TerraClassic with the recent price action is now the top performer that underwent a strong recovery and placed itself within the top 30. The price dropped heavily after its algorithmic stablecoin lost its peg. Moreover, Do-Kwon, the founder’s rescue plan also did not have a major impact on the LUNC price.
Meanwhile, the LUNC community in recent times has geared up, and subsequently, the asset now enters the top 30, which once cemented above 200. Now when the LUNC price is done with a short-term correction and began with the massive surge, it may probably place itself within the top 10 in the coming days.
Presently, the asset has marked new highs, beyond $0.00054, and is believed to maintain a notable upswing until the day’s close.
Ever since the price began surging high, it maintained its trend within an ascending broadening wedge which is generally considered a reversal pattern. However, the pattern also broadly signifies a rising parallel channel and hence may not inculcate a bearish behavior to a large extent.
On the other hand, more platforms have now jumped in support of the proposed 1.2% tax burn proposal which may highly impact the circulating supply of the asset. As Ethereum’s price after EIP 1559 upgrade maintained a stable price action, TerraClassic (LUNC) price is also expected to follow a similar trend to become a deflationary asset.
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