Will Terra Classic Continue Its Uptrend? A 24-Hour Price Analysis

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The past month has been a rollercoaster ride for the cryptocurrency market, with Bitcoin and Ethereum experiencing significant price drops. Terra Classic (LUNC) has demonstrated its resilience, weathering this bearish trend and bouncing from a low of $0.000079 to currently trading around $0.00009184, showing a 1.93% gain in the last 24 hours.

*^{Source: LUNC 24-Hour Chart (Tradingview)}*

Trading in a Range: Consolidation or Stagnation?

LUNC has been trading between $0.000122 and $0.000086 for the past two months. This sideways movement suggests indecision among investors, with neither buyers nor sellers able to establish dominance. While some analysts interpret this as a consolidation phase before a potential breakout, others see it as a sign of stagnation.

“Tax2Gas” Proposal Injects Optimism

In a recent development, the Terra Luna Classic community overwhelmingly approved Proposal 12115, also known as ‘Tax2Gas.’ This innovative proposal simplifies transactions by automatically integrating the burning tax into gas fees, potentially enhancing the user experience on the Terra Classic network. The successful implementation of ‘Tax2Gas’ is seen as a significant step towards rebuilding trust and attracting users to the ecosystem, instilling optimism in the community.

Some analysts believe LUNC is poised for a breakout rally following the recent price consolidation. In this scenario, the immediate target is $0.000173, followed by a potential surge to $0.00025. This optimistic outlook hinges on several factors, including a broader cryptocurrency market recovery and increased Terra Classic network adoption due to the “Tax2Gas” proposal.

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Bearish Scenario: Will LUNC Re-Enter the Trading Range?

Despite the recent price increase, LUNC remains vulnerable to external factors. A sustained downturn in the broader cryptocurrency market could drag LUNC back down to its trading range. Additionally, the success of “Tax2Gas” in attracting users and revitalizing the network remains to be seen. If adoption falls short of expectations, LUNC could struggle to break out and might even revisit its recent lows.