The Terra Luna Classic (LUNC) community is voting on a pivotal proposal to upgrade the chain to version 3.3.0. This update, set to simplify tax handling and improve developer support, could ignite a price rally for LUNC, with many speculating a breakout similar to XRP.
What’s in the v3.3.0 Proposal?
The proposal, titled “Upgrade to v3.3.0”, was introduced by developer StrathCole. Voting is underway via the Station wallet, and the upgrade will take effect on December 17, 2024, at block height 21163600, pending approval.
The update includes:
- Simplified Tax Handling: Aimed at reducing barriers for developers and dApps.
- Improved Utility: Attracts broader Cosmos ecosystem projects to build on the Terra Classic network.
Validator support is overwhelming, with all 39 validators who participated, including Burrito Node, Vegas Node, and TerraCVita, voting “Yes.”
LUNC Price Action Mirrors XRP Patterns
LUNC’s price chart is forming a symmetrical triangle breakout pattern, reminiscent of XRP’s rally to $1 earlier this year. XRP surged due to ETF filings, SEC developments, and stablecoin hype, drawing parallels to the current LUNC scenario.
- Current Price: $0.0001613 (down 6% in 24 hours after a 40% weekly rally).
- Recent Surge: A monthly uptrend of over 90%, fueled by events like Binance burning 1.7 billion tokens.
- Key Levels: Closing above $0.00018 could push LUNC to $0.0005. Further gains depend on sustained high trading volumes.
Broader Ecosystem Boost
The Terra Luna Classic upgrade isn’t the only factor driving market excitement:
- USTC Price Surge: Up 20% this week to $0.030.
- Terra (LUNA) Momentum: Increased Binance leverage drove a 52% weekly rally, pushing prices to $0.79.
The LUNC community is optimistic that the upgrade and recent developments will sustain the upward momentum, possibly propelling prices toward the 1 Fibonacci retracement mark.
