How are you, my friends? I hope you are well. Today i want to talk about a very old crypto that has been coming to my attention repeatedly for the past few days. So I thought I would share some analysis with you on this topic. As we all know, there has been a new wave of discussion in the market about LUNC or Terra Luna Classic, so today I tried to understand the matter in my own way. With that thought in mind, I am sharing this article with you today.
We have all seen that the crypto market often fluctuates, but the recent rise of LUNC seems a little different to me. The price has increased by more than 20% in a very short time and has increased by almost 120% in two weeks. These are not common events. So I started looking into what the real reason could be behind this. And I was almost surprised to see what I found.
The first thing I noticed was that the LUNC community is now voting on a major network upgrade. The upgrade is called v3.6.1, and seeing this, I understood that this is probably one of the reasons for the price increase. Because whenever there is a major development in the blockchain, it usually has an impact on the price. This upgrade has mainly improved the security of this token. We all know that there were many problems with this token in the past, and this new initiative has been taken to fix some of those old problems and make smart contracts work better. This is what all the responsible officials of the team management are saying.
What I found more positive is the response of the community. So far, more than 99% of the votes have been in favour of this upgrade. That is, everyone wants this change to be fast and the network to become stronger. Big validators have also supported it—this creates a natural confidence in the market.
Meanwhile, I was also looking at the chart. There I saw that LUNC had broken through a few important levels, especially the 50-day and 200-day moving averages. Such breakouts on the chart usually attract more investors, and with that, the price is also reflected. The volume is also increasing, which indicates increased interest in the market.
Another thing that caught my eye is the renewed discussion about Terraform Labs co-founder Do Kwon. While it’s hard to say how much of an impact this has had on the price directly, market sentiment can often change when news spreads. But I think the main reason for LUNC’s rapid rally is the upgrade and the technical support level being broken.
Overall, I think there’s a new optimism in the LUNC community. If the blockchain upgrade is done properly, it will improve the network’s performance, and it could have a positive impact on the price in the future. Of course, crypto is always risky, so it’s best to think and make your own decisions.
That’s all for today. I’ve only shared what I’ve seen and understood.
Posted Using INLEO