The belief that the Terra Classic [LUNC] community has moved on from the agonizing demise of LUNA may be incorrect. The community had stated numerous times that they were focused on rebuilding. However, there is a Signal proposal to revive the defunct Terra [USD] ecosystem stablecoin.
As of 3 February, the proposal to re-peg UST to the dollar had passed the first reading. Nonetheless, there was no assurance that the target would ultimately be adopted, as it would have to pass through multiple phases.
Given the role that stablecoins played in Terra Luna [LUNA] and the greater crypto market catastrophe of 2022, this move may appear puzzling. Remember that investors were enthused about LUNA, with the majority even agreeing with the description “the future of money.”
However, the dishonesty of the project’s founder and various half-truths have caused a significant portion of the cryptocurrency world to shun LUNC.
Nevertheless, the token appeared to be doing reasonably well. In the last 30 days, its price increased by 29%, however this was negligible compared to other cryptocurrencies.
As indicated by the Relative Strength Index (RSI) below, LUNC has approaching the overbought region on the daily chart. As a result of the stance, a price reversal may be imminent.
Contrary to expectations, LUNC, a stock notorious for its excessive volatility, saw a significant contraction as shown by the Bollinger Bands (BB). However, the price repeatedly reached the top band. This indicates that LUNC is in an overbought situation.
Regarding its volume, Santiment saw a considerable increase on February 2nd. This contributed to the 473,04 million metric. The volume measures the number of times an asset is exchanged during a given time frame.
With the volume and price of LUNC tokens soaring during the past 24 hours, a great deal of buying and selling was occurring.
The social dominance, which gauges an asset’s proportion of industry discussion, followed the same pattern. At the time of writing, it was 0.954%, indicating that LUNC had recently joined some of the most prominent cryptocurrency discussions.
In the meantime, the LUNC community’s reactions to the UST development revealed a drop in enthusiasm. In any case, the ensuing months would determine if there would be a recovery.