Terra Luna Classic (LUNC) Breaks Out a Falling Wedge Pattern, Which Is a Common Precursor to Major Price Increases

In a tweet, popular crypto analyst Javon Marks says this technical action might cause LUNC to soaring like fireworks.

Terra Luna Classic (LUNC) price might be preparing for a breakout as it forms a Falling Wedge pattern on the technical chart. According to popular crypto analyst Javon Marks, this technical action could propel LUNC to “soar like fireworks.”

Marks highlights that similar trends have emerged in the past, leading to surges of thousands of percent in the cryptocurrency’s price.

“Not too many words for $LUNC (Terra Classic) at the moment besides ‘prepare for fireworks’ ⚡️…“

LUNC gathers steam as trading activity surges

At the time of writing, LUNC is trading at around $0.00009193, up 1.36% over the past 24 hours. The 24-hour trading volume has also surged by 88.63%, reaching $21.21 million.

This increase in both volume and price adds further credence to the suggestion that LUNC is gathering momentum, potentially setting the stage for further gains.

Both traders and investors are likely to pay close attention to the technical signals in conjunction with the rising trading activity, as they could indicate that LUNC is poised for a more significant breakout.

On the developmental front, the landscape around LUNC has been evolving as well. As covered by Finbold, a key player in the Terra Luna Classic network, Orbit Labs, proposed deprecating forked versions of Cosmos modules and replacing them with the standard upstream modules.

The company notes that the current setup is costly, and this adjustment would introduce much-needed efficiency into the network. Orbit Labs also backed a new proposal to shift transaction taxes from the sender to the recipient.

This, they argue, would make transactions less complicated and more user-friendly, ultimately attracting more participants to the network.

In other news, the LUNC community was excited by the recent burning of 726 million USTC from the Anchor Protocol, as reported by CNF. This move has sparked expectations for a price increase, despite the low trading volume.

Moreover, there are ongoing discussions regarding increasing the burn tax to 1.5%. Such a change would accelerate the token burn process and provide long-term staking incentives within the Terra Luna Classic ecosystem.