Bullish Catalyst for Terra Classic (LUNC) Price Emerges-Will USTC Restore its Peg Now?

The post Bullish Catalyst for Terra Classic (LUNC) Price Emerges-Will USTC Restore its Peg Now? appeared first on Coinpedia Fintech News

Terra Classic price is again in rounds as an attempt to stabilize its popular algorithmic stablecoin, USTC has surfaced. The recent proposal called the ‘Redlinedrifter’ aims to revive the Terra ecosystem by restoring the USTC peg. It says,

“USTC Repeg and Revitalisation of the Terra Classic Ecosystem through the Implementation of an Algorithmic Peg Divergance Fee & Buyback Protocol, Unidirectional Swaps and USTC staking.”

The proposal mainly suggests a ‘Divergence Protocol’  which applies an algorithmic or dynamic fee that is equal to the difference between the peg and the market price. However, the proposal is up for discussion for a week post to which the Terra Community may vote and decide on it. 

With this, the USTC price soared by more than 10% rising from $0.019 to an intraday high of $0.02, but also dropped back to $0.02 on the same day. However, the price regained $0.021 which is also the 50-day EMA that may act as a strong support and a base to propel high. In an extremely bullish case, the USTC price may surge beyond $0.025, marking a 20% rise from the current levels. 

Besides, all the attempts of revamping a strong bullish trend are going in vain for the LUNC price. The price is maintaining a steep descending trend and heading towards the lower targets slowly. 

The LUNC price is constantly extending the descending triangle as it trades at the apex of the consolidation. The price is expected to rebound fairly and slice through the upper resistance of the triangle as the RSI and ADX, both have displayed a bullish divergence.

Therefore the price may trigger a fine upswing and achieve the levels around $0.000133 in the next few days, beyond which a significant upswing towards the upper target at $0.00019 may be imminent.