Terra Classic price has seen LUNC surge +5%, as Terra community members deliberate on two crucial proposals set to shape the future of the Terra Classic ecosystem.
At the heart of this debate lies the governance of validators’ commissions and the infrastructure support offered by Allnodes.
Community members of Terra Luna Classic (LUNC) are in the midst of a serious vote on a proposed v2.2.2 soft fork, which could redefine the minimum commission validators receive.
This step comes in light of an unintentional setting of a 0% commission rate following a main-net upgrade, the decision to rectify this was championed by Till Ziegler, previously with the Terra Classic Joint L1 Task Force (L1TF).
Ziegler’s insights were seconded by blockchain engineer Vinh, who stressed the urgency for the upgrade, slated to be integrated by October 9, 2023 (vote ends October 3).
Terra Classic Community Seemingly Reject Support for Major Infrastructure Provider
However, this isn’t the only decisive action the LUNC community is mulling over – the silent hero of Terra Luna Classic, Allnodes, is currently under the spotlight for its unyielding support and consistent service, all rendered without a penny in remuneration.
Their suite of comprehensive infrastructure services, from Light Client Daemons to facilitating smoother blockchain data queries for applications, stands testament to their unwavering commitment.
A proposal is currently in motion, emphasizing the importance of consistency when remunerating endpoint providers like Allnodes.
With the proposed optional monthly payment of 150M LUNC, the Terra Luna Classic community finds itself at a crossroads.
This isn’t just a nod to infrastructure support but an acknowledgement of dedication, symbolizing the ethos of fairness, balance, and gratitude the community prides itself on.
The ball is now in the LUNC community’s court – with votes casting shadows of decision and direction, the next few days promise to be transformative for the Terra Luna Classic ecosystem.
Currently the two votes stand at:
Proposal #11817 V2.2.2 Soft Fork: Yes – 22.43%, No – 76.49%
Proposal #11820 Terra Classic Infrastructure: Yes – 38.89%, No – 60.7%
LUNC Price Analysis: What Will Terra Class Price Do Next?
Amid the uptick in price action, Terra Classic (LUNC) continues to battle resistance from the topside of the trading channel, with LUNC currently trading at a market price of $0.000064 (representing a 24-hour change of -1.96%).
Now in minor localized retracement from converged price level and upper trendline resistance at $0.0000675 – LUNC has seen technical structure strengthen over the last week.
This has been driven primarily by a critical reclamation of the 20DMA on September 21, which flipped to support – providing 5-days of consolidatory under-footing ahead of yesterday’s uptick move.
A shift to support from the 20DMA is critical for LUNC, the moving average level had suppressed upside movement for more than two-months since July 24.
Price is now targeting a break-out of the current descendant trading channel in a move that would leave LUNC poised for a run at the 200DMA.
But while LUNC bulls are aiming high, the RSI has overheated significantly on the recent upside move to a strong bearish signal at 57.73 – suggesting price could need consolidation or further retracement first.
On the other-hand, the MACD has flipped to minor bullish divergence at 0.000000105.
Overall, LUNC is in strong technical position here – with strong support from the 20DMA poising price for a break-out of a tumultuous trading channel.
This leaves LUNC with an upside target at $0.000075 (a potential +16.77%).
To the downside, risk could see LUNC tumble down to $0.0000565 (a possible -11.85%).
Terra Classic therefore has a risk: reward ratio of 1.42 – a reasonable entry depending on a break-out move.
But while LUNC bag-holders squabble over the future of the ecosystem, smart money are already rotating profits into an emerging presale capturing the attention of astute investors.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.