Terra Classic

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Terra

Cosmos

Gains

Terra Classic price flashed a bullish signal on the daily time frame chart as USTC stablecoin gains a new utility in the Cosmos blockchain. USTC will serve as collateral for the CDT token by Membrane. Despite the good news, the price of LUNC dropped 2.5% over the last day to trade at $0.00008642. However, LUNC bulls.
<h2 id="b-terra-classic-price-displays-bullish-pennant-0-000125-in-sight-b">Terra Classic Price Displays Bullish Pennant, $0.000125 in Sight</h2>
<figure id="attachment_208971" aria-describedby="caption-attachment-208971" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-208971 size-full" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-23-at-12.57.10.jpeg" alt="Terra Classic Price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-23-at-12.57.10.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-23-at-12.57.10-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-23-at-12.57.10-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-23-at-12.57.10-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-23-at-12.57.10-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
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 Terra Classic Price Chart
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<a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/terra-luna-classic">Coingecko</a> data shows that its current trend is shifting. The previous downtrend indicated by the blue falling channel is now showing signs of a potential reversal as the price broke out of the descending channel. <a href="https://coingape.com/price/terra-luna-classic/" rel="noopener noreferrer nofollow">LUNC price</a> is also forming a bullish pennant, which is a continuation chart pattern. If it resolves to the upside, LUNC price may surge to $0.00012.
<a href="https://coingape.com/terra-luna-classic-major-upgrade-proposal-passed-lunc-to-extend-42-rally/" rel="noopener noreferrer nofollow">Terra Classic</a> is trending below the 200-day but above the 50-day exponential moving average (<a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a>). The former provides some resistance at $0.000098, while the latter offers immediate support at $0.0000833. A strong support level exists around $0.00007000 that may sustain the price up.
The most recent candlestick patterns mainly consist of dojis, which show indecision, indicating a potential reversal. This suggests that buyers and sellers are currently in equilibrium, but the preceding breakout from the descending channel hints at a bullish bias.
The LUNC Relative Strength Index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a>) is at 54, which is neutral but leaning towards the bullish side. A value above 50 typically indicates buying pressure. Similarly, the CMF (Chaikin Money Flow) is at 0.13, indicating that money is flowing into the asset, which supports the Terra Classic price bullish outlook.
LUNC’s trading volume is up 30.30% per CoinGecko, coinciding with the breakout from the descending channel. This suggests strong buying interest, further supporting a bullish reversal.
<h2 id="b-new-ustc-utility-serves-as-bullish-catalyst-for-lunc-price-b">New USTC Utility Serves as Bullish Catalyst for LUNC Price</h2>
Membrane Protocol, a platform trying to create the perfect decentralized stablecoin, has received a proposal to use USTC as collateral for CDT, it collateral debt token.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Other chains ar are starting to see the valour of <a href="https://twitter.com/hashtag/TerraClassic?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#TerraClassic</a> Membrane has a proposal to use <a href="https://twitter.com/hashtag/USTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#USTC</a> as collateral for <a href="https://twitter.com/search?q=%24CDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CDT</a>.
 Real utility for <a href="https://twitter.com/search?q=%24ustc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ustc</a><a href="https://twitter.com/hashtag/lunaclassic?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#lunaclassic</a> <a href="https://twitter.com/hashtag/lunc?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#lunc</a> <a href="https://twitter.com/search?q=%24lunc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$lunc</a> <a href="https://twitter.com/search?q=%24ustc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ustc</a> <a href="https://twitter.com/hashtag/lunac?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#lunac</a> <a href="https://twitter.com/hashtag/utility?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#utility</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f319.png" alt="🌙" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/zpMI0RUfja" rel="noopener noreferrer nofollow">pic.twitter.com/zpMI0RUfja</a>
 — Vegas (@VegasMorph) <a href="https://twitter.com/VegasMorph/status/1815631833695965257?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
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As of July 23, the proposal was passed with 100% For and 0% Against it. This is a big deal because other chains are beginning to see the value of USTC and the Terra ecosystem.&nbsp;
This development comes amid speculation of a redemption arc for the Terra Classic ecosystem. <a href="https://coingape.com/terr-sets-preliminary-date-luna-lunc-ustc-recovery/" rel="noopener noreferrer nofollow">Terraform Labs</a> (TFL) was ordered to burn all their wallets, an action that may result in LUNC and USTC increasing in price. Despite much speculation, it is still not clear how much USTC and LUNC TFL hold in their wallets.
The next court dates for TFL bankruptcy proceedings are July 31 and August 7.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 TerraformLabs company's next hearing dates are;
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> 9 July <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> 17 July <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> 31 July <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2714.png" alt="✔" class="wp-smiley" style="height: 1em; max-height: 1em;"> 7 August
 According to the agreement between TFL and SEC, TerraformLabs will cease all operations and close down.
 Bankruptcy proceedings continue. TFL will burn all its funds. <a href="https://twitter.com/hashtag/LUNA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#LUNA</a> will be… <a href="https://t.co/6aeCCuVUxY" rel="noopener noreferrer nofollow">pic.twitter.com/6aeCCuVUxY</a>
 — Crypto News Portal (@TerraNewsEN) <a href="https://twitter.com/TerraNewsEN/status/1810271916973785476?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 8, 2024</a>
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<h2 id="b-bottom-line-b">Bottom Line</h2>
The Terra Classic ecosystem is showing signs of renewed activity, with its stablecoin USTC gaining real utility as collateral to Membrane’s CDT stablecoin. This development has drawn attention to the LUNC token, potentially setting the stage for significant price movement. Terra Classic price may secure 33% gains in the short term before deciding its next move.
The post <a href="https://coingape.com/markets/terra-classic-price-gears-for-33-gains-as-ustc-lunc-tokens-gain-real-utility/" rel="noopener noreferrer nofollow">Terra Classic Price Gears for 33% Gains As USTC, LUNC Tokens Gain Real Utility</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Terra Classic Price Gears for 33% Gains As USTC, LUNC Tokens Gain Real Utility

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