The value of Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, is on the rise, mainly driven by increased buying pressure while the general crypto market remains in a consolidation phase.
Notably, on the daily chart, LUNC has surged by over 9% to trade at $0.00015 by press time. The token has also sustained three days of consistent gains, with the weekly chart indicating LUNC has rallied over 11%.
Furthermore, the cryptocurrency that has recently performed in contrast to the market movement has also witnessed increased capital inflow to hit $935.08 million at the time of publishing, with the token recording an influx of almost $100 million in a week.
LUNC rallies amid sustained network development
Following the Terra ecosystem collapse, the community is focusing on attempting to revive LUNC’s status with a series of lined-up development activities. In particular, the network has witnessed accelerated burning of LUNC tokens in a bid to give the asset more utility.
The latest rally has coincided with a period where the community is voting on a new proposal that would reverse a decision to transfer 50% of all LUNC burns to a community development pool.
Notably, Terra Classic continues to rally in the wake of increased support for the token by established entities. For instance, crypto exchange Binance has been voluntarily burning LUNC spot and margin trading fees.
At the same time, the rally is a welcomed development within the LUNC community, considering the token began tanking after news emerged that Terraform Labs founder Do Kwon was hiding in Serbia. LUNC had also reacted negatively after core developers Edward Kim and Tobias Anderson announced they were leaving the Terra Rebels volunteer developer group.
LUNC technical analysis
Elsewhere, one-day sentiments on TradingView for LUNC remain mixed. A summary of the technical analysis stands at ‘neutral’ with a score of 10, while moving averages are for ‘sell’ at 8. Oscillators are recommending ‘buy’ at 2.
In the meantime, the PricePredictions machine learning algorithm forecasts a bearish future for LUNC. In this line, the projection indicates that LUNC might trade at $0.000126 on January 1, 2023.
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