With the larger part of the cryptocurrency market enjoying a significant price recovery, things are going great for Terra Classic (LUNC) as well, as it has soared 15% in a single week on the news of its community approving a critical proposal for the further development of its network.
Indeed, the community has voted in favor of the proposal of a mandatory know-your-customer (KYC) for all L1 developers as an additional security measure amid a push to increase development on its blockchain by welcoming third-party developers, as per the information shared on February 8.
BREAKING: $LUNC proposal #12033 requiring L1 developers to KYC to a third party provider in order to submit code on the #LunaClassic blockchain has officially PASSED. Thank you to all who voted, time to rebuild #LUNC. ?️???? #Crypto #LUNCcommunity pic.twitter.com/hvA9CaThF7
— Mr. Diamondhandz1? (@MrDiamondhandz1) February 8, 2024
Terra Classic 7-day price chart. Source: Finbold
Interestingly, out of the last 30 days, half were positive for LUNC, which means it had a perfectly balanced green streak alongside a neutral market position demonstrated with a relative strength index (RSI) at 50.57. Furthermore, it is currently hovering above the support at $0.0001 and a resistance at $0.00012.
Meanwhile, the market sentiment gauges by the indicators over at the crypto and finance analytics platform TradingView are leaning towards a ‘buy’ recommendation based on oscillators in the ‘neutral’ zone and moving averages (MA) pointing at a ‘buy,’ illustrating the optimism behind the apparent indecision.
Terra Classic 1-day sentiment gauges. Source: TradingView
All things considered, the recent price action, which has also helped its market value surge by over $90 million in the last week alone, represents a massive success for the crypto asset that has been at the center of the scandal involving the Terra (LUNA) ecosystem and its founder and former CEO Do Kwon.
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