in order to assess the support level of $0.742, unless it successfully surpasses and maintains a closing price above $0.878.
The bearish hypothesis would be rendered invalid in the event that the cryptocurrency surpasses and concludes above the $0.878 mark, hence potentially leading to the attainment of $1.000.
Terra Luna (LUNA) has a bullish inclination in its trading patterns, positioning itself as one of the prominent Layer 1 (L1) tokens that are experiencing significant upward momentum. This trend coincides with the larger market's emergence into what looks to be the initial stages of a bullish market cycle. In the current scenario, several observers claim that those who have entered the market for Bitcoin at a later stage or have refrained from participating altogether may continue to find themselves excluded from the ongoing dominance of this leading form of digital money.
The Terra Luna coin is experiencing significant gains inside the Layer 1 token market.
Terra Luna (LUNA) is now seeing a surge in value, similar to other L1 tokens such as Solana (SOL) and Avalanche (AVAX), which have also seen significant increases of 25% and 15% respectively. The current spike has resulted in LUNA testing levels that mirror those observed in June, exhibiting a significant upward trajectory as the weekend approaches.
The price of Terra Luna has had a significant upward trend, nevertheless, it is plausible that a 10% correction may occur for LUNA.
The price of Terra Luna (LUNA) had a significant surge, increasing by over 90% and reaching an intra-day high of $0.874. However, due to the cryptocurrency being overbought, it then underwent a 5% drop. The occurrence resulted in LUNA surpassing a fair value gap (FVG), which denotes an inherent market imbalance.
From a non-expert perspective, an FVG refers to a geographical region characterized by the presence of pricing inefficiencies. It is observed that the value of an asset often reverts to previous levels and fills the gap through more trading activity. Consequently, a Financial Valuation Model (FVG) functions as a catalyst for influencing the value of the asset. This information provides traders with insights into the potential future trajectory of prices, as they strive to establish equilibrium within the market.
According to momentum indicators, it can be observed that LUNA is exhibiting a significant state of overbought conditions. However, the upward trend of its northern movement indicates the potential for more price appreciation. Traders should consider this as a precautionary measure, refraining from adding to their current holdings but also avoiding premature closure, as there is potential for more gains in the future.
The Terra Luna price may potentially surpass the nearby resistance level of $0.878 due to heightened purchasing pressure, maybe reaching the psychological threshold of $0.900.
In an optimistic scenario, Terra Luna has the potential to reach the significant psychological threshold of $1.000, indicating a strong bullish trend. The proposed action would result in an increase of 20% compared to the existing levels.
The Awesome Oscillator (AO) indicator provides corroborating evidence, indicating that the market is being driven by bullish sentiment. This is evidenced by its placement inside the positive range, accompanied by the green coloration of the histogram bars.
The chart below demonstrates an upward trend in net volume, as seen by a 520% surge in 24-hour trading volume according to CoinMarketCap statistics. The simultaneous increase in both price and trade volume indicates a significant level of buyer interest in the item.

On the contrary, given the overbought condition of LUNA , it is plausible that a corrective movement may occur in the near future, resulting in a decline in the price of Terra Luna. This decline may potentially breach the support level of $0.742. In a really unfavorable scenario, the decline in value might persist for the cryptocurrency, leading to a potential examination of the FVG. A potential confirmation of the continuation of the downtrend may occur if there is a break and subsequent closing below the midline of the order block, which is situated at a price level of $0.642. $LUNA
The potential selling pressure that may arise has the potential to drive down the price of Terra Luna to the support level of $0.561, which represents a decrease of nearly 30% from its current value.
#luna #terraluna #BullRun

Terra Luna Classic passed a proposal to reinstate the IBC between the Osmosis and Terra Classic chains, leading to a massive increase in LUNC and USTC prices.
The Terra Luna Classic community unanimously voted in favor of a proposal to enable inter-blockchain communication (IBC) with the Osmosis protocol. Transfers between Terra Luna Classic and Osmosis will be restored to the Columbus-5 referencing Osmosis validator set as Client ID 07-tendermint-12.
LUNC and USTC prices saw massive buying activity as trading volume increased by over 200% in the last 24 hours.
Terra Classic Osmosis IBC Reactivation Proposal Passed
Proposal 12104 “Reactivate Osmosis IBC” has crossed the pass threshold in the governance voting on StationWallet, by developer Fragwuerdig, a former member of the core development team. The purpose of this proposal is to reactivate the Osmosis-Terra Luna Classic IBC.
With 85% of votes in favor of the proposal, the deadline for voting is May 25. With votes in favor, the proposal received 15% “no with veto” votes. Of the 40 ratifiers who participated in the voting, 38 voted in favor of the proposal. These are LuncGoblins, Moon Rabbit Validator, MoonRunners, and others. Allnodes have not yet voted on this proposal.
Terra Classic member and validator Vegas revealed that the Osmosis IBC client requires an update for seamless operation of the IBC relay, which will facilitate interchain transfers between LUNC and Osmosis. He recommended upgrading from 07-tenderment-12 to 07-tenderment-250.
We recommend upgrading from version 07-tendermint-12 to 07-tendermint-250.” This update is important for the smooth operation of IBC.
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Data Shows Bitcoin Reserves on Exchanges Near All-Time Low
LUNC and USTC Price Jumps Higher
Terra Luna Classic ecosystem tokens saw over 200% trading volume in the last 24 hours. Analyst Javon Marks predicts a bullish move for LUNC price at $0.00021439. He added that LUNC is showing great strength after the breakout, which could signal another 70% upside move.
LUNC price increased by 8% in the last 24 hours, but made some gains in the last few hours. The 24-hour low and high are $0.0001089 and $0.0001263 respectively. Additionally, trading volume has increased by a massive 231% over the past 24 hours.
Meanwhile, the USTC price rose 5% in the last 24 hours, but fell due to profit booking by traders. The price is trading at $0.02346, with a 24-hour low and high of $0.02229 and $0.02513, respectively.
#terraluna $USTC

The United States Securities and Exchange Commission (SEC) has secured a major victory in its legal tussle against TerraForm Labs (Terra) and its founder, Do Kwon.
Read more on: https://thecryptobasic.com/2023/12/29/sec-records-major-victory-in-terra-case-as-court-finds-luna-and-ust-as-securities/
#terraluna #Lunausdt #SECvsCrypto #SECfiling #CryptonewswithJack