Terra Classic (LUNC) Unstoppable! Analyst Answered the Question Everyone Was Wondering About

A widely followed analyst made an important assessment of the price increase of Terra Classic (LUNC), which has increased 300 percent in the last 10 days.

LUNC Rally Depends on Bitcon and Ethereum!

The analyst, known in the market as Altcoin Sherpa, told his 182,700 Twitter followers that Terra Classic (LUNC), Bitcoin (BTC) and Ethereum (ETH) based on the Fibonacci indicator will continue to gain momentum as long as they don't "fall massively". According to the analyst, Fibonacci data looks stable and technical data looks strong. As long as BTC and ETH withstand selling pressure, LUNC will continue to challenge the market. LUNC traded at $0.00106 on August 24, gaining 257% to $0.000379 on September 6th. LUNC is currently trading at $0.000345, while Terra (LUNA) is trading at $ 1.83.

The Terra Classic rally follows an offer to reward LUNC investors with a new airdrop who did not take advantage of the LUNA airdrop at the right rate. The first airdrop discussions arose after the collapse of the original Terra ecosystem in May. The collapse of the Terra ecosystem was caused by the loss of TerraClassicUSD (USTC) to the dollar. Altcoin Sherpa is also reviewing the smart contract-enabled blockchain platform Phantom (FTM). According to the analyst, Phantom found short-term support near $0.2396, but it could later drop more than 20% from current levels. It wouldn't be surprising if FTM sees below $0.20. Phantom is currently trading at $0.246.

Why is LUNC Rising?

Terra Classic (LUNC) Twitter account 'LUNC Burn', which monitors incineration activities, announced in a tweet that the 1.2% tax/burning proposal for LUNC will be put to a vote on September 10 and, if approved, will be activated on September 20. The community has burned over 3.5 billion tokens and staked over 528.8 billion LUNCs so far. In fact, over $1 billion in trading volume came from Binance alone, with LUNC tokens running out on cryptocurrency exchange KuCoin.

Recently, Terra's prices have risen significantly due to factors such as management offers, updates, burns and staking. Terra has launched a new Governance Alert Bot that provides the community with information on all governance activities. The highly anticipated 1.2% burn tax proposal will increase LUNC's burn rate. Therefore, experts emphasize to Terra Classic that the rally will continue. Meanwhile, LUNA and USTC are also gaining momentum, up 9% and 26% respectively.

Source: coin-turk.com